{"id":2015,"date":"2019-05-08T16:33:05","date_gmt":"2019-05-08T08:33:05","guid":{"rendered":"https:\/\/www.pacificprime.hk\/blog\/?p=2015"},"modified":"2019-05-08T16:33:05","modified_gmt":"2019-05-08T08:33:05","slug":"how-does-the-voluntary-health-insurance-scheme-work","status":"publish","type":"post","link":"https:\/\/www.pacificprime.hk\/blog\/how-does-the-voluntary-health-insurance-scheme-work\/","title":{"rendered":"How does the voluntary health insurance scheme work?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The public healthcare services system in Hong Kong has been overstretched for decades, which results in ultra-long queues for operations and medical staff being heavily overworked. With the growth of the aging population, the increasing burdens of chronic diseases, and the hike of medical costs, the local healthcare landscape seems to be facing grim prospects. In light of this, the government has recently unveiled a tax-deductible health insurance solution called the voluntary health insurance scheme (VHIS), in the hopes of enhancing and regulating the existing medical insurance protection and driving patients to turn to the private healthcare system. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In today\u2019s <\/span><a href=\"https:\/\/www.pacificprime.hk\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Pacific Prime Hong Kong<\/span><\/a><span style=\"font-weight: 400;\"> article, we will divulge the key features and price of this scheme so that you can familiarize yourself with this latest option for healthcare services and retirement planning.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What exactly is the voluntary health insurance scheme?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As a new policy initiated by the government, the voluntary health insurance scheme (VHIS) regulates indemnity hospital insurance plans offered to individuals, with the aim of encouraging citizens to use private healthcare services through hospital insurance and thus relieving the pressure on the public hospitals. In order to participate in the scheme, insurance companies must offer products that meet the following requirements:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Guaranteed renewal up to 100 years of age (without re-underwriting)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This features means that regardless of any change in your health condition, you can rest assured that your policy will continue for up to 100 years old.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">No &#8220;lifetime benefit limit&#8221;<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Some insurance policies have a ceiling on how much your insurance company will pay out for non-essential lifetime benefits during your lifetime. VHIS forbids such limitations so your benefits will not lapse before the age of 100 years.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">21-day cooling off period<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This period protects the consumers so that they can cancel the policy and get a full refund of their paid premium within 21 days of purchasing the plan.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Extended coverages<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Unknown pre-existing conditions<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These conditions will not be covered in the first year (0%) but will be partially covered in the second year (25%) and the third year (50%) after policy inception and fully covered (100%) afterward.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ambulatory procedures, including endoscopy<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Day case procedures conducted in day centers will be covered, while prescribed diagnostic imaging tests such as CT scan and MRI scan will also be covered, subject to 30% coinsurance.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Treatment of congenital conditions<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Congenital conditions which have manifested or been diagnosed since the age of 8 will be covered.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prescribed non-surgical cancer treatments<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Treatment methods such as radiotherapy, chemotherapy and targeted therapy will be covered.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Psychiatric inpatient treatments in local hospitals<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The costs of psychiatric treatment will be covered up to the limit of HK$30,000 per policy year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To further enhance the incentive citizens to purchase certified insurance plans under the VHIS, the government will allow a tax deduction of up to $8,000 per insured person for relevant premiums paid, including those paid for themselves and their dependents.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">So what plans are offered?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Basically, there are two types of VHIS plans, namely standard and flexi. Both types of plans provide individual health insurance that reimburses your actual medical expenses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the standard plans, the terms and benefits are standardized with prescribed minimum benefit coverages and amounts. Therefore, as its name suggests, this type of plan only provides for the most fundamental protection.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the flexi plans, they also have to provide basic protection equivalent to standard plan coverage. But on top of that, they have flexible top-up protection to suit different market needs, subject to certain rules set out by the government. For instance, they may offer enhanced benefit coverages like isolation room or terms and conditions that exceed the minimum standards. <\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Are you allowed to transfer to a VHIS plan if you wish to?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Yes, on condition that your insurance company has registered to participate in VHIS. Registered insurers are required to provide an opportunity for current policyholders of individual hospital insurance to switch their existing plan to a VHIS certified plan. However, you should note that the specific arrangements and plan for each company will be different.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">So how much should I pay for a VHIS plan?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Although premium levels are not regulated, premium schedules are easily accessible on <\/span><a href=\"https:\/\/www.vhis.gov.hk\/en\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">government site<\/span><\/a><span style=\"font-weight: 400;\"> and websites of insurers so that consumers can easily compare different premiums for their interests. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the relatively high premium transparency, those on the hunt for a VHIS plan should also pay attention to possible premium differences under different payment modes (e.g. credit card, cash), premium discounts, the premium difference between smokers and non-smokers, and premium loadings due to higher health risks of insured persons. To obtain full details of premium information, consulting insurance providers or insurance agents\/brokers is still the most reliable way.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What\u2019s more to learn about local health insurance options?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">With the global insurance market getting increasingly complex, it is crucial that you get updated on relevant news and information, especially if you are seeking to look for an insurance plan (everything from <\/span><a href=\"https:\/\/www.pacificprime.hk\/health-insurance-plans\/individual\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">individual insurance<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.pacificprime.hk\/health-insurance-plans\/maternity-insurance\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">maternity insurance<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.pacificprime.hk\/health-insurance-plans\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">short-term health insurance<\/span><\/a><span style=\"font-weight: 400;\">, and more) or <\/span><a href=\"https:\/\/www.pacificprime.com\/corporate\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">an employee benefits solution<\/span><\/a><span style=\"font-weight: 400;\"> that truly caters to your needs. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Armed with over 19 years of experience and nine offices situated across the world, <\/span><a href=\"https:\/\/www.pacificprime.hk\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Pacific Prime Hong Kong<\/span><\/a><span style=\"font-weight: 400;\"> is a leading insurance brokerage with in-depth local insurance knowledge and solid experience. Our teams of experts can help you select, manage, execute, and renew your plan from an objective perspective. <\/span><a href=\"https:\/\/www.pacificprime.hk\/contact-us\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Contact us today<\/span><\/a><span style=\"font-weight: 400;\"> for impartial insurance advice, an obligation-free quote, and a free plan comparison!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The public healthcare services system in Hong Kong has been overstretched for decades, which results in ultra-long queues for operations and medical staff being heavily overworked. With the growth of the aging population, the increasing burdens of chronic diseases, and the hike of medical costs, the local healthcare landscape seems to be facing grim prospects. &#8230;<\/p>\n","protected":false},"author":15,"featured_media":2016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"We divulge the key features and price of VHIS to familiarize our readers with this latest option for healthcare services and retirement 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