VHIS-EN

4 Reasons to Migrate Medical Insurance to VHIS

According to the Health Bureau, Voluntary Health Insurance Scheme (VHIS) is a government-certified plan with standardized benefits tables, transparent terms and conditions, premiums and tax-deductible benefits. If you are thinking of migrating to VHIS, here are 4 reasons why you should do so.

Updated on 2023-05-16

Reasons to migrate medical insurance to VHIS

1. VHIS provides more benefits than other existing medical insurance

One of the distinctive benefits of VHIS is that it covers ‘psychiatric inpatient treatments in local hospitals’ while most insurance plans don’t.

VHIS also covers ‘prescribed diagnostic imaging tests’ such as MRI scans conducted during the hospital stay or in a day case procedure setting, while policyholder pays only 30% of the fee.

If you need the above protection, then it’s worth considering migrating to VHIS.

2. VHIS guaranteed policy renewal

Majority of the medical insurance on the market is not regulated by the Health Bureau, meaning the insurers have greater flexibility in tightening the terms and conditions.

Insurers have the right to change the terms and conditions at every policy anniversary year and potentially raise premiums based on your claim history.

However, VHIS guarantees policy renewal. Even if the insured has claimed for an expense with an amount as big as the annual benefit limit, insurers must guarantee renewal without making any changes to the terms and conditions.

In the event of changes, it would be only for improving the terms for the policyholder.

Things to consider when doing VHIS migration

Does re-underwriting require?

If you are switching to VHIS policy of the same company, the insurance company may accept renewal without re-underwriting. However, it really depends on individual companies’ decisions. Some companies may still require re-underwriting, especially if you are purchasing a plan with more coverage.

If you are switching to VHIS policy of the other company, the re-underwriting is almost a must. We recommend you apply for a new policy before you terminate the existing one, just in case something happens during underwriting, and the new application fails.

Do the same premium discounts apply if I switch to VHIS?

Some insurance companies offer no claim bonus or discounts (NCB/ NCD). If you have not made any claims, insurers may offer premium discounts to you the following year as a way to encourage a healthy lifestyle.

If you plan to switch to VHIS at the same insurance company or to another insurance company, make sure you check if you are still eligible for the ‘premium discounts’.

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^{*Full coverage shall mean no itemized benefit sub-limits, and applies to designated benefit items only. The benefit payable shall be subject to the remaining deductible (if applicable), annual benefit limit, lifetime benefit limit and other limitations such as reasonable and customary charges, a pre-existing condition, “List of Designated Hospitals in Mainland China” and receiving medical treatment in the United States. For detailed terms and conditions, product risks, and exclusions, please refer to the relevant product website and policy.}
^{^For example, with Bowtie Pink (Ward) and the deductible option HK$80,000, the monthly premium for a 30-year-old non-smoker is HK$197. The premium comparison above is based on similar medical insurance plans with the ward level (data source on 27, July 2023), HK$50,000 to HK$80,000 deductibles, for a 30-year-old non-smoker. Different medical insurance plans have different coverage and benefit limits. For details, please refer to the relevant insurance policy and its terms and conditions.}

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Author

Bowtie Team

The Bowtie Life Insurance Company Limited is an authorized life insurance company and Hong Kong’s very first virtual insurer approved. Through the use of modern technology and medical expertise, Bowtie offers an agent-free, commission-free and more convenient online platform for customers to quote, apply and claim for Voluntary Health Insurance Scheme (VHIS) anytime anywhere. Bowtie is ranked first in the direct channel sales throughout 2021.

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The content of this article is provided by Bowtie Team and serves for reference only. It does not represent Bowtie's position. Bowtie assumes no responsibility for any loss or damage incurred by any person as a result of using, misusing, or relying on any information or content herein. Any content related to Bowtie products in this article is for reference and educational purposes only. Customers should refer to the detailed terms and conditions on the relevant product web pages.