VHIS-EN

What is VHIS?

According to the data released by the Health Bureau in December 2022, there are a total of 87 approved products on the market as of August 31, including 33 "Standard Plan" and 54 “Flexi Plan” (Plans which provide coverage beyond the standard plan), offering a total of 391 product options for Hong Kong citizens to choose from.

Updated on 2023-04-14

Latest Sales and Claims Data of VHIS

Since the launch of the Voluntary Health Insurance Scheme (VHIS), the latest verified data shows that –

the number of policies for approved VHIS products has reached 1,045,000 in just 3 years time (as of 31 March 2022);
of which more than half of the insured (53%) are under 40 years old, and about 33% are under 30 years old.

Speaking of claims, the question that policyholders attach most attention to is:

How much can VHIS claims cover?

The latest claims data below can ensure you that VHIS can provide sufficient protection for insured persons:

In 2021, claims cases are recorded with 93% success rate
Full-covered cases accounted for about 39%
Cases with a claim ratio of 90% or more accounted for about 65%
Cases with a claim ratio of 80% or more accounted for about 78%
In general, the average claim ratio for 2021 reaches about 89%

Premiums, Coverage, and Tax Deduction Arrangements

To gain a clearer picture of what VHIS is, Bowtie has created 8 Infographics to help you understand the product features, coverage, tax deduction arrangements, premiums, and common questions of VHIS.

⚡Bowtie VHIS Learning Centre Promo！

Tired of sky-high private hospital bills but hesitant about purchasing VHIS? Bowtie Pink provides full coverage*, with long-term premiums are substantially lower than market rates^.

For a limited time, use the exclusive Bowtie Learning Centre promo code 【BLOGLCJAN】to get 30% off the first two year’s premium and secure top-tier health protection at an unbeatable price!

At the same time, for just HK$200 per month, policyholders can add on the GHK Wellness Package / CUHKMC Wellness Package, providing comprehensive coverage for your medical needs!

^{*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.

Stay up to date at www.bowtie.com.hk

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.