Choosing the Right Voluntary Health Insurance Plan for a Lifetime of Comprehensive Medical Protection

Seasonal influenza is a common occurrence between January and April and has been especially in recent winters due to the pandemic. On top of that, colder winter weather can exacerbate some existing medical conditions in vulnerable people. What with hospital overcrowding and staff shortages, the healthcare system in Hong Kong has been feeling the strain. Indeed, waiting times at some public Accident and Emergency (A&E) departments now exceed 277 minutes on average, while those requiring specialist services often have to wait for years, according to the Hospital Authority.

In an effort to incentivise the general public to choose private healthcare to ensure their wellbeing, the government launched the Voluntary Health Insurance Scheme (VHIS) in 2019. Individuals who purchase Certified Plans for themselves or their specified relatives may claim tax reductions up to HK$8,000 per insured person per fiscal year for the premiums paid. Wise consumers will gain peace of mind by researching the VHIS and evaluating its additional benefits, and thereby select a flexible and extensive policy for themselves.

Hong Kong has some of the longest life expectancy rates in the world for both men and women: 83 for males 88 for females, from birth, respectively. In general, Voluntary Health Insurance relates to medical insurance, and policies often apply until the insured reaches the age of 100. There are also policies available which offer no lifetime benefits limit. These are designed to fill the coverage gaps left by traditional policies and to provide the insured with more reliable protection.

Voluntary Health Insurance offers protection that extends to unknown pre-existing conditions. Many medical insurance plans do not cover unknown pre-existing conditions before the policy takes effect. Predating the policy's effective date, these conditions present no noticeable symptoms and conditions often go undiagnosed and untreated. Voluntary Health Insurance protects the insured so they receive full or partial compensation for unknown diseases and symptoms, within reason, (25% in the first year, 50% in the third year and 100% in the years thereafter). Moreover, the insurance extends to treatment for cancers including radiotherapy, chemotherapy, target therapy, immunotherapy, and hormone therapy, in order to provide the insured with optimal care and treatment against Hong Kong’s number-one killer.

Some Voluntary Health Insurance plans also provide upgraded and additional benefits in addition to the standard coverage so as to encourage better medical care. For example, protection and cash allowances cover day surgeries within in a medical clinic, a day case procedure centre or a hospital with facilities for recovery as a day patient. The insured may receive compensation without being hospitalised to complete surgical care with additional cash allowances provided, making protection easy and extensive.

In the event of hospitalisation, some plans also cover major hospital expenses, including miscellaneous charges, specialist’s fees, surgeon’s fees, anaesthetist’s fees, and operation theatre charges. Some insurance companies also provide international payment guarantees. Individual only needs to apply for the relevant international payment guarantee before hospital admission. Once the application is approved, the insurance company will issue an appropriate payment credit guarantee according to the coverage of the insured or arrange direct payment to hospitals, doctors, or other service providers according to the terms and regulations of the policy. This is so the insured does not need to pay immediately when they are admitted to, or are discharged from, the hospital, paving the way to a stress-free and focused recovery.

In addition, most employees in Hong Kong enjoy group medical insurance provided by their companies, with some even being entitled to second-claim benefits. Even if the insured has submitted claims to other insurance companies, they may still apply for a claim from another company for the balance with cash compensation.

When treatment begins early, the likelihood of curing a disease gets increases. With the advancement of medical treatment and great circulation of information, the public is more inclined to seek medical advice and treatment early on, putting the medical system under increased stress. Voluntary Health Insurance offers lifetime protection with a wide range of coverage and tax deductions. There are more insurance plans on the market that provide upgraded protection or protection add-on items, including Lady Benefit, routine oral examination, scaling and polishing dental service, or general outpatient protection, etc. Choosing the right plan for you will make health protection hassle-free.

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