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Voluntary Health Insurance Scheme (VHIS) Guide

What exactly is the voluntary health insurance scheme (VHIS)? How is it different from other health insurance? MoneySmart has put together a summary for you to quickly understand the advantages, and points to note about VHIS.
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Factors to consider when choosing VHIS (Voluntary Health Insurance Scheme):

Click the link below to read the guide of VHIS!

Flexi Plan Comparison

Voluntary Health Insurance Scheme (VHIS) Flexi Plan

The outbreak of COVID-19 has posed extraordinary challenges in every part of the world. If the pandemic has taught us anything, it is that none of us truly knows when unknown viruses and sudden illnesses might strike and affect our day-to-day life, hence increased public’s attention and demand for medical protection.？

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Tax Deduction Guide

Buying VHIS to take advantage of a special offer and tax deductions? Tips on insuring for the family

Hong Kong’s medical system is facing ever-increasing pressure. In order to provide protection both for elderly people and for children, the Voluntary Health Insurance Scheme (VHIS) recently launched by the government is undoubtedly the best choice. When you purchase a VHIS policy, besides the special offers, you can also get more tax deductions if you insure for your family members at the same time!
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Plan Analysis Guide

Detailed Analysis of Special Offers for VHIS Standard Plans! Premiums and Major Discounts at a glance!

There are more than 20 different standard plans for Voluntary Health Insurance Schemes (VHIS) being offered in the market. How can you choose the best plan? Besides “saving the most” through family tax deductions, other important factors to consider are the prices or special offers. Since the protection cover and compensation provided by standard plans offered by major insurers are more or less the same, prices and special offers are key factors to determine the “value for money” of individual plans!
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Coverage Guide

Detailed Review of VHIS Plans: Coverage for Cancer, Balloon Angioplasty or Kidney Dialysis

In the event of a major illness, medical expenses in Hong Kong can be very costly. If you do not have sufficient medical protection, your savings may be depleted on treatments such as “balloon angioplasty”, kidney dialysis or cancer treatments. How do you choose a Voluntary Health Insurance Scheme (VHIS) that covers major medical expenses and is also tax deductible? Two major aspects of premiums and claims should be considered when comparing policies:
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Decision-Making Guide

Four best things about VHIS and three points to consider when switching plans

While the Voluntary Health Insurance Scheme (VHIS) has been available since April this year, there are still some consumers considering whether to buy VHIS or to switch from an existing medical insurance to VHIS. What is so attractive about VHIS? If you are interested in enrolling or switching to VHIS, what should you first pay attention to?
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Couple's Tax Deduction Guide

Ultimate Tax Deduction Benefits for Married Couples = VHIS + QDAP + TVC

The government launched three types of tax-deductible products, including the “Voluntary Health Insurance Scheme” (VHIS), “Tax Deductible MPF Voluntary Contributions” (TVC) and “Qualified Deferred Annuity Plans” (QDAP). These three products are not only tax-deductible, but also allow tax deductions to be shared within family members, such as your spouse. So what is the best tax deduction arrangement for a married couple to save the maximum amount of tax?
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Tax Deductible Product Guide

Which companies offer all three Tax deductible products?

Tax payments are an inevitable part of our lives. However, there are various tax-deductible insurance or wealth management products in the market, including Voluntary Health Insurance Scheme (VHIS), Tax Deductible Voluntary Contributions (TVC) and Qualifying Deferred Annuity Policy (QDAP). These products not only help taxpayers better manage their personal or family finances, but also enable taxpayers to enjoy tax deductions annually. Choosing the right products will also help taxpayers get a variety of special offers and save on management fees. So which insurers offer all three Tax-Deductions Schemes?

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VHIS vs other Health Insurance

Key differences between VHIS and other Health Insurance options:

Guaranteed renewal up to 100 years old

Unlike other health insurance schemes, insurance companies participating in the VHIS must provide guaranteed renewal up to the age of 100 years for policyholders without re-underwriting, irrespective of changes in the health condition after policy inception. Some even have a lifelong renewal guarantee under their Flexi Plans

No lifetime benefit limit

Usually, there is a cap on the benefits your insurance company will pay over a lifetime. But VHIS forbids such lifetime limits so your benefits will not lapse before the age of 100 years.

Extended coverages

The coverage of the certified plans is more extensive than that of the other policy. Coverage is extended to include unknown pre-existing conditions,treatment of congenital conditions, day case procedure, prescribed diagnostic imaging tests, prescribed non-surgical cancer treatments and psychiatric inpatient treatments in local hospitals.

Points to note

Switching to a Certified Plan

If you hold an individual indemnity hospital insurance by an insurance company that has participated in the VHIS, you will be offered an opportunity to switch to Certified Plans. The exact timing of the migration may depend on the renewal cycle of your current insurance policy. You can approach your insurance company or agent/broker for details.

Tax Deduction

Holder of certified plans can claim up to HK$8,000 tax deduction in each assessment year. If you purchase VHIS policies for your relatives, you can claim tax reduction. Please note that there is no limit on the number of eligible policies that you can claim.

Factors to consider

There are a lot of things to consider when it comes to purchasing insurance. You should consider premium, coverage and how and where to buy insurance. It is equally important to take the brand and reputation of the insurance company into consideration. The service provided by the agent also plays a major role.
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Voluntary Health Insurance Scheme (VHIS) FAQ

Which insurance companies provide VHIS?

The Hong Kong Government is currently processing applications from insurance companies for participating in the VHIS. They will publish the list of participating insurance companies on the official VHIS website and will update the page regularly

Can a group health insurance replace individual health insurance?

It could be risky. You will lose the coverage and be fully responsible for any medical expenses when transitioning to a new job or when you are unemployed.

Can I change my mind after I have purchased the policy?

Yes. There is a 21-day cooling off period, during which consumers can cancel the policy and get a full refund of the premium paid.

Can insurance companies stop renewing my VHIS plan?

No. Unlike other health insurance schemes, insurance companies participating in the VHIS must provide guaranteed renewal up to the age of 100 years to policyholders without re-underwriting, irrespective of changes in the health condition after policy inception. Some even have a lifelong renewal guarantee under their Flexi Plans.

Can I still access the public hospital services after purchasing the VHIS plan?

Yes. The purchase of the VHIS plan is voluntary and will not affect your rights to access public healthcare services.

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Disclaimer: The above information is obtained online from the service provider and is only to be used as a reference. MoneySmart.hk strives to keep our information accurate. If any information differs from the financial institutions, service providers or product-specific websites you are visiting, all financial products and services are subject to them.