What is the Voluntary Health Insurance Scheme (VHIS)?
VHIS is a government policy to regulate individual indemnity hospital insurance products, so as to encourage citizens to use private healthcare services. With voluntary participation by consumers, relevant premiums paid for individual indemnity hospital insurance plans that are certified by the Food and Health Bureau (“Certified Plans”) will be allowed for tax deduction.
Will I be eligible for tax deduction if I purchase the vCore Medical Plan?
Yes. vCore Medical Plan ("vCore") is an individual indemnity hospital insurance plan certified by the Food and Health Bureau. Taxpayers, as the policy holders of vCore, will be eligible for tax deduction under the Inland Revenue Ordinance (Cap.112).
In addition to tax deduction, what are the other features of VHIS products?
VHIS products must be certified by the Food and Health Bureau and meet the following minimum requirements:
- Standard policy terms and conditions, benefit coverage and benefit amount
- Guaranteed renewal up to the age of 100
- No "lifetime benefit limit"
- Cooling-off period of 21 Days – Policy holders can cancel the policies with full refund of premium during the period
- Premium transparency
- Coverage extended to include:
- Unknown pre-existing conditions – 0% of claim amount in the 1st policy year, 25% in the 2nd policy year, 50% in the 3rd policy year and full coverage (i.e. 100%) from the 4th policy year onwards
- Congenital conditions which have manifested or been diagnosed after the age of 8 (attained age), subject to the same reimbursement arrangement that applies to unknown pre-existing conditions
- ay case procedures (including endoscopy)
- Prescribed diagnostic imaging tests (including Computed Tomography (CT scan), Magnetic Resonance Imaging (MRI scan), Positron Emission Tomography (PET scan), PET-CT combined and PET-MRI combined) subject to 30% coinsurance
- Prescribed non-surgical cancer treatments, including radiotherapy, chemotherapy, targeted therapy, immunotherapy and hormonal therapy
- Psychiatric treatments during confinement in a Hong Kong hospital
What are the advantages of vCore over the standard plans of general VHIS products?
Apart from the standardised benefit coverage, vCore provides death benefit, accidental death benefit and convertibility option to designated medical insurance plan at specified ages. For details, please refer to the Policy provisions.
In addition, FWD also offers no claims premium discounts to the Policy Holders and customises professional medical assistance services including CANcierge, Second Medical Opinion Service and International SOS 24-hour Worldwide Assistance Services.
How is the No Claims Premium Discount calculated?
If the policy has been in force for 2 or more consecutive years and no claims have been incurred during 2 or more consecutive policy years immediately prior to the policy’s renewal, you will be eligible for a no claims premium discount on the renewal premium:
|No Claims Period immediately prior to the policy’s renewal ||No Claims Premium Discount |
(Discount on the renewal premium)
|2 consecutive policy years ||10% |
|3 consecutive policy years ||10% |
|4 consecutive policy years ||10% |
|5 or more consecutive policy years ||15% |
Is the premium of Certified Plans fixed?
The premium is not fixed. Insurance companies have the freedom to set premium levels. The standard premium of Certified Plans can differ by a number of factors such as age and gender.
Must all applications be accepted by Certified Plans?
No, Certified Plans may not accept all applications. Insurance companies can underwrite the insured persons to assess their risk and decide whether to:
- accept the application unconditionally; or
- accept the application with premium loading and/or case-based exclusions; or
- reject the application; or
- suspend the application due to insufficient information
Will applications of high-risk individuals be accepted by Certified Plans?
The VHIS implemented by the Government in 2019 does not include the establishment of High Risk Pool. Therefore, applications of
high-risk individuals may not be accepted by insurance companies.
Note: The above information is for reference only and shall be subject to the Government policy as applicable from time to time. Please refer to the policy provisions for details.
VHIS provider registration number is 00036
Registration effective on 28 February 2019