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.
Voluntary Health Insurance Scheme (VHIS) aims to enhance the protection level of hospital insurance, providing us with an additional choice of medical protection. How then should we choose from the numerous certified plans under VHIS?
VHIS vs. non-VHIS medical plan
The Voluntary Health Insurance Scheme (VHIS) implemented by the government since April 2019 provides an additional coverage to the public. Since VHIS was implemented by the government, it is different from regular medical insurance. Certified plans under VHIS not only guarantee renewal up to the age of 100, but also extend coverage to include unknown pre-existing conditions, psychiatric inpatient treatments in local hospitals, treatment of congenital conditions (manifested or diagnosed since the age of 8), etc.
VHIS offers “Standard Plan” and “Flexi Plan”. Standard Plan complies with the minimum requirements under VHIS, with standardised protection in terms of coverage, terms and benefit limit. However, Standard Plan may not be able to meet each person’s medical needs – one should select the most suitable medical insurance plan according to one’s own needs. In light of this, the Flexi Plan, on the basis of Standard Plan, provides flexible enhanced benefits. Also, Flexi Plans from different insurance companies will offer different benefit limits and coverages, customer can choose the enhanced coverage that best suits one’s needs .
Certainly, tax saving is also a unique selling point of VHIS, especially to the employed. Taxpayers may enjoy tax deduction up to a ceiling of HK$8,000# for premiums paid per insured person per tax assessment year.
Compare VHIS flexi plan: Which one is more value for money?
Various insurance companies are offering VHIS Flexi Plans on the market. How should we evaluate the plans?
To assess the value for money of VHIS Flexi Plans, premium is one of the key factors for consideration. Take the below major insurance companies as example, Manulife First VHIS Flexi Plan (Ward) with Major Medical has a relatively affordable premium that more people can afford. Besides relatively affordable premium, benefit items and benefit limits are also important to be considered. From the same example, Manulife First VHIS Flexi Plan (Ward) with Major Medical covers various benefit items such as room and board, intensive care, prescribed diagnostic imaging tests, surgeon’s fee, and pre- and post- confinement/day case procedure outpatient care. For each of these items, it ranks either the first or second –making it better value for money.
| Manulife First VHIS Flexi Plan (Ward) (With Major Medical) |
AIA Voluntary Health Insurance Flexi Scheme (Ward) (With Supplemental Major Medical) (Non-Network Benefit) | PRUHealth FlexiChoice Medical Plan(Ward) (With PRUHealth Major Option 1) |
AXA Smart Medicare (Regular) (With Supplemental Major Medical) | |
| Annual premium rate (Female, age of 30) |
HK$4,522 | HK$4,820.8 | HK$5,547.92 | HK$4,472 |
| Room and board | HK$1,100 per day (Max. 180 days per policy year) |
HK$1,000 per day (Max. 180 days per policy year) |
HK$1,100 per day (Max. 180 days per policy year) |
HK$800 per day (Max. 180 days per policy year) |
| Miscellaneous charges | HK$15,000 per policy year |
HK$14,000 per policy year |
HK$18,000 per policy year |
HK$14,000 per policy year |
| Intensive care | HK$4,200 per day (Max. 25 days per policy year) |
HK$3,740 per day (Max. 25 days per policy year) |
HK$3,500 per day (Max. 90 days per policy year) |
HK$3,500 per day (Max. 90 days per policy year) |
| Surgeon’s fee (Per surgery) | Complex HK$52,500 Major HK$26,250 Intermediate HK$13,125 Minor HK$5,250 |
Complex HK$50,000 Major HK$25,000 Intermediate HK$12,500 Minor HK$5,000 |
Complex HK$50,000 Major HK$25,000 Intermediate HK$12,500 Minor HK$5,000 |
Complex HK$50,000 Major HK$25,000 Intermediate HK$12,500 Minor HK$5,000 |
| Prescribed diagnostic imaging tests | HK$25,000 per policy year (Subject to 30% coinsurance) |
HK$20,000 per policy year (Subject to 30% coinsurance) |
HK$20,000 per policy year (Subject to 30% coinsurance) |
HK$20,000 per policy year (Subject to 30% coinsurance) |
| Pre- and post- confinement/ day case procedure outpatient care |
HK$1,100 per visit (Up to HK$16,000 per policy year) Per confinement/ day case procedure:
|
HK$580 per visit (Up to HK$3,000 per policy year) Per confinement/ day case procedure:
|
HK$750 per visit (Up to HK$3,000 per policy year) Per confinement/ day case procedure:
|
HK$580 per visit (Up to HK$3,000 per policy year) Per confinement/ day case procedure:
|
| Emergency outpatient care | HK$6,600 per policy year |
HK$6,600 per injury |
HK$5,600 per injury |
HK$5,000 per policy year |
Understand the VHIS Flexi plan details & long-term factors for consideration
In addition to differences in premiums and benefit limits, we should also pay attention to plan details and think about the long-term factors to be considered when choosing a VHIS Flexi Plan.
For example, it is common for insurance companies in the market to offer 3 ward classes (ward, semi-private room & private room). However, Manulife First VHIS Flexi Plan offers extra flexibility for the applicant in choosing from 2 levels of optional supplementary medical benefit – Major Medical & Major Medical Plus, catering to different medical protection needs.
On top of that, this plan offers protection for each disability per policy year through supplementary medical benefit. With preliminary assessment obtained, the insured person can be reimbursed up to 100% of the expenses+, with no restriction on medical providers, which provides higher flexibility. In addition, the plan provides up to 10 follow-up outpatient visits within 90 days after discharge from hospital or completion of day case procedure.
Choosing the right medical insurance can be a tough choice. That’s why your insurance should take long-term factors into consideration. Many insurance companies offer no claims discount, take Manulife as an example, if the insured person makes no claim for at least 2 consecutive policy years, a health discount of up to 16% will be applied on the premium+. Besides, ManulifeMOVE also applicable to VHIS certified plans^. The insured person can register to become a ManulifeMOVE member, put on the fitness tracking device and connect it to the app to monitor the daily step average. When ManulifeMOVE member reaches the target daily step average, up to 10% premium discount^ upon policy renewal for the next membership year can be enjoyed – for both a healthier lifestyle and lower premium.
| Compare Manulife with AIA/ Prudential/ AXA | ||||
| Manulife First VHIS Flexi Plan (Ward) | AIA Voluntary Health Insurance Flexi Scheme (Ward) (Non-Network Benefit) | PRUHealth FlexiChoice Medical Plan (Ward) | AXA Smart Medicare (Regular) | |
| Coverage choices | 3 ward classes and 2 levels of optional supplementary major medical benefit | 3 ward classes | 3 ward classes and 2 levels of supplementary major medical benefit | 3 ward classes and 1 level of supplementary major medical benefit |
| Supplementary major medical benefit | 100% coverage with preliminary assessment (Per disability per policy year) | 80% coverage (Per disability per policy year) | 80% coverage (Per policy year) | 80% coverage (Per policy year) |
| Follow-up outpatient visits per confinement/day case procedure | Max. 10 visits | Max. 3 visits | Max. 3 visits | Max. 3 visits |
| Hospital companion bed | Full cover per day (Max. 180 days per policy year) | Limited cover per day (Max. 90 days per policy year) | HK$600 per day (Max. 180 days per policy year) | Nil |
| Post-confinement home nursing | HK$660 per visit |
HK$353 per visit |
HK$600 per visit |
Nil |
| Isolation room | Cover | Nil | Nil | Nil |
| Prescribed diagnostic imaging tests | HK$25,000 per policy year |
HK$20,000 per policy year |
HK$20,000 per policy year |
HK$20,000 per policy year |
| Premium discount reward program | ManulifeMOVE | AIA VITALITY | Nil | Nil |
Summary: Manulife First VHIS Flexi Plan Provides Better Protection
As compared above, Manulife First VHIS Flexi Plan provides higher benefit limits and more benefit items. If you want to enjoy enhanced protection under VHIS Flexi Plan in a similar price range, Manulife First VHIS Flexi Plan will be a smarter choice.
Apply for designated plan(s) to enjoy premium discount*.
Want to learn more about VHIS and the latest offers? Visit our Voluntary Health Insurance Scheme (VHIS) Guide!
The above content does not contain the full terms of the policy(ies), and the full terms can be found in corresponding policy document(s). Please refer to the product leaflet for product details and risks.
#The actual amount saved varies according to the personal tax assessment and individual circumstances. For details, please consult a professional tax consultant.
*Offers are subject to relevant terms and conditions. Please check for more product and offer details from the product/promotion leaflet on the website.
^ManulifeMOVE does not form part of VHIS certified plans. Please refer to ManulifeMOVE for the terms and conditions, and the latest updates.
+Subject to the relevant benefits terms and conditions.