Protect yourself before VHIS does

Previously Dr. Alexander Chiu, Medical Director, Health and Employee Benefits of AXA Hong Kong and Macau, has shared with us the medical advantages of the Voluntary Health Insurance Scheme (“VHIS”). As appealing as it sounds, is there anything we should pay attention to when purchasing a VHIS certified-plan?

Q1. As a customer, what medical insurance products would you like to see most?

“As a customer, obviously we’d like to have a reasonably priced insurance with comprehensive coverage; but more importantly, we want it to be authorised by the government for extra security.”

On the other hand, customers are concerned about the complex compensation procedure. This is why clear, transparent terms and conditions are also so crucial to us.

Q2. How do you think VHIS will help on population ageing in Hong Kong?

“One of the main aftermaths of population ageing is a burst of medical needs, which has outrun the supply of medical professionals and eventually overloaded our public healthcare system. Additionally, senile diseases that are rising in younger ages — such as hypertension and diabetes — further raise uncertainties about our overall demand. As a result, the public healthcare system alone might not be sufficient to meet everyone’s needs.”

It is apparent that our demand for medical services will continue to soar. Unfortunately, our public healthcare system won’t be able to catch up.

Q3. Is VHIS different from conventional medical insurances?

“Of course. Conventional medical insurances vary significantly in both price and coverage. On the contrary, VHIS-certified products, which are categorised under either “Standard Plan” or “Flexi Plan”, are strictly authorised and regulated by the government. In other words, a majority of details including coverage, policy and compensation limit are standardised to increase transparency for easy comparison. Besides, to encourage HongKongers to seek medical protection via VHIS, customers can also deduct tax if they purchase a VHIS-certified product.”

With all these advantages, VHIS undoubtedly makes for an ideal option for those without an individual medical protection or those with corporate medical insurance only.

Q4. Does that mean we have less to worry about if we choose VHIS instead?

“Indeed, as VHIS provides us with a good foundation of protection. That said, I’d still recommend customers to choose a plan based on their personal and health needs, as well as understand the policy details such as coverage and compensation limit carefully.”

Purchasing a medical insurance is a major life decision. Therefore, for the sake of your own and your family’s future, you should never take these important details lightly.

Q5. How will VHIS affect the insurance industry?

“Authorised by the government and widely advertised by insurance companies, VHIS is now widely known amongst HongKongers and has successfully motivated them to re-evaluate the need of an insurance product. Most of them are glad to see unique features such as no lifetime benefit limit, guaranteed renewal up to the age of 100 and coverage extension to unknown pre-existing conditions for qualified applicants.”

VHIS has completely redefined the standards of medical insurance. Therefore, we expect to see a revolutionary change in the industry brought about by VHIS.