The Voluntary Health Insurance Scheme (VHIS) was launched in Hong Kong earlier this year by the Hong Kong government. A recent study shows that many Hongkongers are still confused about the health insurance plans’ characteristics and details, which is totally understandable because every insurance provider offers different Flexi Plans.1 Let’s now debunk 5 most common myths, including some based on Cigna’s VHIS Flexi Plans.
Misconception 1: I’ll save $8,000 in tax payment
The HK$8,000, in fact, is the ceiling for the annual tax deduction. The actual tax deduction is based on the insured person’s amount of premium paid and the prevailing tax rate. If your annual premium is HK$5,000 and your tax rate is 10%, you'll save HK$500. With an annual premium of HK$13,000, you will have the maximum HK$8,000.
Misconception 2: I won’t be covered for my outpatient treatments
The Cigna VHIS Flexi Plan (SMM) and Flexi Plan (Superior) offers pre-and post-confinement/ day case procedure outpatient care. Flexi Plan (Superior) also features unlimited coverage for outpatient kidney dialysis.
Misconception 3: I will still need to pay for upon hospital admittance
Cigna VHIS plans offer an additional benefit of cashless hospitalization.2 You can call us before your admission and we will arrange a credit facility for you at the private hospital of your choice. This means you will not need to pay any deposit to the hospital, and need not worry about initiating claims after discharge while you focus on recovery.
Misconception 4: Even if I have pre-existing conditions I will still be insured
VHIS only covers unknown pre-existing conditions. If your condition has been diagnosed, has manifested clear and distinct signs or symptoms; or you have sought medical advice or treatment before, you are considered to be aware of your condition and not eligible for the coverage.
Misconception 5: Premiums are regulated by the government
VHIS providers must be certified by the government, but premiums are decided by the market. Different Flexi Plans provide different top-up protection, such as higher benefit amount and wider benefit coverage.
Take a look at Cigna VHIS series Flexi Plan (Superior). It offers four deductible options ranging from $0 to $50,000 with full compensation on hospitalization benefits, surgical benefits and more. Find out more about Cigna’s VHIS Series and its support services here.