Voluntary Health Insurance Scheme (VHIS) has been the talk of the town. The scheme accepts applicants of 15 days to 80 years old, but who is getting the most out of it? Let us first get to know the scheme’s minimum requirements and its edge, then we can decode the scheme further.
Young adults
VHIS is particularly appealing to young adults who are starting out in their career. The plan offers affordable premium, particularly when policyholders start young. This allows for youngsters who are still earning a modest income and paying off their student loans to enjoy health protection in case of medical emergencies. Table 1 has estimated the average yearly premium of the Standard Plans when the scheme rolls out.1
Table 1. Average yearly premium of VHIS according to age (according to previous year level)2
|
Age |
Average Yearly Premium |
|
24 and under |
HKD2,700 |
|
25-44 |
HKD3,750 |
|
45-60 |
HKD6,300 |
|
60 or above |
HKD10,000 |
Plus, the scheme guarantees acceptance and renewal up to the age of 100, regardless of health conditions at the time of renewal.3 Should their health conditions worsen as they age, they still would not be denied renewal of policies.
Young families
Couples who have just started a family may wonder if the public healthcare system is sufficient for their kids, especially with the recent crises of overcrowding hospitals and overworked medical professionals.4 VHIS can give them a peace of mind by helping support them in seeking private medical treatment.
The scheme allows coverage for pre-existing conditions with no lifetime benefit limit, ensuring parents and children get all the protection they need.1 Premiums paid by a citizen for himself and his dependants will be allowed for deduction. The deduction ceiling is $8,000 per insured person per year. There is no cap on the number of dependants that are eligible for tax deduction.5 This is particularly good news for parents.
The young and the healthy tend to think they don't need medical insurance. But the real value of insurance is to protect you when something goes wrong. The younger you start, the greater protection you and your family get from the amount you contribute.
As a certified provider of VHIS, Cigna is guaranteeing our customers quality care without having to leave home. Check out our exclusive Cigna Telehealth service which provides you access to virtual consultations and our Health and Policy Assistance Hotline and Care Manager services which offer professional medical advice from pre-treatment preparation to post-hospitalization care to you and your family, so as to ensure your speedy recovery. Find out more about Cigna’s VHIS Series and its support services here.
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