Medical insurance

Medical insurance
Retirement planning
Product features

As health deteriorates with age, it is advisable for the elderly to insure against illnesses. However, only less than one-fifth of the Hong Kong people aged 65 or above have medical coverage (Source: The Thematic Household Survey Report No. 63 by the Census and Statistics Department).

Medical insurance gives you more options for medical services

Medical insurance covers both private and public medical expenses. With medical insurance, people can opt for public or private medical services.

Consider buying medical insurance even if your employer already provides it

Employer-provided medical benefits generally cover basic in-patient care and outpatient services that may not be adequate. Employees are typically not eligible to the benefits after they resign or retire. As insurance companies can reject medical insurance applications due to health conditions, do not wait to buy insurance after you retire.

Medical and critical illness insurance are complementary

Medical insurance is used for medical treatment, which covers the expenses of medication and hospitalisation, and is on a reimbursement basis. Critical illness insurance provides lump sum benefit after the insured is diagnosed with the covered critical illness. The benefit can be used for medical treatment, a living allowance or subsidy for rehabilitation.

Understand clearly the policy terms

Understand the policy terms including the coverage, the maximum benefit limit for each medical and hospitalisation item as well as items of exclusion.

The VHIS is open to everyone

The government-certified hospital insurance plans under the Voluntary Health Insurance Scheme (VHIS) feature standardised insurance policy terms and conditions, coverage and benefits, guaranteed renewal up to age 100, no “lifetime benefit limit”, as well as the extension of coverage to unknown pre-existing conditions (beware of the waiting period), congenital diseases and ambulatory procedures, including endoscopy and inpatient psychiatric treatment. Those who buy the government-certified hospital insurance plans may be eligible for tax deductions.


24 April 2019