FWD Hong Kong (“FWD”) has launched vPrime Medical Plan (“vPrime”), an advanced Voluntary Health Insurance Scheme (“VHIS”) flexi-plan certified by Hong Kong’s Food and Health Bureau (see Table 1 for Certification Numbers). vPrime offers full coverage, i.e. no itemised sub-limits, on medical expenses incurred for hospitalisation and surgery, a suite of rehabilitation support including extra care for stroke survivors1, as well as deductible options and no-claim premium discounts as high as 25% to boost flexibility and value for money.
Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau, said, “We want to enhance our customer experience with comprehensive and easy-to-use solutions that promote healthy lifestyles while meeting the market’s need for high quality medical protection and benefits that also offer value for money. vPrime is built with deductible options and no-claim premium discounts to incentivise healthy living and encourage people to protect their families.”
Extra care for stroke survivors and crises deductible waiver to help regain health
vPrime also comes with a suite of extra benefits and rehabilitation support1 to help insured customers regain health. It brings extra care to stroke survivors by covering a series of stroke-related treatments and recovery services, including consultations, medical treatments prescribed by specialists and Chinese medicine practitioners, as well as reimbursement for home facility enhancements prescribed by occupational therapists. Stroke survivors are also entitled to a HK$10,000 disability subsidy per month for up to 24 months per incident.
The deductible of vPrime will be waived for treatments on designated crises including cancer, heart attack and stroke1. Yu explained, “Cancer, heart diseases and stroke accounted for 89% of our processed critical illness insurance claims in 2018, so we want to help our customers more effectively by alleviating their financial and psychological burden from the often costly and prolonged crises treatments and rehabilitation.”
No claim premium discounts to reward healthy living individuals and family members
vPrime rewards healthy living customers with as much as a 25% no-claim premium discount: If no claim is made for more than two consecutive policy years, a health discount of up to 15% will automatically be applied to the next renewal premium. What’s more, for policyholders who also have policies with their specific relatives as the insured persons, they may be entitled to an additional no claim premium discount of up to 10% (see Tables 2.1 and 2.2) with their vPrime policies. Hong Kong taxpayers can save more money as the premiums paid for VHIS policies are tax deductible, up to HK$8,000 per insured person annually with no upper limit on the number of insured dependents2.
Insured customers of vPrime are entitled to reimbursements for their eligible medical expenses up to a maximum of HK$8 million per policy year and up to HK$45 million per policy which is guaranteed renewable up to age 100. The plan comes with deductible options to boost premium flexibility. An insured customer can enjoy vPrime’s comprehensive coverage with a daily premium as low as HK$9 (with deductibles of HK$50,000) or HK$29 without deductibles (see also Table 1). vPrime also bestows customers a one-time right to lower or remove the deductibles without providing further proof of their health condition.
The vPrime Medical Plan is underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability). The above information does not contain the full terms and benefits of the policy, key product risks, and major exclusions. For details, terms and conditions of vPrime Medical Plan please refer to its product brochure and policy provisions downloadable at https://www.fwd.com.hk/en/protect/health-accident/vhis/vprime/. The premiums mentioned do not include levy which is collected by the Insurance Authority.
- These are additional benefits/services which are not part of the terms and conditions of FWD’s certified VHIS plans.
- For official information on VHIS including tax deduction, please visit https://www.vhis.gov.hk/en/about_us/index.html, and the websites of Inland Revenue Department of Hong Kong (http://www.ird.gov.hk/eng/), and Hong Kong Insurance Authority (https://www.ia.org.hk/en/).
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