With no lifetime benefit limit, the high-end plan provides comprehensive medical and rehabilitation protection and value for money with six deductible options
FWD Insurance (“FWD”) today announced the launch of vTheOne Medical Plan (“vTheOne”, Certification Number: F00067), a premium flexi plan certified under the Voluntary Health Insurance Scheme (“VHIS”). In line with FWD’s commitment to providing better coverage, more comprehensive protection, the plan provides full coverage1 for a range of hospitalisation and surgical expenses for Standard Private Rooms, offering an annual coverage limit per policy year of up to HK$35 million (applicable to Standard Plus benefit level, see Table 1 for details) and with no lifetime benefits limit. vTheOne also comes with a suite of extra cash benefits to increase coverage with two of them being first in the VHIS market２: cash benefits for major and complex surgeries and confinement in Intensive Care Unit in Hong Kong.
Kelvin Yu, Chief Product Officer of FWD Hong Kong & Macau said “It’s been just three years since the government introduced VHIS, and the market has developed vibrantly with a variety of standard and flexi VHIS plans in place for customers to choose from. vTheOne complements our diverse suite of VHIS offerings, and provides high-end medical protection that comes with a comprehensive suite of rehabilitation support while offering value for money and flexibility. People who are looking for premium medical protection can select from the plan’s six deductible options and three geographical coverage options according to their existing medical protection status and future retirement needs.”
Flexible choices of six deductible options and three geographical areas options to suit different needs and affordability
vTheOne provides six deductible options and coverage in three geographical areas to choose from: Asia, worldwide (excluding the USA), or worldwide (see Table 1 for details). For example, for a vTheOne customer at age 35 (attained age) who opts for the Standard Plus benefit level (Asia coverage with annual benefit limit at HK$35 million) and deductible option at HK$250,000, the annual premium will be HK$4,1413. To encourage customers to stay healthy, vTheOne offers no claims discounts of up to 25% of annual premium.
The deductibles are waived for treatments on 16 designated crises, including specified cancer, heart attack, and stroke. vTheOne customers are also entitled to change their plans to zero deductible, i.e. first-dollar coverage, or upgrade the benefit level4, at designated ages without underwriting, enhancing the convenience in terms of boosting medical protection for retirement.
Two first-in-VHIS-market cash benefits to give customers extra support
vTheOne provides customers with a more comprehensive protection in the VHIS market with five cash benefits, with two of them being first in the VHIS market２: cash benefit for major and complex surgeries for up to HK$15,000 per major surgery and HK$30,000 per complex surgery in Premier benefit level for HK$ 0/ 25,000/ 40,000 deductible options; and cash benefit for confinement in Intensive Care Unit in Hong Kong for up to HK$30,000 per confinement in Premier benefit level for HK$ 0/ 25,000/ 40,000 deductible options (see Table 2 for details).
Kelvin continued, “We believe that a positive recovery experience is as important as comprehensive medical support. vTheOne provides a series of rehabilitation support including the well-received FWD Care recovery plan4, a six-month recovery programme introduced last year for customers recovering from critical illness. It provides physical and emotional support from a registered recovery nurse. FWD continues to address market needs with relevant and tailored propositions and easy-to-understand products to fulfil our vision of changing the way people feel about insurance.”
First-class recovery and counselling support
vTheOne covers a series of additional benefits for long-term and high-cost medical services, including kidney dialysis machine rental for domestic use, prescribed non-surgical cancer treatments and organ or bone marrow transplantation. The insured of vTheOne are also entitled to FWD Care4,5, a suite of professional physical and mental rehabilitation services offered to support customers and their families along the treatment and recovery journey:
- Professional FWD Care recovery plan followed through by a registered recovery nurse to provide trusted help, health guidance and emotional support for up to six months
- PREMIER THE ONEcierge, the one-stop solution tailored by a professional health management team, providing customers with access to priority treatment across Asia including Hong Kong, Macau, Mainland China, Taiwan, Singapore and Japan
- First-in-VHIS-market Dementia Support Program and MINDcierge service2
- Wellness Joy Benefit to reimburse expenses for travelling, fitness and wellness courses or health check-ups
- Life Enrichment Program to provide professional rehabilitation services for customers who are diagnosed with specified cancers, stroke or heart attack
FWD's performance has been recognised by customers and praised by the industry. FWD was top 36 in Hong Kong for the first-year premium of new business; top 46 in Hong Kong in the number of new business policies; top 17 in best value of money of insurance products and services; the Hong Kong Federation of Insurers Voluntary Health Insurance Award Winner8; and 97% of customers felt satisfied with FWD's buying experience9. This showcases FWD’s accomplishments in both business development and building a distinctive brand.
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1. Full cover shall mean no itemised benefit sublimit, the actual amount of eligible expenses and other expenses charged after deducting the remaining deductible (if any) and is subject to the annual benefit limit which applies to selected benefit items only.
2. Based on a comparison between FWD and the voluntary health insurance of major insurance companies in Hong Kong on 11 Jul 2022.
3. The premium refers to the premium before discount, and it’s the calculation of the "vTheOne Medical Plan" premium for a 35-year-old (attained age) insured who opts for the Standard Plus plan level with HK$250,000 deductible in annual premium mode. The standard premium is non-guaranteed. The above premium does not include the premium levy.
4. These are additional benefits/services that are optional and not part of the terms and benefits of the VHIS-certified plan - vTheOne Medical Plan. Customers have the right to opt out of these protection/services. If the customer does not wish to receive these free additional protection/services, please notify FWD in writing.
5. PREMIER THE ONEcierge, Life Enrichment Program, Dementia Support Program and MINDceirge are provided by third party service provider(s) which are not guaranteed renewable. FWD shall not be responsible for any act, negligence or omission of medical advice, opinion, service or treatment on the part of them.
6. Source: Insurance Authority provisional statistics on long-term insurance business in Hong Kong from January to December 2021, combining individual and group insurance business.
7. According to KPMG’s latest 2021 KPMG Hong Kong Customer Experience Excellence survey, FWD was ranked No. 1 in Hong Kong in terms of value for money insurance products and services.
8. FWD Voluntary Health Insurance Series “vCANsurance Medical Plan” (“vCAN”) and “vPrime Medical Plan” (“vPrime”) won the “Outstanding Creative Product/Service Award” at the “Hong Kong Insurance Awards 2021” — Voluntary Health Insurance Scheme” won the annual award, the highest honour of the year. FWD Voluntary Health Insurance Series receives two top honours at Bloomberg Businessweek Financial Institution Awards 2021 - Excellence in Voluntary Health Insurance Plans and Medicare Plans and Excellence in Healthcare and Protection.
9. According to the FWD Customer Opinion Survey conducted by FWD Hong Kong from January to March 2022, respondents gave a "Very Good/Good" rating in the overall customer buying experience.
vTheOne is a flexi plan certified by the Hong Kong Special Administrative Region Government under the Voluntary Health Insurance Scheme (Certification Number: F00067) underwritten by FWD Life Insurance Company (Bermuda) Limited (incorporated in Bermuda with limited liability) (Voluntary Health Insurance Scheme Provider Registration No. 00036). The above content is not a full description of the coverage and is subject to the terms and conditions of the policy. For full terms and conditions of the plan, coverage, exclusions, key product risks and/or other details, please refer to the relevant policy terms and product brochure (available for download at https://www.fwd.com.hk/en/products/vhis/vtheone/). The above premiums do not include the premium levy charged by the Insurance Authority.