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How individual insurance differs from company insurance  

Which of these two products is right for you? 

VHIS

<p>When people fall sick, they usually turn to their personal health insurance or company health medical insurance for financial support to pay for their treatment. In recent years, voluntary health insurance is becoming increasingly popular, why is this so? With a limited budget, what are the differences between voluntary health insurance and traditional individual health insurance? How should we choose between these two insurances?</p><h2>What is the Voluntary Health Insurance Scheme (VHIS)?</h2><p>The VHIS was launched by the Food and Health Bureau of the Hong Kong government on April 1, 2019. Insurance policies approved by the bureau must comply with the frameworks and regulations and provide hospitalisation coverage and personal medical reimbursement. its established framework and regulations. This product is meant to enhance the level of protection offered by medical insurance products, allowing citizens to choose private medical services with insurance coverage, which can eventually help to ease the pressure on public hospitals in the long term.</p><p></p><p>The VHIS is divided into two types of plans, "Standard Plan" and "Flexi Plan". The Standard Plan will need to meet the minimum requirements and provide basic coverage. While the Flexi Plan covers additional protections, such as higher limits, to provide people with more comprehensive coverage.</p><p></p><p>Compared to traditional individual medical insurance, some of the benefits in the VHIS recognized products, for both "Standard Plan" and "Flexi Plan," are particularly noteworthy.</p><p></p><p>The differences between VHIS voluntary health insurance and traditional personal health insurance are:</p><table><colgroup data-width='666'><col style="width:33.7838%"/><col style="width:31.3814%"/><col style="width:34.8348%"/></colgroup><thead><tr><th></th><th><span>VHIS voluntary health insurance</span></th><th><span>Traditional personal health insurance</span></th></tr></thead><tbody><tr><td><p>Tax deduction</p></td><td><p>Possible</p></td><td><p>Not possible</p></td></tr><tr><td><p>Policy renewal</p></td><td><p>Guaranteed renewal of up to 100 years old</p></td><td><p>Policy renewal is dependent on the insured person’s health condition</p></td></tr><tr><td><p>Lifetime benefit limit</p></td><td><ul><li>Not applicable for standard plans</li><li>Depends on individual products for flexible plans</li></ul></td><td><p>Usually applicable</p></td></tr><tr><td><p>Unknown pre-existing conditions at the time of policy application</p></td><td><p>Insured (subject to waiting period)</p></td><td><p>Usually not insured</p></td></tr></tbody></table>

<h3>1. You can apply for tax deduction for premiums:</h3><p>Applying for VHIS allows you to apply for tax deduction. This means that taxpayers who apply for VHIS before 31 March can apply for tax deduction for the premiums paid for themselves and/or their specified relatives.</p><h3>2. Guaranteed renewal until the insured is 100 years old:</h3><p>After the VHIS voluntary health insurance policy takes effect, the insurance is guaranteed to be renewed until the age of 100, regardless of any changes in the health status of the insured.</p><h3>3. The VHIS standard plan does not set a lifetime benefit limit:</h3><p>The VHIS standard plan does not set a "lifetime insurance limit” but has an "annual insurance limit". This means that no matter whether there is a claim, or if the claim exceeds the annual insurance limit in the policy year, in the next policy year the benefit limit will be recalculated and will not be affected by previous claims. On the other hand, the flexible plan depends on individual product design.</p><h3>4. Unknown pre-existing conditions at the time of policy application</h3><p>The VHIS voluntary health insurance covers pre-existing diseases that are unknown at the time of insurance application.</p><h2>Why do I need to purchase additional voluntary health insurance when I already have company health insurance?</h2><p>Many people think they do not need to purchase additional personal medical insurance for themselves as they are already covered by their company’s medical insurance. However, this is the protection gap that many have overlooked.</p><ul><li>Coverage limit:</li></ul><p>For common colds and flu, you will likely head to the clinic to see a doctor. In this case, it would be okay to be reimbursed by the company’s medical insurance. However, most companies’ medical insurance may only provide outpatient, life, and hospitalization coverage. You are unlikely to be able to claim for items such as psychiatric treatment. Furthermore, the company's medical insurance may not be able to fully cover medical expenses for surgery or diseases. Therefore, purchasing voluntary health insurance while being covered by the company’s medical insurance can help reduce the protection gap.</p><ul><li>Guarantee period:</li></ul><p>Most salary workers will experience job changes. From resignation to joining a new company, and even during the probationary period, they may not be able to enjoy their company’s group medical insurance benefits. This period when one is not covered could last for half a year each time they change jobs. Additionally, when one reaches retirement age, it is likely that the company's medical insurance will no longer provide coverage for these employees. Having personal medical insurance will help to maintain protection according to the renewal period of different products. Among these products, the voluntary medical insurance will guarantee renewal until the age of 100, so you will not lose your medical insurance coverage due to work restrictions.</p>

<p></p><ol><li>Source: Cleveland Clinic, "<em>LDL</em>"</li><li>Source: Heart.org, "<em>Silent Ischemia and Ischemic Heart Disease</em>"</li></ol><p>The above information is provided by FWD Financial Limited ("FWD Financial") for reference and educational purposes only. It does not constitute an offer to buy or sell any insurance products outside of Hong Kong. Before purchasing any insurance product, you should understand your needs and affordability, read the policy carefully, and select suitable product. FWD Financial is an appointed insurance agency of FWD Life Insurance (Bermuda) Company Limited (incorporated in Bermuda with limited liability) (“FWD Life”). FWD Financial, FWD Life, their subsiding companies or their respective directors or employees make no express or implied representations, statements or warranties as to the accuracy, completeness or suitability for any particular purpose of the information provided. In no event shall FWD Financial, FWD Life, their subsiding companies or their respective directors or employees liable in any way for any consequences resulting from the use or reliance upon this article, and shall not incur any legal liability (including third-party liability). Users should evaluate all the information contained in this article and seek independent professional advice.</p>

【自願醫保】與傳統個人醫保和公司醫保的分別？ | How individual insurance differs from company insurance

How individual insurance differs from company insurance | FWD HK

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Should you cancel or keep your critical illness policy when you immigrate?

Critical Illness Insurance

Critical Illness

<p>When you immigrate, you may be wondering whether or not you should keep your critical illness insurance policy. When you are away from home, you could experience feelings of insecurity more frequently. Changes in one's mental and physical state are typically brought on by travel, in conjunction with other, external environmental influences. So, having insurance coverage while you are traveling overseas might provide you with a sense of security and peace of mind. When you immigrate, what will happen to your health insurance and other plans? Should you cancel your insurance policy before making the move to a new country? If you relocate overseas, will the critical illness insurance policy that you already have continue to be valid for you? The following article will provide answers to these questions.</p><h2>Is coverage under your critical illness insurance plan provided if you travel outside the country?</h2><p>In most cases, critical illness insurance can be purchased anywhere in the world. You do not need to be concerned about being unable to file an insurance claim when traveling outside of the country if you have been diagnosed with a pre-existing condition that is covered by your policy. This applies regardless of where you purchased your policy. If your diagnosis is one that is covered by the policy and you adhere to the terms of the insurance, you will still be able to collect benefits from your critical illness insurance even if you move to another country or travel to another country.</p>

<p>If you are diagnosed with a critical illness while traveling outside of your home country by a local registered doctor, you have the right to submit an insurance claim within the claim period specified by the insurance company after receiving medical treatment or being discharged from the facility where you received treatment. You shall be responsible for submitting the appropriate proof documents in accordance with the requirements outlined in the actual policy terms. However, you should be aware that once the claims process has been finished, the insurance company may only deposit the pay out into the bank account of the nation in which you purchased the policy. This is something that you should keep in mind. It is possible that they will not be able to deposit the payoff into the policy beneficiary's account if it is located outside the country. Consequently, it is essential to verify with the original insurance company first in order to determine whether or not it is necessary to have a bank account from the original nation in order to get the compensation. In addition to this, it is essential to take into consideration whether the beneficiary has been named in the policy. If the beneficiary information has not been provided, the payout from the life insurance policy may, in the tragic event that you pass away, be included as part of the administration of your estate in some countries. Because of this, it is possible that the payout will be liable to inheritance tax, which is levied by the regional government.</p><h2>Before you immigrate, what steps should you take about your critical illness insurance?</h2><p>One of the things that goes into calculating the cost of critical illness insurance is the policyholder's expected length of life. Because of this, the premium for critical illness insurance acquired in nations with a high average life expectancy is typically more affordable, and the coverage is typically transferable to any location in the globe with no restrictions. If you have already purchased your critical illness insurance prior to immigration, you do not need to worry too much about the premium or if the critical illness medical coverage level will be changed. Both of these factors will not be relevant to you.</p><p>As it is quite possible that the insured person's place of residence would change because of immigration, the insurance company may request a re-evaluation of the insured person's status. If the risks faced by the insured person grow because of this, the premium for critical illness insurance may be subject to an increase. Yet, keeping your initial critical illness coverage before you immigrate can allow you to avoid the challenges of re-purchasing insurance after the move. When obtaining a new policy, for instance, the waiting period may be different from one to another depending not only on the illnesses that are covered but also on the insured person's present state of health. If you are diagnosed with a sickness or have symptoms appearing before your new policy goes into effect, it may result in increased rates, have an influence on the coverage provided by your critical illness insurance, or even put you at danger of having coverage denied. Purchasing insurance in your home country before immigrating can help fill the medical gap and save you the hassle of comparing and selecting insurance plans in a foreign country. Purchasing insurance in your home country before immigrating can also save you money.</p>

<p>The above information is provided by FWD Financial Limited ("FWD Financial") for reference and educational purposes only. It does not constitute an offer to buy or sell any insurance products outside of Hong Kong. Before purchasing any insurance product, you should understand your needs and affordability, read the policy carefully, and select suitable product. FWD Financial is an appointed insurance agency of FWD Life Insurance (Bermuda) Company Limited (incorporated in Bermuda with limited liability) (“FWD Life”). FWD Financial, FWD Life, their subsiding companies or their respective directors or employees make no express or implied representations, statements or warranties as to the accuracy, completeness or suitability for any particular purpose of the information provided. In no event shall FWD Financial, FWD Life, their subsiding companies or their respective directors or employees liable in any way for any consequences resulting from the use or reliance upon this article, and shall not incur any legal liability (including third-party liability). Users should evaluate all the information contained in this article and seek independent professional advice.</p>

【移民保險 2023】手上的危疾保單應該退或留 | To keep or not. Should you sell your CI policy?

To keep or not. Should you sell your CI policy? | FWD HK

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Medical insurance vs critical illness insurance - what is the difference? What is voluntary health insurance?

Medical Protection

<p>While both medical insurance and critical illness insurance provide health protection to the insured, they are fundamentally different types of insurance which have different types of purposes, compensation methods and coverage. So, what exactly is the difference between these two types of insurance? In today’s article, we will be running through the differences and help you to identify what you should pay attention to when purchasing insurance.</p><h2>3 key differences between medical insurance and critical illness insurance</h2><h3>1. Purpose of insurance</h3><p>Medical insurance supports you financially for the payment of your medical expenses. It allows you to receive reimbursement for medical expenses such as hospitalization, surgical fees, and rehabilitation during your treatment period.</p><p>You will also be able to choose the medical services that you prefer based on the compensation limit of your policy. On the other hand, critical illness insurance emphasizes being able to receive financial support should one be diagnosed with a serious illness. Once diagnosed with any of the illnesses covered under the critical illness policy, you will receive a lump-sum cash pay-out. Whether you will want to use this money to help cope with daily living expenses or use it to pay for your medical expenses, it is entirely up to you. This helps to reduce the economic pressure of not being able to work due to your illness.</p><h3>2. Compensation method</h3><p>Another difference between medical insurance and critical illness insurance is their compensation method. Most medical insurance uses a "pay-first claim-later" format, where the insured pays for the medical expenses first and then applies for remuneration from the insurance company based on the expenses incurred. The insurance company would then compensate you based on the coverage limit of your policy. Should your coverage limit be higher than the medical expenses incurred, you will only be compensated based on your medical bill.</p><p>In contrast, a critical illness insurance policy gives you a pay out as long as you are diagnosed with an illness under the policy. The amount received will be lump-sum compensation, which is the sum insured by the policy. With this payout, you will have more cash to help you cope with your daily expenses or any unexpected expenses when you are ill.</p><h3>3. Insurance coverage</h3><p>As for coverage, medical insurance covers mainly medical expenses such as hospitalisation, surgery and rehabilitation. However, such medical insurance generally does not cover mental illnesses. Critical illness insurance is generally divided into two different types of insurance, regular critical illness insurance and lifetime critical illness insurance. The policy terminates after reaching a specified compensation limit. In general, critical illness insurance covers common serious illnesses such as heart disease, cancer, and stroke. The specific number of critical illnesses covered would depend on the individual policy terms.</p>

<h2>What is voluntary medical insurance scheme?</h2><p>In recent years, we often hear about the Voluntary Health Insurance Scheme (VHIS) product, which is a type of medical insurance which falls under the category of personal hospitalization indemnity insurance products. The government aims to encourage more people to purchase this insurance by through the unique features of this voluntary medical insurance. Through this voluntary medical insurance, you can not only enjoy real-time medical coverage, receive treatment as early as possible, but also be able to apply for tax reductions and experience quicker waiting times in public hospitals. Since the voluntary medical insurance scheme was launched, it has received good responses from the public. The number of policies purchased under the government's voluntary medical insurance plan has exceeded 790,000 as of March 2021.</p><p>In addition to providing cost savings to policyholders, the launch of Hong Kong's voluntary medical insurance program helps in addressing many of the gaps in critical illness and traditional medical insurance plans in the market. For example, the voluntary medical insurance can guarantee coverage up till the age of 100, cover unknown pre-existing conditions at the time of enrolment, and cover the cost of psychiatric treatment in Hong Kong hospitals. As some medical insurance products also do not have a lifetime coverage limit, this allows you to get more comprehensive coverage. If you require medical insurance, it is worth taking some time to understand if this voluntary medical insurance is suitable for you.</p><h2>Voluntary medical insurance scheme or critical illness insurance – can you only choose one?</h2><p>Many people in the process of purchasing insurance may find it difficult deciding between a voluntary medical insurance scheme and critical illness insurance, as both have their benefits. However, a voluntary medical insurance scheme and critical illness insurance are not in conflict with each other and can even serve as complements. For example, a lump sum payout from one’s critical illness insurance can help in reducing financial pressure on the insured person upon being diagnosed with a critical illness. With medical costs soaring, having just a critical illness insurance alone may not be sufficient. It is likely that you will also need to purchase a voluntary medical insurance scheme to cover the high hospitalization and medical expenses in the future.</p><p>To cope with the potentially high future medical expenses related to critical illnesses, having a voluntary medical insurance scheme may be one of your choices.</p>

【醫療保險vs危疾保險】大不同！自願醫保又是什麼？ | Medical insurance vs. critical illness insurance

Medical insurance vs. critical illness insurance | FWD HK 

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Voluntary Health Insurance Scheme: Does it cover mental illnesses? Understand the causes and treatment methods

What are the main types of mental illnesses?

Mental Health

<p>In 2023, everyone hopes to be physically healthy, but have you overlooked the importance of maintaining good mental health? Mental illness is becoming more common among people in Hong Kong, with an average of 1 in 7 people suffering from mental disorders or illnesses<sup>1</sup>. According to surveys conducted by the World Bank, the World Health Organization, and Harvard University, depression was the second most important disease in 2020, just behind heart disease<sup>2</sup>. In this article, we will learn about mental illness and how to cope with it.</p><h2>Do you know what are some causes of mental illness?</h2><p>Today, we often find ourselves in very fast-paced working environments. Coupled together with the various life pressures that we face; these situations can cause various mental and psychological problems. There can be negative impacts on our families and even society if we do not handle such problems properly.</p><p>The following three factors are some of the key causes of mental illness.</p><ol><li>Physiological factors: Having poor physical health can affect one’s emotions. If you continue to feel down over a long period of time with no improvement, there is a possibility that you may develop a mental illness.</li><li><p>Genetic factors: Some mental illnesses may be caused by genetics. Some examples of mental illnesses that may be caused by genetic reasons are schizophrenia and bipolar disorder<sup>3</sup>.</p></li><li><p> Psychological and social environmental factors: Experiencing conflicts, crises and trauma could lead to mental illness or even post-traumatic stress disorder.</p></li></ol>

<h2>Common types of psychological or mental illnesses:</h2><h3>Depression</h3><p>Depression is a common mild mental illness, in which one’s emotions are impaired, which causes physiological and psychological imbalances, sustained low mood, loss of interest or motivation in things, negative thoughts, which also affects their normal social life. The main causes of depression are genetics and stress from external circumstances. Under the situation when the brain is unable to cope with external stressors (such as unemployment, loss of a loved one, or major life changes), it will be more prone to depression<sup>4</sup>.</p><p>Depression is generally divided into three stages.</p><ul><li>Early-stage depression: Also known as mild depression, patients often experience emotional decline over a short period of time and do not have any interest in anything.</li><li><p>Moderate depression symptoms: It is difficult for the brain to concentrate, but the patient can still manage basic life and work.</p></li><li><p>Severe depression symptoms: Some patients may experience insomnia for a long period of time, and some may even think about suicide.</p></li></ul><h3>Obsessive-Compulsive Disorder (OCD)</h3><p>Obsessive-Compulsive Disorder is characterized by repetitive actions, such as washing hands repeatedly and constantly double-checking things. In serious cases, when patients experience OCD symptoms, such as compulsively generating a certain thought, it can cause mental tension which could affect social interaction. The causes of OCD are still uncertain, but it is generally believed to be related to psychological factors and one’s personality. For patients who experience mild symptoms of OCD, they can engage in self-treatment by doing activities to relax their mind such as exercise, meditation, and yoga. However, for severe cases of OCD, diagnosis and treatment by a psychiatrist is essential.</p><h3>Anxiety Disorder</h3><p>Anxiety disorder, also known as anxiety neurosis, causes one to feel anxious, nervous, fear and palpitations. Some common causes of anxiety disorder are generally related to heredity, personality, or having experienced life changing events. Patients who experience severe anxiety disorder may also suffer from other mental illnesses, such as OCD and post-traumatic stress disorder. If you suspect that you may have anxiety disorder, it is ideal if you can consult a psychiatrist for treatment methods and to get a professional diagnosis.</p><p>Mental illness has a significant impact on individuals and their lives. The number of people suffering from depression worldwide is also increasing. When helping those with mental illnesses, it is important to not only provide them with the emotional support they need but also practical medical support.</p>

<h2>Two methods to treat mental illness:</h2><h3>Psychological therapy</h3><p>Both private psychiatric clinics and public hospital psychiatric departments have professional psychologists who provide psychiatric diagnoses or psychiatric tests. These psychologists helps patients to make changes to their psychological behaviour and help them to rebuild their damaged mental health.</p><h3>Pharmacological treatment</h3><p>Psychological therapy is often accompanied by pharmacological treatment, which can effectively help patients regulate their mental symptoms such as excessive depression, anxiety and hallucinations. Psychologists give patients medications based on their mental condition, while ensuring that the treatment does not have a large impact on the patient’s intelligence and consciousness so that they are able to engage in normal social activities. If you have questions about the treatment of mental illness, do consult your doctor for professional advice.</p><p>Although public hospital psychiatric departments usually have lower fees, their resources may be scarce, which could lead to long waiting times, exacerbating the patient’s condition. One may then consider going to private hospitals for faster appointments and better medical environments, but this comes with expensive medical bills. The cost of treating mental illness is a significant amount for many. Some medical insurance, such as the VHIS voluntary medical insurance, allows you to claim the medical expenses incurred in psychiatric hospitalization in Hong Kong under the standard plan. For example, you can enjoy a compensation limit of up to HKD 30,000 for each policy.</p>

<h2>What is VHIS for Mental Illness?</h2><p>VHIS is a voluntary health insurance scheme launched by the Hong Kong government on April 1, 2019. It offers the following benefits for patients receiving treatment for mental illness in hospitals in Hong Kong:</p><ul><li>Most insurance plans do not cover treatment for mental illness, but VHIS covers eligible fees for psychiatric treatment during hospitalization in Hong Kong, as recommended by a specialist.</li><li><p>Mental illness does not have a specific age of onset. Traditional insurance plans typically only accept individuals under the age of 65, but VHIS accepts individuals from 15 days old to 80 years old (actual age) and guarantees coverage up to the age of 100 (actual age), providing comprehensive coverage for your medical expenses in your later years.</p></li><li><p>VHIS includes coverage for psychiatric treatment, with an annual limit of HKD 30,000 for psychiatric treatment. Even if the compensation limit has been reached, the coverage limit will be reset to HKD 30,000 in the next policy year, allowing patients to face possible medical expenses year after year.</p></li></ul><p>Mental illness may be closer to us than we think. It is important to stay financially covered for mental illness.</p>

<ol>
  <li>Source: Mind HK, “<em>Hong Kong’s mental health</em>”, 2022</li>
  <li>Source: United Christian Nethersole Community Health Service, “<em>Depression</em>”</li>
  <li>Source: The Mental Health Association of Hong Kong, “<em>Mental illness</em>”, 2021</li>
  <li>Source: Institute of Mental Health, Castle Peak Hospital, “<em>Depression</em>”</li>
</ol>
<p>The above information is provided by FWD Financial Limited ("FWD Financial") for reference and educational purposes only. It does not constitute an offer to buy or sell any insurance products outside of Hong Kong. Before purchasing any insurance product, you should understand your needs and affordability, read the policy carefully, and select suitable product. FWD Financial is an appointed insurance agency of FWD Life Insurance (Bermuda) Company Limited (incorporated in Bermuda with limited liability) (“FWD Life”). FWD Financial, FWD Life, their subsiding companies or their respective directors or employees make no express or implied representations, statements or warranties as to the accuracy, completeness or suitability for any particular purpose of the information provided. In no event shall FWD Financial, FWD Life, their subsiding companies or their respective directors or employees liable in any way for any consequences resulting from the use or reliance upon this article, and shall not incur any legal liability (including third-party liability). Users should evaluate all the information contained in this article and seek independent professional advice.</p>

【自願醫保】保障精神疾病？認識成因及治療方法 | Learn the causes & treatment for mental illness

Learn the causes & treatment for mental illness | FWD HK

Do you need personal accident insurance? 5 things to note when purchasing!

Considerations to boost your peace of mind.

Accident Insurance

Accident Protection

<p>Accidents can take place unexpectedly, leaving you unprepared, and may even disrupt your future with your family.  In this article, we will explain what personal accident insurance is, who needs it and what are some things to note when purchasing. &nbsp;</p><h2>What is personal accident insurance?</h2><p>Personal accident insurance is a product which is designed to provide coverage against “accidental events”. These “accidental events” refers to non-disease-related events which are sudden or external. Below is a quick definition of sudden, external, and non-disease-related events.&nbsp;</p><ul><li>"Sudden" refers to situations that take place unexpectedly</li><li>“External” refers to factors that are beyond one’s control such as the weather and the environment</li><li>“Non-disease-related” refers to changes to one’s body that is not due to illness&nbsp;</li></ul><p>Having a personal accident insurance provides a lump-sum cash compensation to the insured or their family members in the unfortunate scenario where the insured passes away, get injured or become disabled. The insured will be able to use this payout for economic assistance.</p><h2>Is it important to have personal accident insurance?&nbsp;</h2><p>Many people who have medical insurance may think it is not necessary to purchase personal accident insurance since their medical expenses would have been covered by their medical insurance on a reimbursement basis. When an unexpected accident occurs, on top of incurring medical expenses, it could cause you to be unable to work, affecting your livelihood and potentially disrupting future plans. Personal accident insurance provides you with cash payout for specified situations (such as injury, accidental death, disability or injury) resulting from an accident, which could help to ease various financial burdens, allowing you to focus on your recovery.&nbsp;<br/></p><p>Accidents are unavoidable. Here is a list some characteristics of people who may need to purchase personal accident insurance:&nbsp;</p><ul><li>Children</li></ul><p>Children are usually more active and are more likely to experience household accidents. These accidents range from small cuts and bruises to more serious injuries like fractures. Personal accident insurance can help ensure that the child’s growth path is not financially affected by this accident, such as by covering their medical expenses.</p><ul><li>Sporting beginners</li></ul><p>In the last few years, sports such as yoga and running have become increasingly popular. Many beginners are engaging in sports but lack the knowledge of the proper warm-ups and training required for the sport. As a result, this increases the risk of accidents. A report by the Department of Health<sup>1</sup> indicated that there were as many as 57,000 cases of sports injuries, and even experienced sports enthusiasts are not uncommonly injured. Medical insurance only provides coverage for medical expenses, such as surgical costs and hospitalisation. On the contrary, personal accident insurance gives a lump sum cash payout, which could also be used to cover rehabilitation expenses such as physical therapy, acupuncture, or trauma treatment.</p><ul><li>Sole breadwinners&nbsp;</li></ul><p>With the unpredictable nature of accidents, it is impossible to predict when an accident will occur no matter how cautious you are. For example, one could get into an accident when taking public transportation which could lead to suffering from an injury that requires some time off work. As a result of being unable to work, it could increase the economic burden on your family. The cash compensation received from the payout of your personal accident insurance can help you to get through difficult times.</p>

<h2>5 things to take note of when purchasing personal accident insurance</h2><p>When deciding which personal accident insurance to purchase, you will likely have the question of “which company is better to buy my personal accident insurance from?”. Every insurance company has different products. Here are some things that you may want to take note of when deciding which policy to purchase:&nbsp;</p><h3>1.&nbsp;&nbsp;&nbsp;&nbsp; Age of the insured&nbsp;</h3><p>Similar to other insurance products, there are age restrictions for coverage and a maximum limit for renewable age for personal accident insurance. The extent of coverage may also be changed according to the age of the insured person. When purchasing personal accident insurance for the elderly or children, you may need to pay attention to age restrictions.&nbsp;&nbsp;</p><h3>2. Different premiums for different occupations</h3><p>As every profession experience different risks, insurance companies may charge different premiums based on the insured person’s occupation even if the coverage extent in the same. In general, the occupation levels are divided into four categories based on their job risk:</p><table><colgroup data-width='624'><col style="width:33.8141%"/><col style="width:66.1859%"/></colgroup><tbody><tr><td><p>Category</p></td><td><p>Description</p></td></tr><tr><td><p>Category 1</p></td><td><p>Individuals who engage in indoor work or non-physical labor professions. For example, administrators, managers, doctors, teachers and lawyers.&nbsp;&nbsp;</p></td></tr><tr><td><p>Category 2</p><p><br/><br/></p></td><td><p>Individuals who engage in non-physical outdoor labor work or supervisory work. Some examples include domestic helpers, engineers and salesperson.&nbsp;</p></td></tr><tr><td><p>Category 3</p><p><br/><br/></p></td><td><p>Individuals who engage in light physical labor work without using heavy machinery. Some examples include waiters, bakers and locksmiths.&nbsp;&nbsp;</p></td></tr><tr><td><p>Category 4</p><p><br/><br/></p></td><td><p>Individuals who engage in physical labor work. These include technicians and indoor electricians.&nbsp;<br/></p></td></tr></tbody></table><p>Individuals who fall into category 1 tend to have a lower premium as they are considered to have a lower risk of accidents. In contrast, those who fall into category 4 will likely have a higher premium as they are considered to have a higher risk of accidents. However, some professions are not covered by insurance as they may be considered too high-risk. Thus, it is important to check if your job falls into the coverage scenario before purchasing the insurance. Should you change your profession, you should notify the insurance company to assess the risk of your new job to ensure that your claims will not be affected.</p><h3>3. Extent of coverage</h3><p>Some sports such as diving or skiing are considered as more dangerous and maybe labelled as “high-risk” items. The amount of compensation you can receive from your personal accident insurance may be lower if you are injured while engaging in such sports. As it is very common for accidents to take place during sports, it is essential to double check that the sport that you frequently engage in is covered by the policy.</p><h3>4. Does the policy have a comprehensive coverage of medical expenses?</h3><p>Certain personal accident insurance policies may only cover basic medical expenses or hospitalisation. Some do not provide coverage for treatment during the recovery period, such as acupuncture or physical therapy. Thus, when comparing personal accident insurance policies, one area which you can take note of is whether the policy covers additional medical expenses such as acupuncture, and if the compensation provided is based on the actual cost or if there limits on the amount and number of claims.</p><h3>5. Does the policy provide additional coverage?</h3><p>Several personal accident insurance policies give cash compensation for certain accidents. For example, if you get into a traffic accident while on board public transport, or experience a fire while shopping in a mall, you may be eligible to receive double the compensation. Some policies also help with the insured’s living expenses should they be unable to work due to the accident by monthly allowances to help them cope with the economic loss of being unable to work. You can also check if the policy provides cash compensation for large area scars caused by accidents.</p><p></p><p>Unexpected scenarios may lead to significant consequences. Keeping yourself financially protected with personal accident insurance can provide you and your loved ones with more comprehensive protection. It is important to compare the different personal accident insurance policies available in the market and review your lifestyle before deciding which policy to purchase.&nbsp;</p>

<p></p><ol><li>Source: HKSAR Department of Health, "<em>DH releases Unintentional Injury Survey Report</em>", 2021</li></ol><p></p><p>The above information is provided by FWD Financial Limited ("FWD Financial") for reference and educational purposes only. It does not constitute an offer to buy or sell any insurance products outside of Hong Kong. Before purchasing any insurance product, you should understand your needs and affordability, read the policy carefully, and select suitable product. FWD Financial is an appointed insurance agency of FWD Life Insurance (Bermuda) Company Limited (incorporated in Bermuda with limited liability) (“FWD Life”). FWD Financial, FWD Life, their subsiding companies or their respective directors or employees make no express or implied representations, statements or warranties as to the accuracy, completeness or suitability for any particular purpose of the information provided. In no event shall FWD Financial, FWD Life, their subsiding companies or their respective directors or employees liable in any way for any consequences resulting from the use or reliance upon this article, and shall not incur any legal liability (including third-party liability). Users should evaluate all the information contained in this article and seek independent professional advice.</p>

【意外保險比較 2023】適合誰？投保時5大注意細節！ | Things to note for personal accident insurance

Things to note when purchasing personal accident insurance | FWD HK

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Do freelancers need medical insurance?

Learn what type of insurance best fits you.

<p>Freelancing is becoming increasingly popular in Hong Kong. According to data from the Hong Kong Special Administrative Region Government Census and Statistics Department<sup>1</sup>, as of 2022, the number of self-employed individuals in Hong Kong has reached 220,000, accounting for 6% of the total employment of 3.657 million. It is anticipated that there are increasingly more people who will abandon the traditional employment model with companies and choose the path of freelancing, working for themselves.</p><h2>What does it mean to be self-employed?&nbsp;</h2><p>Being self-employed refers to someone who earns income by taking contracts with a business instead of working for a business. Individuals who have a variety of jobs such as free lancers, or those who work in casual labour are considered self-employed.&nbsp;</p><h2>What are some downsides of being self-employed?&nbsp;</h2><p>While self-employed individuals have the flexibility of working independently, there may also be some downsides.</p><p></p><p>Firstly, they do not have a stable or fixed source of income as their monthly salary would depend on the amount of work that they take up. Secondly, they do not have the benefit of a group medical insurance purchased by their employers. This means that if they were to suffer from a serious illness, they would likely have to bear the medical expenses alone.&nbsp;&nbsp;</p><p></p><p>Therefore, purchasing personal medical insurance should be part of your consideration if you intend to become a self-employed individual or already are one. By planning for what lies ahead by purchasing medical insurance, it can help relieve any potential financial burden caused by an illness as you pursue a successful career as a freelancer.&nbsp;</p><h2>Why do self-employed individuals need personal medical insurance?</h2><p>In general, personal medical insurance is a policy that reimburses medical expenses that you incurred should you be required to undergo day surgery or be hospitalised. Unsure if you should purchase medical insurance? Here are three benefits of doing so.&nbsp;</p><p>Three benefits of purchasing personal medical insurance.</p><h3><strong>1.&nbsp;&nbsp;&nbsp;&nbsp; </strong>Obtain more comprehensive medical protection</h3><p>Freelancers or self-employed individuals experience more instability in their income, working hours and benefits compared to regular full-time employees. By planning for any potential medical expenses early and purchasing medical insurance, it can help ensure that you are able to establish a safety net for medical coverage. With the rise in the cost of medical care, it is expected that medical expenses will increase. With the unpredictable job changes and fluctuating incomes, many self-employed individuals face the threat of additional financial burden brought about by medical inflation.&nbsp;</p><h3>2. Substitute for company group medical insurance</h3><p>Despite the flexibility that self-employed individuals have to work with various companies, they do not have the same protection and benefits as a full-time employee. Thus, freelancers should think carefully about the medical protection they need. In case of an injury or illness, the absence of group medical insurance would result in a large financial burden in their life due to costly private medical services.&nbsp; Opting for lower-cost public medical services would inevitably result in them spending more time waiting, compromising on their flexible work schedules. Their financial burden would increase even further in the unfortunate scenario that they are unable to work due to illness and require the use of their savings to cope with the disease. Should self-employed individuals purchase personal medical insurance early, they are able to cover for the lack of company group medical insurance, enabling them to have more financial and health security.</p><h3>3. Reduce occupational injury losses</h3><p>According to the law, it is required for employers to purchase workers’ compensation insurance for their staff, which provides compensation for employees who meet with any accidental injuries or death. Unfortunately, most self-employed individuals do not benefit from such coverage. Self-employed individuals often undertake a variety of work, including full-time Key Opinion Leader (KOL), who often travels around for filming. During these filming sessions, there are often large machines and setups, increasing the risk of accidents. If the freelancers are hospitalised due to work-related injuries, it is often difficult to receive compensation from the companies they work with. However, if they have purchased personal medical insurance, they are able to claim for the medical expenses incurred. While medical insurance is not able to replace workers’ compensation insurance, it is still able to offer a certain level of medical protection in the event of work-related accidents, minimising losses resulting from occupational injuries.</p>

<h2>What is VHIS?</h2><p>What type of insurance can provide sufficient protection for self-employed individuals while meeting a reasonable premium budget?&nbsp; You can consider getting VHIS medical insurance. Here are 6 benefits of a VHIS medical insurance plan<sup>2</sup>:&nbsp;</p><table><colgroup data-width='697'><col style="width:41.46339999999999%"/><col style="width:58.53659999999999%"/></colgroup><thead><tr><th><span>Feature</span></th><th><span>Description</span></th></tr></thead><tbody><tr><td><p>Reimbursement of the actual cost&nbsp;</p></td><td><p>Most medical insurance plans will compensate you for a range of expenses such as surgery and hospitalisation through an actual cost reimbursement basis. Whether your expenses are for personal or work-related reasons, it can be claimed for reimbursement as long as it is covered under the insurance policy.&nbsp;</p><p><br/><br/></p></td></tr><tr><td><p>Coverage for unknown illnesses</p></td><td><p>Most traditional medical insurance does not provide coverage for pre-existing illnesses.&nbsp; However, the medical insurance plan offers different levels of protection depending on the policy year. With this medical insurance, freelancers are able to enjoy extensive illness coverage even without company group medical insurance.<br/><br/><br/></p></td></tr><tr><td><p>Tax deductible</p></td><td><p>According to the product regulations of voluntary medical insurance, if you are a Hong Kong taxpayer and have insured yourself and designated relatives, you may be eligible for a deduction of $8,000 per insured person per tax year based on the premiums you have paid.</p><p><br/><br/></p></td></tr><tr><td><p>Cooling-off period</p><p><br/><br/></p></td><td><p>A 21-day cooling-off period is part of the medical insurance plan, where you can reconsider your commitment to the plan after successful application.&nbsp;</p><p><br/><br/></p></td></tr><tr><td><p>No lifetime coverage limit</p><p><br/><br/></p></td><td><p>Coverage is guaranteed by the medical insurance plan up till the insured person reaches 100 years old. The amount of coverage can be recalculated every year, and there is no lifetime coverage limit.&nbsp;</p></td></tr><tr><td><p>Coverage for psychiatric treatment</p><p><br/><br/></p></td><td><p>The expenses incurred for psychiatric treatment during hospitalisation in a local hospital are also covered if the treatment is being provided by a specialist.&nbsp;</p></td></tr></tbody></table>

<p></p><ol><li>Source: HKSAR Census and Statistics Department, "<em>Quarterly Report on General Household Survey</em>", 2023</li><li>Source: Voluntary Health Insurance Scheme, "<em>Plan Overview"</em>, 2023</li></ol><p></p><p>The above information is provided by FWD Financial Limited ("FWD Financial") for reference and educational purposes only. It does not constitute an offer to buy or sell any insurance products outside of Hong Kong. Before purchasing any insurance product, you should understand your needs and affordability, read the policy carefully, and select suitable product. FWD Financial is an appointed insurance agency of FWD Life Insurance (Bermuda) Company Limited (incorporated in Bermuda with limited liability) (“FWD Life”). FWD Financial, FWD Life, their subsiding companies or their respective directors or employees make no express or implied representations, statements or warranties as to the accuracy, completeness or suitability for any particular purpose of the information provided. In no event shall FWD Financial, FWD Life, their subsiding companies or their respective directors or employees liable in any way for any consequences resulting from the use or reliance upon this article, and shall not incur any legal liability (including third-party liability). Users should evaluate all the information contained in this article and seek independent professional advice.</p><p></p>

【自僱人士】Freelancer / Slasher都需要醫療保障？ | Do freelancers need medical insurance?

Do freelancers need medical insurance? | FWD HK

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Deciding how much critical illness coverage you need

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<p>We live in a very fast-paced and highly competitive era. As a result, stress has become a very common occurrence. Stress could result in increased risk of serious illnesses such as heart disease and stroke. To relieve the financial burden of medical expenses resulting from serious illnesses, many purchase critical illness insurance. However, how much critical illness coverage is enough? This article summarizes the potential expenses incurred in the unfortunate scenario if you were to suffer from a critical illness.&nbsp;&nbsp;</p><h2>How much critical illness insurance coverage should I buy?</h2><p>What amount of coverage should I purchase? The main purpose of buying an insurance product is to provide financial support for medical and living expenses should you suffer from a serious illness. Purchasing insurance would help to reduce the financial burden on yourself and your loved ones. In general, the recommended amount of coverage to purchase is about two to three times of your annual salary. However, such a concept of calculation may not be enough. On top of medical expenses, you should also estimate your living expenses, as this expense varies from person to person. Below are some points which you can use to measure your coverage needs and help fill your protection gap.</p><h3>1.&nbsp;&nbsp;&nbsp;&nbsp; Medical expenses</h3><p>Critical illness insurance typically offers a lump sum compensation and has no usage restrictions. You can better understand the expense of treating some frequent critical illnesses when choosing the amount of coverage to buy. For instance, a colonoscopy, colon resection surgery, anesthesia, physician costs, hospitalisation expenses, and medicine, might cost up to HKD 200,000<sup>1</sup>. An additional monthly fee of HKD 20,000 will be needed if targeted therapy is required<sup>2</sup>. Let’s assume that the sum insured is three times one’s annual salary, where we use the median annual salary of HKD 20,000 as an example, the sum insured would be HKD720,000. While HKD720,000 may seem like a large amount, it may not be enough to cover a few years of medical expenses. When calculating the required amount of critical illness coverage, we also need to take into account any coverage that we already have from our personal medical insurance or group medical insurance.</p>

<h3>2. Living expenses incurred during treatment</h3><p>Certain types of insurance such as medical insurance, hospitalisation insurance and outpatient insurance only provide coverage for medical expenses. However, when it comes to treatment expenses, medical expenses are not the only expense incurred during treatment. We should also take into account our daily living expenses such as purchasing healthy food to maintain one’s physical health and hiring a helper to take care of the household chores. It is also important to include certain fixed expenses such as monthly rent and education expenses for your children into your calculation.&nbsp;<br/></p><p>Here is an example on how you can calculate the amount of coverage you need:&nbsp;</p><p></p><p>Example: Assuming a 35-year-old married man with HKD 30,000, monthly income with no company medical insurance and has a home mortgage to pay, he might think about buying a critical illness insurance policy with a sum insured of HKD 300,000, which provides a lump-sum payout when diagnoses with critical illness.&nbsp;</p><table><colgroup data-width='663'><col style="width:54.44949999999999%"/><col style="width:45.55049999999999%"/></colgroup><tbody><tr><td><p>Item</p></td><td><p>Expected cost incurred (HKD)</p></td></tr><tr><td><p>Colon resection surgery&nbsp;</p></td><td><p>$200,000</p></td></tr><tr><td><p>Targeted drug treatment across 3 years</p></td><td><p>$720,000</p></td></tr><tr><td><p>Living expenses (assuming a monthly income of $30,000)</p></td><td><p>$720,000</p></td></tr><tr><td><p>Minus: savings from payout of critical illness insurance&nbsp;&nbsp;</p></td><td><p>($300,000)</p></td></tr><tr><td><p>Total cost</p><p><br/><br/></p></td><td><p>$1,340,000</p><p><br/><br/></p></td></tr></tbody></table><p>Summing up the medical expenses and living expenses, the total expenditure across three years is approximately HKD 1,640,000. Should he rely on the payout from the critical illness insurance, he would still have a shortfall of HKD 1,340,000 in protection. Thus, in general, it is recommended to use a time period of three years when calculating the amount of critical illness coverage required. The example above is a rather general one. You should consider all the expenses listed in the article above to get a more accurate and comprehensive estimate of the ideal coverage amount.&nbsp;</p><h2>Do I need to increase my coverage amount if I already have savings critical illness insurance?&nbsp;</h2><p>As the name suggests, a savings critical illness insurance plan includes a savings component. As compared to a term critical illness insurance plan, the premiums will be proportionately higher for the same coverage amount.&nbsp; A savings critical illness insurance plan is more suitable for those who have a larger budget and want the cash value of the policy. However, as the optimal coverage amount increases as you age and go through different life stages, and together with inflation, this policy which you have taken up many years ago may no longer have enough coverage. Thus, it is necessary to continuously review one’s policy, protection needs and coverage amount. &nbsp;</p><h2>Is it always better to have more coverage?&nbsp;</h2><p>Many people would assume that more diseases are covered at higher coverage amounts. Most would also think that higher coverage would help them to better cope with the financial burden of suffering from a critical illness. However, higher coverage means higher premiums, which may exceed your budget. Additionally, while some policies claim to provide coverage for over a hundred diseases, it is important to consider if such a benefit meets your needs. According to FWD's claims report in 2020, the "big three diseases" of cancer, heart attack, and stroke accounted for 90% of FWD's critical illness compensation in Hong Kong in 2020. This could imply that the extent of disease protection may not need to be over extensive.&nbsp;&nbsp;</p><p>Having a critical illness plan together with a medical insurance plan which reimburses your medical expenses allows you to have a two-in-one financial protection against critical illness insurance. Insurance helps to financially protect yourself and your loved ones. It is important for one to carefully assess the economic expenses of falling ill and purchase a suitable critical illness insurance and medical insurance to avoid any gaps in protection.&nbsp;&nbsp;</p>

<p></p><ol><li>Source: HK Adventist Hospital, "<em>Operations Cost List</em>"</li><li>Source: St. Paul’s Hospital, "<em>Common In-Patient Treatment &amp; Inspection Items and Costs for 2020"</em>, 2020</li></ol><p></p><p>The above information is provided by FWD Financial Limited ("FWD Financial") for reference and educational purposes only. It does not constitute an offer to buy or sell any insurance products outside of Hong Kong. Before purchasing any insurance product, you should understand your needs and affordability, read the policy carefully, and select suitable product. FWD Financial is an appointed insurance agency of FWD Life Insurance (Bermuda) Company Limited (incorporated in Bermuda with limited liability) (“FWD Life”). FWD Financial, FWD Life, their subsiding companies or their respective directors or employees make no express or implied representations, statements or warranties as to the accuracy, completeness or suitability for any particular purpose of the information provided. In no event shall FWD Financial, FWD Life, their subsiding companies or their respective directors or employees liable in any way for any consequences resulting from the use or reliance upon this article, and shall not incur any legal liability (including third-party liability). Users should evaluate all the information contained in this article and seek independent professional advice.</p><p></p>

【危疾保險】保障額如何決定買大買細？ | How much critical illness coverage do you need?

How much critical illness coverage do you need? | FWD HK

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