{"id":20321,"date":"2022-02-09T04:00:00","date_gmt":"2022-02-09T04:00:00","guid":{"rendered":"https:\/\/eodishasamachar.com\/en\/2022\/02\/09\/fwd-upgrades-vprime-vhis-medical-flexi-plan\/"},"modified":"2022-02-09T04:00:00","modified_gmt":"2022-02-09T04:00:00","slug":"fwd-upgrades-vprime-vhis-medical-flexi-plan","status":"publish","type":"post","link":"https:\/\/eodishasamachar.com\/en\/2022\/02\/09\/fwd-upgrades-vprime-vhis-medical-flexi-plan\/","title":{"rendered":"FWD upgrades vPrime VHIS medical flexi-plan"},"content":{"rendered":"

\n<\/p>\n

\n

HONG KONG
\nSAR –\u00a0Media OutReach<\/a>\u00a0– 9 February 2022\u00a0– <\/b>FWD Insurance (“FWD”) first introduced vPrime Medical
\nPlan (“vPrime”, Certification Number: F00045), a flexi plan under the Voluntary
\nHealth Insurance Scheme (“VHIS”), in 2020. The plan has become increasingly popular
\nin the local market with its innovative features, accounting
\nfor almost 30% of VHIS product sales under FWD’s life insurance
\nbusiness*. FWD announces today it upgraded vPrime with annual and lifetime benefit limits
\nincreased to HK$10 million and HK$60 million, respectively. Additionally, two more
\ndeductible options have been added to the existing four options (please refer
\nto Table 1 below).\u00a0 Through the
\nenhancements, FWD realises its commitment to providing “better coverage, more
\ncomprehensive protection”, allowing customers to enjoy higher levels of health
\nprotection with more flexible premium options to suit their financial situation.<\/p>\n

<\/p>\n

Realising its commitment to “better coverage, more comprehensive protection”, FWD Insurance has upgraded its vPrime medical plan. Through a short video series ‘FWD Troubleshooter’, actor Johnny Hui tells his stories of helping his clients, actress Florica Lin and actor Expert Dickson, to solve their hair and health problems as a hair master and health insurance expert.<\/p>\n

\u00a0<\/p>\n

FWD
\nrecently conducted a survey1<\/sup> to better understand consumer behaviour
\nin buying health insurance. Results showed that the key concerns were around the
\ncomprehensiveness of coverage (39%), premium levels (27%), and benefit limits
\n(14%). In addition, customers found it challenging and confusing to choose among
\na wide range of medical insurance plans in the market. <\/p>\n

\u00a0<\/p>\n

Kelvin
\nYu, Chief Product Officer of FWD Hong Kong & Macau, explained,<\/b> “Since the launch of
\nour first VHIS product, we’ve been aiming to provide sustainable, flexible, and
\ncomprehensive health protection for customers with different needs. In light of
\ntechnological advancements, an aging population, and imbalanced supply and
\ndemand of public and private hospitals, we expect medical costs to keep rising.
\nBy raising the annual and lifetime benefit limits of vPrime, we want to better equip
\ncustomers and their families for potential medical inflation. For customers who
\nalready have individual or employer’s group medical insurance, the new
\ndeductible options of vPrime can offer them even more flexible and affordable
\nmeans to enhance their medical protection and bridge the protection gap when people
\nchange jobs or retire.”<\/p>\n

Lifetime benefit limit
\nof vPrime increases up to HK$60 million<\/b><\/p>\n

FWD’s
\nsurvey revealed around 70% of respondents who have at least one medical
\ninsurance policy find that their policies have itemised medical expenses with
\nclaimable sub-limits in place, while 20% of the respondents don’t know whether
\ntheir policies have such limitation. The finding suggests that a considerable
\nportion of the public aren’t familiar with their medical protection plans. This
\ncould be due to losing track of insurance policy details over time, resulting in
\nmismatch between expected coverage and claimable amounts.<\/p>\n

\u00a0<\/p>\n

vPrime provides full coverage2<\/sup>
\non medical expenses for hospitalisation and surgery without itemised sub-limits,
\nwith annual and lifetime benefit limits raised to HK$10 million and HK$60 million
\nrespectively.<\/b> <\/p>\n

\u00a0<\/b><\/p>\n

Additional deductible options with market-first3<\/sup> crises
\ndeductible waiver<\/b><\/p>\n

In
\naddition to the four existing annual deductible options, vPrime has improved flexibility
\nwith two new deductible options of HK$100,000 and HK$250,000<\/b> (please
\nrefer to Table 1 below). These options are particularly suitable for customers
\nwho have individual insurance plans and\/or are covered by their employers’ (or
\ntheir family members’ employers’) group medical insurance to enhance their
\nexisting protection with affordable associated premiums. The deductibles are
\nwaived for treatments on 16 designated crises<\/b>, including the three major
\ndiseases in Hong Kong – cancer, heart attack, and stroke – enabling customers
\nto focus on treatment and recovery.<\/p>\n

\u00a0<\/p>\n

Daily premium as low as HK$6.84<\/sup>
\nfor HK$60 million lifetime benefit limit<\/b><\/p>\n

Nearly 70% of the survey respondents
\nare willing to spend more than HK$300 every month on medical insurance, with an
\naverage distribution ranging from HK$300 to more than HK$1,000. The range
\nindicates that customers have different medical priorities. With the additional
\ndeductible options, vPrime customers can enjoy high levels of medical
\nprotection of up to HK$60 million lifetime benefit limit and a suite of
\nadditional rehabilitation services5<\/sup> at a daily premium as low as
\nHK$6.84<\/sup><\/b>.<\/p>\n

\u00a0<\/b><\/p>\n

\u00a0<\/p>\n

*<\/sup> The sales performance
\nis in terms of both annualised premium equivalent (APE) and number of
\npolicies sold.\u00a0 <\/sup><\/p>\n

1 <\/sup>This survey was
\nconducted by FWD through a market research company, InSites Consulting. A total
\nof 762 respondents aged 25-60 were interviewed through an online questionnaire
\nin mid-January 2022 to investigate consumer behaviour in purchasing health
\ninsurance.<\/p>\n

2<\/sup> Full
\ncover mean no itemised benefit sublimit and is subject to the annual benefit limit
\nand the lifetime benefit limit. Full cover applies to selected benefit items
\nonly.<\/p>\n

3 <\/sup>This is the first in
\nthe VHIS market as of 24 January 2022, compared with other certified VHIS
\nproducts provided by major insurers in Hong Kong.<\/p>\n

4 <\/sup>The standard premium
\nrefers to the premium before discount, and it’s the calculation of the “vPrime
\nMedical Plan” premium for a \u00a024-year-old
\n(attained age) with HK100,000 deductible in annual premium mode. The standard
\npremium is non-guaranteed. The above premium does not include the premium levy.<\/p>\n

5 <\/sup>This benefit\/service
\nis optional and does not form part of the Terms and Benefits of vPrime Medical
\nPlan. You have the right to opt-out from this benefit\/service. Please inform
\nFWD in writing if you<\/p>\n

do not want to
\nreceive this free additional benefit\/service. <\/p>\n

6 <\/sup>Congenital condition \u00a0is only covered for a condition which has
\nmanifested or been diagnosed after the age of 8 (attained age) of the Insured
\nPerson.<\/p>\n

7<\/sup> FWD shall guarantee
\nthe Renewal at each policy anniversary up to the Age of 100 (attained age) of
\nthe Insured Person. As long as FWD maintains the registration as a VHIS
\nprovider, FWD guarantees that the Terms and Benefits will not be less
\nfavourable than the latest version of the Standard Plan Terms and Benefits
\npublished by the Government at the time of Renewal. FWD reserves the right to
\nrevise the Terms and Benefits, subject to the prior approval and
\nre-certification by the Government, upon Renewal by giving a 30-day advance
\nnotice.<\/p>\n

\u00a0<\/p>\n

The vPrime Medical Plan (Certification
\nNumber: F00045) is underwritten by FWD Life
\nInsurance Company (Bermuda) Limited (incorporated in Bermuda with limited
\nliability)
\n(VHIS
\nprovider registration number 00036). The above information does not contain the
\nfull terms. For detailed terms and conditions, benefits of the policy, major exclusions and key
\nproduct risks of vPrime Medical Plan, please refer to its product brochure and
\npolicy provisions downloadable at https:\/\/www.fwd.com.hk\/en\/protect\/health-accident\/vhis\/vprime\/<\/a>. The premiums mentioned do not
\ninclude levy which is collected by the Insurance Authority. <\/p>\n

\u00a0<\/p>\n

Appendix 1<\/b><\/p>\n

\u00a0<\/b><\/p>\n

Other vPrime Medical
\nPlan product features:<\/b><\/p>\n

1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Covers unknown Pre-existing Conditions6<\/sup>
\nstarting from the 31st<\/sup> day of the first policy year<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Comes with a suite of extra benefits and
\nrehabilitation support5<\/sup> to help insured customers regain health. It
\nbrings extra care to stroke survivors by covering a series of stroke-related
\ntreatments and recovery services, including consultations, medical treatments prescribed
\nby specialists and Chinese medicine practitioners, as well as reimbursement for
\nhome facility enhancements prescribed by occupational therapists.<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 If no claim is made for more than two
\nconsecutive policy years, a no claim premium discount of up to 15% will
\nautomatically be applied to the next renewal premium. For customers who also
\nhave policies with their specific relatives as the insured persons, they may be
\nentitled to the market-first3<\/sup> extra no claim premium discount of up
\nto 10% (see Tables 2.1 and 2.2) with their vPrime policies. Total individual
\nand extra no claim premium discount can be as much as 25%.<\/p>\n

Table 1 \u2013 vPrime Medical Plan’s premium comparison among available
\ndeductible options4<\/sup> (based on an insured person of age 24 (attained
\nage) in annual premium mode)<\/b><\/p>\n\n\n\n\n\n\n\n\n\n
\n

Annual Deductibles (HK$)<\/b><\/p>\n<\/td>\n

\n

Certification Numbers<\/b><\/p>\n<\/td>\n

\n

Annual Premium (HK$)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

$ 0<\/p>\n<\/td>\n

\n

F00045-01-000-03<\/p>\n<\/td>\n

\n

$ 8,349<\/p>\n<\/td>\n<\/tr>\n

\n

$ 16,000<\/p>\n<\/td>\n

\n

F00045-02-000-03<\/p>\n<\/td>\n

\n

$ 4,363<\/p>\n<\/td>\n<\/tr>\n

\n

$ 25,000<\/p>\n<\/td>\n

\n

F00045-03-000-03<\/p>\n<\/td>\n

\n

$ 3,778<\/p>\n<\/td>\n<\/tr>\n

\n

$ 50,000<\/p>\n<\/td>\n

\n

F00045-04-000-03<\/p>\n<\/td>\n

\n

$ 2,884<\/p>\n<\/td>\n<\/tr>\n

\n

$ 100,000<\/p>\n<\/td>\n

\n

F00045-05-000-01<\/p>\n<\/td>\n

\n

$ 2,480<\/p>\n<\/td>\n<\/tr>\n

\n

$ 250,000<\/p>\n<\/td>\n

\n

F00045-06-000-01<\/p>\n<\/td>\n

\n

$ 1,961<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/b><\/p>\n

Table 2.1 \u2013 vPrime Medical Plan’s individual no claim premium discount
\n<\/b><\/p>\n

If the customer has not made any claim for two
\nor more consecutive policy years, vPrime will offer him\/her a discount of up to
\n15% on his\/her next renewal6<\/sup> premium as follows:<\/p>\n\n\n\n\n\n\n\n\n
\n

No claim period immediately prior to policy’s renewal7<\/sup><\/b><\/p>\n<\/td>\n

\n

No claim discount on renewal7<\/sup> premium<\/b><\/p>\n<\/td>\n<\/tr>\n<\/thead>\n

\n

2 consecutive policy years<\/p>\n<\/td>\n

\n

10%<\/p>\n<\/td>\n<\/tr>\n

\n

3 consecutive policy years<\/p>\n<\/td>\n

\n

10%<\/p>\n<\/td>\n<\/tr>\n

\n

4 consecutive policy years<\/p>\n<\/td>\n

\n

10%<\/p>\n<\/td>\n<\/tr>\n

\n

5 consecutive policy years or above<\/p>\n<\/td>\n

\n

15%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Table 2.2 \u2013 vPrime Medical Plan’s extra no claim
\npremium discount<\/b><\/p>\n

For policies held by a customer with
\nhim\/herself and his\/her specified relatives as the insured persons, vPrime
\noffers extra no claim discounts on renewal7<\/sup> premiums if the customer
\nand his\/her specified relatives have not made any claim for two or more consecutive
\npolicy years with details as follows:<\/p>\n\n\n\n\n\n\n
\n

Number of in-force
\n vPrime Medical Plan policies issued to the customer (which are also eligible
\n for the individual no claim discount in Table 2.1 on the policy renewal7<\/sup>
\n date)<\/b><\/p>\n<\/td>\n

\n

Extra no claim
\n discount for the eligible policies<\/b><\/p>\n

(Discount rate on
\n renewal7<\/sup> premium)<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

2 or 3<\/p>\n<\/td>\n

\n

2.5%<\/p>\n<\/td>\n<\/tr>\n

\n

4<\/p>\n<\/td>\n

\n

5%<\/p>\n<\/td>\n<\/tr>\n

\n

5 or above<\/p>\n<\/td>\n

\n

10%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HONG KONG SAR –\u00a0Media OutReach\u00a0– 9 February 2022\u00a0– FWD Insurance (“FWD”) first introduced vPrime Medical Plan (“vPrime”, Certification Number: F00045), a flexi plan under the Voluntary Health Insurance Scheme (“VHIS”), in 2020. The plan has become increasingly popular in the local market with its innovative features, accounting for almost 30% of VHIS product sales under …<\/p>\n","protected":false},"author":1,"featured_media":20322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/20321"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=20321"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/20321\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media\/20322"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=20321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=20321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=20321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}