The Voluntary Health Insurance Scheme (VHIS), launched in April, aims to encourage more people to take out private medical insurance to relieve pressure on the public healthcare system. The scheme includes tax incentives to encourage more people to sign up.
Participating insurance companies are now offering a range of VHIS products. Hong Kong residents can buy VHIS plans, or transfer their coverage from other insurance schemes.
Although awareness of VHIS is high among Hong Kong people, recent research found that over 80% of interviewees had misconceptions about the scheme, especially the tax deduction aspect. If you are considering buying VHIS products, or migrating your current insurance plan to the new scheme, you should make sure that you understand the different products that are available, and the implications for your tax bill.
Mr Danny Choi, Senior Research Scientist, Food and Health Bureau, the Government of HKSAR, will speak on:
- Overview of VHIS;
- Understanding tax deductions;
- Tips for migrating schemes; and
- What to consider when choosing VHIS products.