Modern Australian
Men's Weekly

.

Bowtie Offers VHIS Free Upgrade Even When Medical Inflation Hits 15-years High

HONG KONG SAR - Media OutReach - 13 February 2023 - As the global medical inflation continues to rise, most medical insurance plans have increased their premiums in order to cope with the rising costs.

Bowtie, Hong Kong's first virtual insurance company, is devoted to reducing costs with technology. Throughout the past 3 years, Bowtie has been offering free upgrades on its VHIS coverage, allowing HongKongers to enjoy more comprehensive medical protection at a more affordable premium.

Hong Kong Medical Inflation Rate Reaches 8.8%

According to the 2023 Global Medical Trends Survey by WTW, a multinational insurance consulting company, the global inflation and pandemic have led to a surge in healthcare usage, pushing the global medical costs to a nearly 15-years high.

It is estimated that the global average medical inflation rate will rise from 8.8% in 2022 to almost 10% in 2023, and during the same period, Hong Kong's medical inflation rate will rise from 8.2% to 8.8%.


2021
2022
2023
Global
8.2%
8.8%
10%
Hong Kong
7.5%
8.2%
8.8%
Source: Global Medical Trends Survey by WTW

Bowtie Offers Upgraded Coverage Instead of a Raise

Medical inflation will inevitably make the public bear burdens while leading to higher operating costs for insurers as they have to pay out more for medical treatment. However, Bowtie, as the first virtual insurance company in Hong Kong, is committed to providing better protection at the best possible premium via reducing unnecessary costs through technology.

Instead of increasing its voluntary medical insurance premiums, Bowtie has continued to provide a series of free coverage upgrades over the past 3 years, despite the recent inflationary spike. Bowtie VHIS Flexi Regular and VHIS Flexi Plus have upgraded 7 benefits, mostly around 4 areas. For example, surgeon's Fee, anesthetist's fee and operating theatre fees were increased by 20% to reduce out-of-pocket expenses, room and board and miscellaneous charges were enhanced 5-29% to reduce customer shortfalls, and the pre- and post-confinement outpatient care coverage was increased by 18-55%. All customers shall enjoy extra medical coverage at the same premium.

Bowtie Launched 5 VHIS Plans to Offer "Just-Fit" Protection

Bowtie offers a variety of plans under the Voluntary Health Insurance Scheme, including VHIS Standard Plan, VHIS Flexi (Regular), VHIS Flexi (Plus), Pink (Semi-private Room) and Pink (Private Room), policyholders can choose the most suitable VHIS plan according to their own budget and needs.


VHIS Standard
VHIS Flexi (Regular)
VHIS Flexi (Plus)
Pink (Semi-private)
Pink (Private)
Monthly Premium¹
HK$123
HK$200
HK$356
HK$257
HK$480
Insurance Amount
HK$420,000/ year
HK$600,000/ year
HK$1 million/ year
HK$10 million/ year
Lifetime Coverage Limit
No lifetime coverage limit
HK$50 million/ lifetime
Additional Medical Coverage
No additional medical insurance
HK$120,000²/ year, 11 additional protection items
HK$220,000²/ year, 11 additional protection items
Not applicable
Deductible
No deductible option
HK$0/HK$20,000/HK$50,000/HK$80,000
Full Compensation Items
No full compensation items
Full compensation3 on eligible medical expenses such as diagnosis, hospitalization, surgery and prescribed non-surgical cancer treatment
Suitable For
Those who have basic hospitalization medical insurance with a budget
The compensation rate in the past is as high as 90%⁴, suitable for those who pursue cost-effective and do not have any medical insurance
Suitable for those who do not have any health insurance and require semi-private ward services
People who hold other medical insurance policies with deductible Top-Up medical protection
Those who have high requirements on the treatment environment and services


¹Assuming the insured is a 30-year-old non-smoking male

² With 20% co-insurance; only applicable to the insurance items marked with SMM in this plan.

³ The Bowtie Pink Voluntary Health Insurance Scheme fully pays for eligible medical expenses such as diagnosis, hospitalization, surgery and prescribed non-surgical cancer treatment (except in the United States), subject to the annual benefit limit and lifetime benefit limit. If the claim involves a Chinese hospital that is not on the list of designated hospitals in Mainland China / a high-end hospital within the list of designated hospitals in Mainland China / exceeds the designated ward level / pre-existing diseases before applying for insurance, the relevant compensation amount may be adjusted. Please refer to Sections 1(b), 1(c) of the First Supplement and Section 6.4 of the Terms and Conditions for details.

⁴ As of September 2021, the compensation rate for Bowtie VHIS Flexi (Regular) is 90%.

Hashtag: #BowtieLifeInsurance #VoluntaryMedicalInsurance #MedicalInflation

The issuer is solely responsible for the content of this announcement.

About Bowtie

The Bowtie Life Insurance Company Limited is an authorised life insurance company and Hong Kong's very first virtual insurer approved under the Fast Track pilot scheme. Through the use of modern technology and medical expertise, Bowtie offers a commission-free convenient online platform for customers to quote, apply and claim for health insurance plans certified by the Health Bureau under the Voluntary Health Insurance Scheme (VHIS). In addition, Bowtie has also gone into everyday life by creating the One-stop Primary Care Centre and the Asian Health Hub . Bowtie is backed by Sun Life Financial, Mitsui & Co., Ltd and supported by leading international reinsurers.

Stay up to date at .

Why Exterior Window Cleaning Is More Than Just Aesthetic

Most people see window cleaning as a finishing touch. Something you do before guests come over or when the smudges finally start to annoy you. It is...

How Duct Inspections Can Save You Money Long-Term

Ever noticed your energy bill creeping up without changing your habits? It is more common than you might think, especially in Melbourne homes where ...

Designing Secure Content APIs in Headless CMS Environments

APIs are what enable content to be delivered from a headless CMS to anywhere digital content can exist from websites and apps to IoT and more. Yet whi...

How to Choose the Right First Aid Kit for Your Workplace

Ever walked past your workplace first aid kit and wondered if that dusty box actually contains what you'd need in a real emergency? We know that fee...

The Role of Mining Equipment Suppliers in the Industry

Mining is one of the most essential industries, driving the global economy by providing raw materials for manufacturing, energy production, and infr...

From White Belt To Warrior: How To Train Your Body For BJJ Endurance

Brazilian Jiu-Jitsu (BJJ) is as much a mental chess match as it is a physical grind. Whether you’re new to the mats or prepping for high-level com...

Driving After Brain Injury: Common Challenges and How To Overcome Them.

Suffering a traumatic brain injury (TBI) can drastically influence a person's ability to drive safely. For many, driving represents independence, bu...

The Psychology of Stepping Up: Why We Avoid Helping—and How to Fix That

Most of us like to think of ourselves as kind, helpful people. We imagine that if someone needed assistance—especially in an emergency—we’d st...

Cross-Continental Collaboration: Nutifood and Viplus Dairy to Create Australian- Standard Premium Dairy Brand

Vietnam’s Nutifood has officially entered a strategic partnership with ViPlus Dairy, a heritage-rich dairy manufacturer with over 130 years of ex...

Commercial Plastering Can Boost Your Business Appeal

In business, appearances matter. The way your space looks sets the tone for how clients, customers, and even your staff perceive your brand. A well-...

How to Transfer Registration When You Buy a Used Car in Brisbane

Purchasing a second-hand car can be a thrilling experience, but there's more to it than simply handing over the cash and driving off. One very impor...

Expert Tips for Comparing Budget Movers and Energy Providers For a Modern Apartment

Starting a new life in a modern apartment can be a challenging yet exciting step. While moving into a modern apartment, people always need reliable ...

Slowing Down in Nature: My Experience on Orchid Classic Cruise in Lan Ha Bay

Why Orchid Classic is a Top Choice for Lan Ha Bay Lan Ha Bay, a hidden gem adjacent to the more famous Ha Long Bay, offers travelers a quieter and ...

Your Next Travel Essential? Why Aussies Love Lightweight Electric Wheelchairs

Planning for a trip or just getting around town? A lightweight electric wheelchair could be your perfect travel mate. Whether it’s a stroll throug...

Australian Study Woes – What is a Confirmation of Enrolment?

Recent changes to Australian study visas are altering the landscape for international students who want to learn and work on our shores.  To secur...

Metal lockers vs. wooden lockers: which is better?

Lockers—the ultimate background hero of the workplace. They might not have the flashiness of that overpriced espresso machine in the break room, b...

Invisalign Treatment: What Your Dentist Wants You to Know

When straightening the teeth, out-of-date metal braces are no longer the only option. Nowadays, Invisalign is among the most highly sought-after alt...

The Best Nail Art for Short Nails

Short nails often get overlooked in the world of nail art, but they’re actually the perfect canvas for stylish, sophisticated designs. Whether you...