Learn about medical insurance with Andrew

Provide comprehensive protection for your loved ones
And enjoy a tax deduction

Since the launch of the Voluntary Health Insurance Scheme (VHIS) in April 2019, I think most Hong Kong people know that these insurance premiums can be claimed as a tax deduction. However, many people mistakenly think that the deduction only applies to insurance they purchase for themselves. In fact, you can claim a tax deduction for every eligible plan you purchase for your “specified relatives”, including your spouse, children and parents. You’ll receive a proof of premium payment from your insurer by the end of April showing the amount of qualifying premiums you can claim as a tax deduction. Please remember to make sure your insurance plan is approved by the government if you want to enjoy a tax deduction under VHIS.

Bupa Hero VHIS Plan, which is also eligible for tax deduction. Let’s take Mr Chan, aged 35, as an example of how it works: He purchased the plan for himself and his wife (same age) and chose a HK$12,000 deductible (HK$10,000 premium). He also purchased the same plan for his son aged 2 (HK$8,900 premium), for a total of HK$28,900 in annual premiums. Each policy holder can claim a tax deduction on qualifying premiums up to HK$8,000 per insured person per year. So he can save around HK$3,600, assuming a tax rate of 15%.

In addition to tax deductions, with Bupa Hero you also get comprehensive protection – including up to HK$30 million in personal medical coverage in Asia. Eligible expenses such as surgeon’s fees, prescribed diagnostic imaging tests, cancer surgery expenses and treatments (e.g. chemotherapy or targeted therapy) and inpatient psychiatric treatments are fully covered.

Wishing you all good health!

  For more information, please call 2517 5860 or visit Bupa's website at https://www.bupa.com.hk/hero .

General Manager, Bupa Hong Kong

Andrew Merrilees

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