VHI stands for Voluntary Health Insurance. It refers to a type of health insurance that individuals or groups choose to obtain privately, outside of any mandatory national health insurance scheme. VHI policies are purchased by individuals or employers to provide additional coverage for medical expenses that are not fully covered by public health insurance.
VHI serves as a supplementary health insurance option, providing an extra layer of financial protection against costs related to medical treatments, hospital stays, surgeries, specialists, prescription drugs, and various healthcare services. It typically offers a broader scope of coverage compared to public health insurance, allowing policyholders greater control over their healthcare choices and access to additional services.
VHI plans are often customizable, enabling individuals or groups to select specific coverage options, deductibles, and co-payments according to their personal needs and budget. Policyholders typically pay regular premiums to maintain their VHI coverage, and in return, they receive benefits to help alleviate financial burdens associated with medical expenses.
VHI can be purchased from private insurance companies, which compete in the market to provide various coverage options and services. The availability of VHI can vary from country to country, depending on the national healthcare system in place. Some countries may have mandatory national health insurance systems with limited provisions for VHI, while others have more extensive private healthcare systems where VHI plays a fundamental role in healthcare financing.
