Employee benefits

7 tips to choose the right group medical insurance


The 2020 Hays Asia Salary Guide found that the benefits package remains the most important priority for employees when looking for a new employer or considering whether or not to stay with their current employer.

81% of employers would offer benefits in addition to salary and bonus, of which the majority (75%) would offer health or medical benefits. Employers have to stay competitive in the recruitment market by providing health-related benefits.

Maintaining a healthy workforce has become a priority of many companies, not only does it benefit long-term development of your company, but the company's role to take care of its employees has also become an expectation from the society and employees.

Have you started considering purchasing group medical insurance for your employees? Here are 7 tips to help your selection:

1. Plan benefits

Benefit coverage of group medical insurance plans in simple terms can be divided into inpatient and outpatient. Within these two categories, employers can look at whether popular benefits are covered within the plan, such as hospital cash income, prescribed medicine obtained at pharmacies, physiotherapy, Chinese herbal medicine, bonesetting & acupuncture treatment. Most plans in the market only cover inpatient, while some offer outpatient benefits as additional options. It is essential for employers to understand the needs of your employees.

Financial support for hospitalised employees is important. StartupCare SME group medical insurance offers up to HK$2000 hospital income and cash benefits per day, with comprehensive outpatient benefits such as dental and physiotherapy coverage.

2. Pre-existing conditions coverage

Many medical insurance plans in the market do not provide coverage on pre-existing conditions, which is why there are situations where employees cannot claim if it is a pre-existing condition.

Our plan covers pre-existing conditions after a 12-month waiting period for a more comprehensive health protection of employees.

doctor holding a bunch of medicine bottles

3. Benefit sub-limits

Employees often encounter the problem of not being able to fully claim inpatient reimbursements, which could be due to sub-limits set within inpatient benefits. These are benefit limits set for each line item, and you'll have to take note if each item of your hospital bill exceeds the respective benefit limit. Employers can choose to opt for a plan with lump sum benefit to reduce these situations.

With the lump-sum annual limits for inpatient benefits in StartupCare SME group medical insurance plans, your employees don't have to worry about the claims during hospitalisation.

4. Reimbursement percentage

Another reason for employees to pay out-of-pocket expenses could be due to the arrangement of reimbursement percentage within a group medical plan. Reimbursement percentage could vary from 50% to 100% across plans in the market. Employers can consider the employee's required portion of payment to determine the percentage. Of course, a higher reimbursement percentage usually comes at a higher premium for the company as well, since the insurance company bears a a larger proportion of medical costs.

5. Flexibility

Startups and SMEs come in various sizes, starting from 3 employees up to 100 employees. To support your team changes, health and budget needs, look at the eligibility criteria of plans, freedom to mix and match inpatient and outpatient plans. StartupCare offers highly flexible group medical insurance plans for teams of 3 or above. Employers can mix and match outpatient and inpatient plans based on benefit levels to best cater to employees' needs.

14 team members talking in circle on a beach

6. Digitised Services

With traditional insurance services, you may experience complicated paperwork. Founders and HR hence need to pay attention to whether group medical insurance plans come with digitised services for your own productivity on tasks such as onboarding and removing employees from the plan, and to ensure a smooth insurance experience for your employees. You will be surprised by the amount of time saved from handling teammates' enquiries and claim documents.

Apart from a HR Dashboard function, StartupCare SME Group Medical Insurance Plan also comes with a digital app for employees to manage health at their fingertips. Employees can perform essential functions including self-checking symptoms, finding network clinics and submitting e-claims.

7. Value-added services

Comprehensive health benefits are no longer bound by insurance health protection coverage from traditional insurers. Value-added services may extend to health prevention functions, like activity tracker, goal-setting programs and mental wellness applications.

StartupCare offers a 360 vibrant wellness program that includes 3D Body Measurement for health monitoring, and a mindfulness program for meditation on-the-go. We encourage employees to adopt an active approach in taking care of their health in the long run, and in return, employers can benefit from controlling annual premium levels with less claims.

To learn more about how to choose the right group medical insurance for your team, contact our team here or Whatsapp us at +852 9715 8504.


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