Every company including SME will have to renew their group medical insurance plan at some point. However, instead of just renewing because you've already used the plan before, take some time to really think about whether it is the best fit for your employees and company. It is an opportunity to re-align the needs of employees with the employee benefits offered. What you are really looking for is to make sure that all your employees' needs are covered.

1. Keep an eye on the insurance policy expiry date‍

Mark the insurance policy expiry date on your calendar in red if need be. This is because it takes a while to negotiate renewal premium prices, so give yourself a window of about 3 months before the expiry date to review the current employee benefits strategy. Good practice for HR managers would be to collect feedback from employees and see how their experience is with the current health insurance plan, in order to review what works and what doesn't.‍

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2. Check the renewal premium for the upcoming year with your insurer‍

Renewal premiums often rise due to medical inflation, but they can also rise due to your company's high annual claim count from the year before. Alternatively, renewal premiums may stay the same but after research you may find that your staff don't need or use all that is offered from the health insurance plan.‍

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3. Assess the benefits coverage‍

Based on a survey conducted by City Mental Health Alliance HK, 37% of respondents have experienced mental ill health during employment. Yet many health insurance companies do not offer benefits around mental health, e.g. psychiatric treatment. Also, consider add-on benefits such as dental and Chinese herbalist and bonesetter and acupuncture are increasingly popular benefits among the health conscious SME employees; wellbeing benefits would contribute to a more holistic health and wellness program beyond insurance for a more productive and engaged workforce.

Based on your company demographics, analyse and determine what benefits of health insurance your staff would benefit from the most, and see if your current insurance company would offer those.

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4. Compare available options in the market‍

Finally, browse the market and see what other options are out there. Apart from affordability, things to consider include:

• Ease and convenience that can come with digitalised services
  
  
• Flexibility to cater your team's changing needs
  
  
• Broad medical network coverage for a selection of health providers in close proximity

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To learn more about the options of group medical insurance, speak to our team here or Whatsapp us at +852 9715 8504.