Business owners of startups and SMEs in Hong Kong can risk a substantial amount of their capital and time to grow a successful firm. Hiring and retaining the right people is a vital component to that success. This means not only providing the right work environment but also an attractive benefits package.
Here we have compiled a practical guide on the ins and outs of group medical insurance in Hong Kong to help give some insight in what to consider.
Table of contents
- What does group medical insurance cover?
- What are the features of the best group medical insurance policy for startups and SMEs in Hong Kong?
- Our Advice
What does group medical insurance cover?
Group medical insurance for startups and SMEs in Hong Kong can cover a range of different benefits. Typically plans will cover the following aspects:
Alternative Therapies and Traditional Chinese Medicine
In Hong Kong, the popularity of alternative therapy programs is increasing. At the same time, there are Chinese traditional therapy clinics which cater to people who are looking for invasive medical procedures including Acupuncture, Chiropractic Treatment, Homeopathy, Osteopathy and Traditional Chinese Medicine.
In Hong Kong, dental care can cost a fortune. The majority of medical insurers typically provide you with the following two dental coverage options:
Dental cover on corporate medical insurance usually includes preventative care such as cleanings and annual checkups and treatment for emergencies, fillings and root canal. Major treatment cover can also provide you with cover for dental services such as bridgework, crowns and periodontitis treatment.
Inpatient Group Medical Insurance
In Hong Kong, inpatient cover, relying on your specific health insurer, will assist you in making payments for the following:
• Diagnostic testing
• Emergency and non-emergency transportation
• Intensive care room
• Medications while hospitalized
• Surgery and anaesthetist fees
• Surgical appliances – prosthetics
Maternity Group Medical Insurance
In Hong Kong, maternity cover, relying on your particular medical insurer, will help you pay for the following:
• Complicated delivery expenses
• Hospital or home delivery expenses
• Normal delivery expenses
• Pre and postnatal expenses
Medical History Disregarded Group Medical Insurance (MHD)
The fact that pre-existing medical conditions can be included in the coverage is one of the best upsides of group medical insurance in Hong Kong. This coverage option is commonly applied with ten or more employees. Additionally this can also include the option of no waiting periods.
Once employees switch their jobs, they typically lose their health coverage. However, a guarantee of conversion which is a conversion of group cover to individual cover is an exception for this case. This is very useful in the event of pre-existing medical conditions which employees can carry with them even if they change their jobs. Therefore, they do not need to go through an underwriting process with a new health insurer and they can avoid the loss of their cover of pre-existing medical conditions under their new health insurance policy.
Outpatient Group Medical Insurance
In Hong Kong, outpatient cover, relying on your specific medical insurer, will help you compensate the following:
• Alternative therapies
• Diagnostic tests
• Doctor visits – general practitioner and specialists
• Home nursing
• Outpatient surgery
• Prescription medications and vaccinations
What are the features of the best group medical insurance policy for startups and SMEs in Hong Kong?
• Open choice of medical facilities
• Hospital direct billing
• Comprehensive inpatient cover
• Zero deductible or co-pay
• Efficient claim process
As a SME in Hong Kong, you are advised to provide as much information as you can about your unique requirements so that you obtain a tailor-made, accurate insurance quote. There are many types of company health insurance plans available with different insurers. Medical insurers frequently update their policies, these updates occasionally mean enhancing, reducing or putting in or getting rid of benefits.
Additionally insurers can change their premiums yearly or even every six months so it is prudent to see how your policy compares to other insurers at renewal.
Therefore, regularly check to see how it has effects on your company because it means that your company can change to another group medical insurance policy that better suits your organization over time.
For startups and SMEs in Hong Kong, we recommend April, Optimum Global, Expacare, ALC, Cigna, Bupa, Axa, Now Health, Aetna, Morgan Price, A+, Generali and Allianz as their expertise in group medical insurance for smaller headcounts in Hong Kong.