Group Medical Insurance Plan

Our Employee Benefits consultants can help you get the very best from your benefits budget

As an employer, your staff are your most valuable assets. Their talents are what your business relies on – and their health is what keeps them going. Group Medical insurance plan is an investment in your team and your business.

What are the benefits of Group Medical insurance plan in Hong Kong?

A group medical insurance plan is a type of health coverage provided by an employer or organisation to its employees or members. Group medical insurance plans are gaining popularity in Hong Kong due to its manifold advantages.

However, merely purchasing group insurance plans do not guarantee that you are maximising its benefits. That's where our consultants come in. Leveraging our expertise, market presence, and strong insurer relationships, we specialise in designing customised medical insurance plan tailored precisely to you and your business needs.

The following are some of the benefits of group medical insurance plan in Hong Kong.

One of the main benefits of group medical insurance and medical insurance plans is that it is cost-effective. Since the insurance plan is provided to a group of people, the cost is divided among them, making it more affordable for each individual. This is especially beneficial for small businesses or organisations that may not have the resources to provide individual health insurance to their employees.

Group medical insurance in Hong Kong offers comprehensive coverage for a wide range of medical services. This includes hospitalisation, outpatient treatments, prescription drugs, and even dental and vision care. This ensures that employees or members have access to quality healthcare without having to worry about the cost.

Unlike individual health insurance, group medical insurance does not require a medical check-up for each individual. This is a major advantage for employees or members who may have difficulty obtaining individual health insurance due to their medical history.

Offering group medical insurance as an employee benefit can be highly attractive to potential employees. It shows that the employer cares about the well-being of their employees and is willing to invest in their health. This can help attract and retain top talent, leading to a more productive and satisfied workforce.

In Hong Kong, employers can enjoy tax deductions for providing group medical insurance to their employees. This can help reduce the overall cost of the insurance for both the employer and the employees. Additionally, employees do not have to pay tax on the premiums paid by their employer for their insurance coverage.

Group medical insurance is easy to administer as it covers a group of people under one policy. This means that the employer or organisation does not have to deal with individual policies for each employee or member. This can save time and resources, making it a convenient option for both the employer and the employees.

Hence, group medical insurance in Hong Kong offers numerous benefits for both employers and employees. It is cost-effective, provides comprehensive coverage, and is easy to administer. It also serves as an attractive employee benefit and offers tax benefits. With the rising cost of healthcare, having group medical insurance can provide peace of mind and ensure access to quality healthcare for employees or members.

Find out how our medical insurance consultants can improve your group medical insurance plans offering.

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Medical Insurance Policy Highlights

Choose between cashless and reimbursement care – 100+ members

We know that not everyone prefers the cashless care service. That’s why we let you choose between the cashless and reimbursement systems.

If you choose the reimbursement system, we will handle the documentation for you and offer your employees health consultancy related to their claims.

Dedicated medical insurance expert claims team

Our medical insurance claims team is there to guide you, helping to speed up claims payments and answer any questions you have.

Optional 24/7 medical insurance helpline

Some medical insurance providers offer 24-hour claims consultancy, with qualified medical staff to answer your employees’ questions about diagnoses, side effects, and health concerns. If you would like to offer your staff this benefit, we will find an insurer to suit.

How Much Does Group Medical Insurance Cost?

The cost of group medical insurance can vary significantly depending on a number of factors, including the size of the group, the demographics of the employees, and the level of coverage offered. Generally, larger groups are able to negotiate lower per-member premium rates compared to smaller organisations at the same level of coverage. Hence, it is common to see smaller organisations benefit from pooling their risk together in an off-the-shelf product to achieve risk sharing.

By contrast, larger groups tend to take up their own policy and enjoy the flexibility of benefit scheme design. This distinction means that the cost for larger groups is primarily influenced by their own demographics and claims behaviour, while smaller groups align more closely with the overall market and medical inflation.

Our most recent survey conducted in 2023 reveals that the average cost of group medical insurance exceeds HK$7,000 per member, representing a 10% increase from the previous year.

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