There are lots of group medical insurance packages available in the market, how should you choose the most suitable group medical insurance for your employees? 

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You may have noticed tailor-made plans are available in the market for ease of customisation. Meaning that, companies are able to choose additional benefits and increase the reimbursement limit of a certain benefit. Would that be an ideal plan for your company? It might not be! A tailor-made plan can be expensive as the renewal premium highly depends on the overall claim ratio of the company which employers do not have control over. The higher the insurance claim rate of the company, the higher the renewal premium.

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Given this situation, a tailor-made insurance might not be the most ideal plan for SMEs or startups in terms of cost control. Instead, a package plan might be more suitable for SMEs. 

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What is a package plan in group medical insurance?

A package plan comes in pre-set combinations, which offer different levels for hospitalisation and surgical benefits. You can then choose from a range of optional benefits, usually including outpatient benefits, dental benefits and bodycheck. 

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SMEs can still enjoy highly flexible yet maintaining steady premium levels with package plans. Here are 3 tips to control cost for group medical insurance, while providing the right protection for your employees.

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Tip 1: Select a flexible group medical package plan with comprehensive coverage

It is understandable that everyone on the team may have different protection needs. We could encounter different situations or illnesses that require a different coverage.This is why choosing a flexible group medical package plan that comes with comprehensive coverage is what you need.

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What is meant by comprehensive coverage in terms of hospitalisation and surgical benefits? 

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You first need to know the concepts of lump-sum coverage versus itemised benefits. Lump-sum coverage involves an annual benefit limit which covers a range of benefits, so you may have a list of costs in a hospital bill or that you have multiple claims in a year, but as long as they don’t exceed the annual limit and are within coverage, you don’t have much to worry about! 

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Some plans in the market however involve itemised benefits - imagine you receive a hospital bill with anaesthetist fees, surgery fees, room and board fees, you will need to cross-check each of these fees against each corresponding benefit limit to know if you’re well covered under your group medical insurance.  

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Tip 2: Control claim ratio with active health management

Try to pick an insurance plan with active health management for group medical insurance, functions may include instant symptom checker and meditation functions to monitor health and improve wellbeing of employees.

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Employees might visit the doctor once they are feeling unwell. However, sometimes doctor visits might not be necessary, as home treatment or rest could be sufficient to help you feel better already. This is when virtual symptom checkers come into play. 

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Your employees can inform their early symptoms and the checker would provide them with trusted care recommendations accordingly. For example, it would pre-diagnose if it is necessary for you to see a doctor or otherwise what self-treatments would be suitable for you, such that unnecessary doctor visits can be reduced. 

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The long term and ultimate goal would be always keeping everyone on the team healthy. When everyone on the team is healthy, it does not just result in less claim ratio, but the team productivity will also be enhanced. Healthier employees would result in lower claim ratio, in return maintaining steady renewal premiums for the company’s group medical insurance.

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Tip 3: Choose an insurance plan that provides digital tools for convenience 

Paperwork requires lots of manpower and administrative time. Imagine how long it can take if all the claims are handled by in-house HR or employees manually. Therefore, it is important to choose a group medical insurance plan that equips you with the digital tools needed.

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Digital health and administrative management

Digital health management is the latest trend and technology in the industry. For example, your employees can search for network doctors and book the appointment all online. They no longer have to suffer from long waiting time at clinics.

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Digital services can be extended to your administration. With a backend management dashboard, you can easily onboard new employees and find each member’s policy details, saving paperwork and processing time compared to traditional insurance approaches.

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Your Best Partner for Group Medical Insurance

blüüm Hong Kong's mission is to create a more delightful and human-centric health insurance experience for SMEs and their work families. In order to provide a comprehensive employee benefits programme for your team, you can select a flexible group medical package plan that suits your team needs while managing your costs. Check out our website for group medical insurance from our health management consultant now!