{"id":2502,"date":"2020-02-18T11:43:17","date_gmt":"2020-02-18T03:43:17","guid":{"rendered":"https:\/\/www.pacificprime.hk\/blog\/?p=2502"},"modified":"2021-02-18T14:02:39","modified_gmt":"2021-02-18T06:02:39","slug":"key-considerations-when-choosing-a-group-health-insurance-plan-for-smes","status":"publish","type":"post","link":"https:\/\/www.pacificprime.hk\/blog\/key-considerations-when-choosing-a-group-health-insurance-plan-for-smes\/","title":{"rendered":"Insurance for startups and SMEs: Key considerations when choosing group health insurance"},"content":{"rendered":"

For startups and small to medium-sized enterprises (SMEs), resources and funding tend to be limited at the beginning and need to be spent wisely. While it may be tempting for business owners and HR leaders to skip employee benefits, such as group health insurance plans<\/a>, firms that go above and beyond to make their employees feel valued are the ones that thrive in the long run. That\u2019s because studies show time and time again: happy employees are productive employees<\/a>.<\/p>\n

In Hong Kong, where the cost of health insurance<\/a> can be quite high, many startups and SMEs may be overwhelmed by the process of choosing and implementing a group health insurance plan. So, in this Pacific Prime Hong Kong<\/a> article, we\u2019ll walk you through the things you\u2019ll have to take into account when choosing a group health insurance plan.<\/p>\n

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Choosing a group health insurance plan<\/h2>\n

1.Picking whether to go with a group or individual type<\/h3>\n

Most insurance providers only accept group health insurance applications from organizations with more than two employees. If you meet this requirement, then you can proceed with the application. When compared to individual health insurance, group health insurance plans tend to be a better option<\/a> as it covers pre-existing conditions and has lower overall premiums. For firms with less than two employees, you\u2019ll have no choice but to resort to choosing individual health insurance plans.<\/p>\n

2. Deciding on the area of coverage: local or global<\/h3>\n

Whether you go for local or global coverage will depend on how much traveling is required for work. If your employees frequently make trips overseas, then you should fork out a bit more for a plan with global coverage. On the other hand, if your team is mostly based in Hong Kong, local coverage will suffice. Of course, getting short-term health or travel insurance<\/a> whenever it\u2019s needed is also an option. However, bear in mind that having to look into plans every single time someone flies out can be troublesome and could possibly cost more over time!<\/p>\n

3. Determining the extent of coverage: optional add-ons to include<\/h3>\n

It\u2019s no surprise that the more comprehensive the plan, the more it\u2019s going to cost you. What many SMEs do is that they provide basic coverage to all staff and offer insurance add-on depending on seniority. Giving senior staff these add-ons can also serve to incentivize employees to stay at your company and decrease the overall employee turnover rate.<\/p>\n

You can choose from the following benefits:<\/p>\n