Hong Kong business owners who are risking their capital and their valuable time to build a successful organization should consider offering group health insurance for not only the health of their employees but also the health of their business.
Studies have shown that employees who have access to great health care benefits through the workplace will typically show more loyalty and are less likely to leave for an increase in compensation. Offering group health benefits can provide a hedge around your business that can ward off recruiters and headhunters. There are many types of group and company health plans available with many options but to get the best return on investment for your organization, consider offering a plan that provides comprehensive levels of benefits.
Inpatient Group Health Insurance
Depending on your provider, inpatient cover will help pay expenses for the following:
• Hospital Room – semi-private or private
• Intensive care room
• Medications while hospitalized
• Surgery and anaesthetist fees
• Diagnostic testing
• Surgical appliances – prosthetics
• Emergency and non-emergency transportation
Outpatient Group Health Insurance
• Doctor visits – general practitioner and specialists
• Prescription medications and vaccinations
• Diagnostic tests
• Outpatient surgery
• Home nursing
• Alternative therapies
Maternity Group Health Insurance
(Conception must be after the policy is issued)
• Pre and postnatal expenses
• Normal delivery expenses
• Complicated delivery expenses
• Hospital or home delivery expenses
Alternative Therapy Group Health Insurance
Alternative therapy programs are becoming popular in Hong Kong and Traditional Chinese Practitioner clinics are readily available for people seeking less invasive health care alternatives.
• Traditional Chinese Medicine
• Chiropractic Treatment
Dental Group Health Insurance
Dental expenses in Hong Kong can be very expensive and some plans are careful about what covers they are willing to provide. Most companies will offer a selection of two dental cover plans:
Routine Treatment: The routine level of cover is focused on preventative services such as annual checkups and cleanings. This plan typically offers basic dental treatment for simple fillings, root canal, and emergency treatment.
Major Treatment: The major treatment level offers cover for virtually any dental service including periodontitis and gingivitis treatment, bridgework, crowns, and gold jackets.
Medical History Disregarded Group Health Insurance (MHD)
One of the biggest advantages of offering group health insurance is that pre-existing conditions can be covered . Typically this benefit can be utilised with 10 or more employees. The larger the group of employees , the insurers may also offer the removal of waiting periods for select benefits.
Today, employees are unlikely to only consider compensation when it comes to making employment decisions. Knowing the exorbitant cost of health and dental care, employees now consider a benefits package as important or even more important than compensation. If you want to staff your business with loyal employees who will become assets for the long term, reward them with great health benefits that show your organization is sincerely concerned about their health and wellbeing.
Speak to your Trusted Union insurance adviser about your group health insurance risks to get the information you need to make a smart and informed decision.