corporate financial planning

Group Medical Insurance

Group Medical Insurance

Protect your employees against healthcare issues, which is a top priority, especially for those with dependants. Governed by the needs and budget of your company, group medical plans can be quite basic or all-encompassing comprehensive plans.

Lack of medical insurance can cost you money

Group medical insurance is not legally required, but it is a key benefit to include and offer as part of a company’s employee benefits package. Having medical coverage in place for your employees shows that you care about them and their well-being (the retention aspect). It can also translate directly into fewer sick days taken by them and increased productivity.

On the other hand, the combined cost resulting from productivity loss, chronic diseases, work-related injuries and illnesses costs U.S. businesses $2.2 trillion annually, according to the Global Wellness Institute.

It’s a similar matter with mental health. The cost of workplace absenteeism due to mental health reasons reached £14 billion in 2020 in the UK alone. These are all costs companies have to suffer if their employees are not well, be it physically, or mentally.

Group medical insurance plans can include

The benefit of using an insurance broker to help you set up a group medical plan

Whether you are a large or small company, start-up or seasoned firm, you want to ensure that you select and implement the right medical plan for your employees. Insurance brokers like us, get their commission directly from the insurance companies, while the price of the plan remains the same whether you go directly to the insurer or not.

What you get is our service, which includes advice on the benefits and limits, comparisons of plans between multiple insurers, and our further advice with reasoning as to why chose one plan and not another. We also service you throughout the policy year and beyond, with the aim of developing a long-term relationship with your employees. We can help you with the induction session to your employees, add or delete members to the plan, and help with claims processing in Hong Kong and overseas. 

Healthcare and General insurance products are marketed under the brand name of Lifestyle Insurance, a registered trade name of Platinum Financial Services.  

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