WhatsApp
Knowing the difference between medical insurance and group medical insurance
Most people working in Hong Kong’s today are likely to have some form of medical coverage. This could be in the form of a private medical plan but, more often, it takes the form of group medical insurance provided by the employer.
With group medical insurance, you will be covered for a range of common medical conditions and scenarios. These include trips to the doctor, the cost of some medicines and even some less complex medical procedures. However, coverage only extends up to a certain point. This is because employers pay a premium based on the number of employees under the plan. When you join a new company, you usually won’t need to take a medical examination or provide any medical history to join the group insurance plan.
While employers providing group medial insurance is undoubtedly a good thing, it is important to remember that your level of protection will be limited. Some employers provide only basic cover, while others are more generous, providing, for example, the cost of dental care. Regardless, if you only rely on group medical insurance provided by your employer – and something goes wrong and you require complex treatment or care – then you are likely to experience a shortfall in cover. Fundamentally, this could have a negative impact on your current and future financial situation.
Closing the gap
The best way to make sure you are fully covered in the event of an accident or illness is to close that gap where your group medical insurance ends. There are a number of ways to do this. First, you could take out a comprehensive medical insurance plan that is tailored to your needs. However, this could be a costly option as you could be duplicating types of cover already provided by your employer’s group medical plan.
Another route is to choose a medical insurance plan designed to complement your existing group medical insurance. This way, you are meeting the shortfall in coverage without duplicating features that you already receive for free from your employer.
MSIG’s MediSure Plus plan is designed to supplement the cover you already receive. It allows you to choose from five tiers of core cover depending on your existing plan, and covers a wide range of conditions and scenarios. Apart from this, you can choose a fixed annual deductible on top of your current medical insurance coverage to enjoy an insurance premium discount. In the unfortunate event of major surgery, you could file a claim under the medical insurance provided by the company first and any costs that exceed the selected deductible could be covered by MediSure Plus, provided those expenses are included under the terms of your policy.
In life, there are often many challenges. But ensuring you have the right medical coverage shouldn’t be one of them. Make sure you are adequately protected so you can face whatever life throws at you and succeed in all your endeavours.
To find out more about MSIG Hong Kong’s MediSure Plus insurance plan, please feel to contact us 
or find out more about our insurance plan:
Read more: Five great ways to maintain a healthy heart this winter
Learn more about EASY Claims and file your claims online anytime, anywhere.
