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Why offering flexible group medical insurance is a route to success for SMEs
Hong Kong has long been a city where businesses of all sizes can thrive, whether they are a global corporation or a brand new start-up. One of the reasons so many businesses are a success here is the hard work of employees. In a city where pressure to succeed is always high, staff work often tirelessly to ensure success, especially when they work for a small to medium-sized enterprise (SME).
So how can SME business owners ensure they are looking after their people so they perform optimally? Well, it should come as no surprise that employees who feel secure, relaxed and, most importantly, cared for by their organisation, are likely to perform much better in their roles. And when this happens, it has a direct impact on the success of the business overall.
Many SMEs in Hong Kong operate with tighter budgets and narrower margins than large corporations, which makes it vital that all their staff are motivated so they can all give their best. Put simply, the happier people are overall, the better it will be for business.
Flexible coverage
One way SMEs in Hong Kong can help engender harmony in the workforce and retain staff – and start attracting the right people to their organisation to build more success – is by offering appropriate group medical insurance. When SME employees know that they have a level of protection against accidents and illness, they are likely to feel more secure in their roles and remain loyal to the company.
However, while it’s important for the employees to feel they are being cared for by their employers through group medical insurance, owners of SMEs will remain cost-conscious and will search for medical insurance which meets their budgetary requirements.
That’s why MSIG has developed SME Group Medical Insurance – an ideal group medical insurance plan designed specifically for smaller businesses in Hong Kong. It offers flexible cover that be tailored, helping SMEs to control their costs. Its key features are:
- Six different levels of hospitalisation and surgical cover
- Affordable, comprehensive benefits
- Easy access to MSIG’s digital platform, MediGo, for convenience
- An innovative “One Level Up/Down” feature to offer more or less protection to different groups of employees
- Competitive premiums based on age bands of five years
- A simple application process
Business advantages
The most noticeable aspect about the SME Group Medical Insurance plan is that its flexibility allows SMEs to give a range of cover to different groups of employees. For example, let’s imagine a small tech start-up hires two new staff on a contract basis. After a year, the owner chooses to employ one on a permanent basis, but the other will remain on a contract for another six months. The employer wants to provide group medical protection to both staff, she selects Plan 3 of Hospitalisation and Surgical Benefit. She can enact the “One Level Up/Down” feature of the SME Group Medical Insurance plan, giving the permanent staff a higher level of Optional Outpatient Benefit, i.e. Plan 4 while giving the same level of Optional Outpatient Benefit to the contract staff, i.e. Plan 3.
Furthermore, MSIG understands that, in small businesses, human resources duties are often shared among administrative staff. Often, SMEs won’t have the extra resources necessary for submitting group medical claims on behalf of staff. That’s why MSIG has launched MediGo, a convenient portal that allows employees to find panel doctors, submit and track claims, upload documents, monitor their claims and more – all in the palm of their hand. This eliminates manual work and saves hassle for administrative staff.
These are just some of the benefits to be had by offering the right kind of group medical insurance to employees. But overall, SMEs should consider that when their people are cared for, they will work smarter. And this will be a business advantage for any company, regardless of size.
To find out more about MSIG Hong Kong’s SME Group Medical Insurance Plan, please feel free to contact us 
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Read more: 4 common excuses not to get health insurance
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