Many employees have a polarized view of large corporations and SMEs. Most of them consider the former ones offer higher salaries and better benefits while the latter have fewer resources and tougher work.
As a matter of fact, many startups do not have the same level of resources as multinational companies with substantial financial assets, so the HR (human resources) department of these startups or small and medium-sized enterprises (SMEs) must do everything they can to make their companies more appealing in order to retain talent.
According to a survey conducted by Glassdoor, a leading business review site, it turns out that the most important thing to employees is whether the company can provide comprehensive group medical insurance. Compared to that, paid leave, pensions, etc. are only taken as secondary concerns. Luckily, many medical insurers (like Bowtie!) now take into consideration the limited budgets of the SMEs and offers better value-for-money Group Medical Insurance Plans that include multiple benefits including outpatient, surgery, dental treatments, and body checks. Simply by adding this one major benefit, you’ll be more likely to retain your most valuable employees!
Here are the two most important factors for consideration.
There is no absolute answer to this question. After all, the situation varies from company to company, and the employer or HR team needs to consider factors such as overall budget and the needs of employees. However, a basic medical insurance package should at least cover the cost of a general practitioner visit and medication (about HK$250 to HK$300) and minor inpatient surgery, such as the commonly performed hemorrhoidectomy, which costs about HK$27,000 to HK$51,000.
Many insurance companies offer group medical insurance plans specifically designed for SMEs, with coverage and premiums clearly stated, thus avoiding a lot of unnecessary trouble.
While large companies usually hire a specialist to handle matters related to benefits for their employees, SMEs or start-ups lack the extra capital to do so and therefore may not be able to allocate much time and manpower to handle such administrative procedures. Therefore, instead of wasting time researching how to match basic items with additional coverage, it is much more convenient to choose a comprehensive and pre-designed policy plan so you can then concentrate all of your tactics and efforts on expanding the business.
If your company does not have the manpower to assist employees in handling claims, choose a medical insurance plan that has a simple enough process so “everyone knows how to claim their insurance”. Hence, it is best to learn about the claim process of an insurance company before applying for a policy. Our top tip? Opt for insurance companies that offer an online claim platform!
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Bowtie makes the entire process, from application to claim, available online. If a claim is needed, employees do not have to contact an agent/ broker to pick up documents. They can simply log in to their easy-to-use one-stop platform and submit the application and check the claims progress on their own.
If the claim involves physiotherapy or specialist treatment, normally the insurance company will request a referral letter from the practitioner for a one-time use basis only. But Bowtie Group Medical Insurance does not require a referral letter. The Basic Care Series offer privileges for up to 24 kinds of specialist outpatient services at member-only rates, saving you the effort of making additional claims. Those who upgrade to the Pro Care Series can enjoy even better specialist coverage, as they are free to visit their preferred clinics without the restrictions of any medical network or referral letter.
Bowtie Basic Care plans do not have coverage limits for outpatient and dental coverage, which means that the insured can enjoy unlimited visits to reduce daily medical expenses. In addition, when presenting the designated QR code at Bowtie GoNetwork, insured customers can instantly enjoy discounts for outpatient visits^ without the need to file a claim or present a physical medical card.
For Pro Care Series with different coverage limits, insured customers can enjoy medical services such as general outpatient, Chinese medicine outpatient, dental treatment, specialist outpatient, etc. with only HK$30^ deductible per visit.
Bowtie Group Medical Insurance offers a wide range of excellent value-for-money plans. These insurance plans, covering life insurance, inpatient and day-case surgery, general outpatient, specialist outpatient, Chinese medicine outpatient, dental treatment, physiotherapy, chiropractic treatment, diagnostic imaging and laboratory test, and also body check, suit the different needs of employees.
Since all plans are offered in the form of packages, and their use of technology helps to reduce costs, the premiums are lower and the value-for-money is extremely high.
Many group medical insurance policies cover only the employees, but not necessarily their spouses, parents, and children. However, Bowtie Group Medical Insurance plans protect employees’ spouses and children as well if eligible.
^The actual amount depends on the practitioner and the specific needs of medical treatment.
In 2018, Bowtie was approved by the Insurance Authority to become Hong Kong's first virtual insurer. By innovative technology and medical expertise, Bowtie’s aim is to provide Hong Kong people with digitalised insurance experience. In 2021, Bowtie and JP Partners Medical launched Bowtie & JP Health, a one-stop healthcare centre that advocates the importance of wellness and preventive healthcare.
