Group Medical Insurance Renewals: 6 Questions to Ask Yourself

Group Medical Insurance Renewals: 6 Questions to Ask Yourself

Group Medical Insurance Renewals: 6 Questions to Ask Yourself

blüüm
employee benefits
Oct 25, 2021
Group Medical Insurance Renewals: 6 Questions to Ask Yourself

As we enter the time of year when most companies review their employee benefits offerings, it is also crucial to look at your existing group medical insurance plan. Given it is usually renewed on an annual basis, it provides an opportunity to make any optimisations or changes as the needs of the company change. Do you have in mind how to assess your current group medical insurance plan? We prepared a list of questions that will help you get started.

1. Have your employees’ needs changed?

You may want to review the claim history and even run a questionnaire to understand what medical benefits are most important to your employees. This helps to find a plan that covers the core essentials that your employees are looking for.

2. Do you want to shop around through a broker or agents?

It may seem easier to shop through a broker to look at different plans available on the market. A broker who works with multiple insurers however also means that he/she is not as familiar with your insurer’s claim policies compared to an agent. To ensure a hassle-free year ahead, you would want to choose an agent instead who can provide more dedicated support for you and your employees and has a close relationship with the insurer.

We work with Generali Hong Kong, a leading insurer in employee benefits to offer top quality group medical plans that would fit companies of any sizes. Our insurance agents are always happy to review your existing plan and recommend the best plan options to you.


Looking for group medical insurance

3. Have you looked at ways to reduce costs on your company’s plan?

There are a few ways that can help adjust the premium on top of from shopping around for the best-value plan:

  • Raise your plan’s deductible for lower premium in return
  • Choose a package plan over a tailor-made plan
  • Remove the optional benefits in the plan that are underutilized  
  • Improve your employees’ health

4. Is poor employee health driving up your premiums?

Employees’ health can affect premiums based on the historical claim history. Consider choosing a plan with built-in wellness programs to help keep up with your employees’ wellbeing.

blüüm SME group medical insurance plan offers wellness services for your employees to enjoy, including virtual health assistant, mindfulness programs, and access to a health perks and discounts platform. Wondering what are the other factors that could drive up your premiums? Check out our article: 3 Insider Tips on Group Medical Insurance Renewal

5. Do you have employees working abroad?

COVID-19 might have changed the work locations of your employees, such as those who work from home countries or go on workacations. Review the geographical coverage of your plan, whether it covers the countries that your employees work in.

6. How is customer service and claims processing?

If there is adequate onboarding and customer support, employers and HR shouldn’t receive too many questions or complaints on the plan. Choose a plan that provides dedicated customer support for your employees and digital claim processing to minimise the tedious paperwork.

We’re proud to provide dedicated customer support for teams of any size, on top of our healthcare app for claims submission, doctor navigation and more.

To learn more about our group medical insurance offerings for SMEs, or simply want advice on your existing group medical insurance, WhatsApp us at +852 5379 8911 or email us at info@blüüm.hk

employee benefits
Oct 25, 2021
blüüm
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