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While traditional 'package-style' group medical insurance plan is a convenient option, plans that allow for flexibility and the ability to choose benefits may better meet the needs of employers and employees.
This article is brought to you by AIA Hong Kong
As times change, today's employers need to invest significant resources in designing attractive employee benefit programmes to retain talent, which often involves cumbersome administrative work. However, according to a survey, less than 30% of employees believe their employee benefit plans provide the flexible and diverse options necessary to meet their needs1.
Most group medical insurance plans in the market typically operates on a 'package-style' basis, offering basic hospitalisation and outpatient coverage. Although this is convenient, it usually also means a lack of choices for employees. Custom solutions tend to be relatively expensive, yet each company has unique needs and employees who also wish to have a 'say' in their group medical insurance. Consequently, a group medical insurance plan that allows both employers and employees to have choices beyond a mere 'package' is a superior option.
To address this, AIA Hong Kong has designed a flexible group medical insurance plan: Flexi Choice Group Insurance Plan 2 ("Flexi Choice 2"). Based on research and big data analysis, it aims to better serve the needs of corporations by giving employers and employees the flexibility to choose coverage items.
On top of its core benefits, "Flexi Choice 2" offers various options. Employers can easily customise the core benefit level based on different grades and add diverse optional benefits such as life and accident, outpatient, and dental benefits, creating over 100 benefit combinations2 to fit their needs. The benefits can even extend to the dependants of the insured employees.
Another notable feature of "Flexi Choice 2" is that it allows employees to arrange their benefits flexibly without imposing extra costs on employers. Insured employees can choose to use Flex Dollars for reimbursements of check-ups, vaccinations, optical care, and more allowing them to utilise Flex Dollars for additional protection based on personal needs so they can maintain their wellbeing.
The application process for "Flexi Choice 2" is simple and convenient, with affordable premiums that offer the benefit of customisation. Small and medium enterprises with as few as three employees can apply. The plan also features a carefully selected range of medical service providers across various disciplines to form a high-quality network. Moreover, if an insured member3 has been continuously covered under "Flexi Choice 2" for 12 months, their pre-existing conditions will also be covered.
Adopting a flexible group medical insurance plan not only provides employees with comprehensive coverage but also helps HR personnel easily balance budgets and employee needs, creating a win-win situation for both employers and employees! For more details about the Flexi Choice Group Insurance Plan 2 or other information on our group insurance, please get in touch with AIA Corporate Solutions.
1 Willis Towers Watson, “HK Employees Unhappy with Benefits, Reflecting Disconnect with Employer View – Willis Towers Watson New Study”, October 2017
2 Please refer to the product brochure of Flexi Choice Group Insurance Plan 2 for details.
3 Insured persons refer to the insured employees and their insured family members (if applicable).
The product information in this document does not contain the full terms of the product, for the details of the product features, terms and conditions, exclusions and key product risks, you may refer to the product brochure and policy contract of relevant products. In case you want to read policy contract sample before making an application, you can obtain a copy from AIA. Flexi Choice Group Insurance Plan 2 can be purchased as a basic plan only.
“AIA” or “AIA Hong Kong” herein refers to AIA International Limited (Incorporated in Bermuda with limited liability).
This article contains general information is for distribution in Hong Kong only. It does not constitute as an offer or solicitation and/or insurance product recommendation. We do not guarantee nor warrant the accuracy, completeness and timeliness of the data source. Thus, we are not liable for any claim and/or loss arising from the data source. “Hong Kong” herein refers to “Hong Kong Special Administrative Region”.
Images / AIA Hong Kong
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