Corporate Employee Benefits Package | Employee Wellbeing Hong Kong | GUM
Choose topics
A well-designed corporate employee benefits program is crucial for successful compensation and benefits policy. At GUM, we've achieved a gross premium of over HKD710 million in Employee Benefits (EB) and General Insurance (GI) from 2021 to 2023, serving around 1,200 clients. Our thorough analysis covers benefit provision, costing, utilization, industry trends, and program design. We aim to keep your benefits program competitive and aligned with employee needs.
In today's job market, a comprehensive corporate Employee Benefits package is essential for attracting and retaining top talent. It boosts morale, productivity, and loyalty while reducing absenteeism and turnover. It also strengthens your employer brand by providing financial security and fostering a supportive work environment. However, rising claim ratios and supplier-induced demand make it challenging to keep premiums manageable while offering competitive benefits. Balancing these factors is crucial to create an attractive and cost-effective benefits package.
As your Employee Benefit Consultant, GUM ensures a sustainable benefit plan by analyzing claims and utilization patterns. We offer flexible benefit solutions that allow employees to choose what suits them best. We specialize in designing Corporate Insurance Programs to align with your company's strategies and goals.
Want to learn more about the latest trends in Employee Benefits and how to overcome these challenges? Scroll down to explore further.
Why are Employee Wellbeing and Group Medical Important?
Employee Wellbeing Hong Kong
As guardians of a company's most valuable asset—its people—employee wellbeing should be a priority for HR. Employee wellbeing, goes beyond health, is a holistic concept that encompasses the mental, emotional, and physical health. It reflects the overall quality of life experienced by employees in the workplace. Employee wellbeing can support mental stamina, emotional intelligence, and resilience—three soft skills necessary for productivity, creativity, and efficiency. Thus, employee wellbeing is the bedrock of high-performance work, a thriving workforce, and a successful business.At GUM, employee wellbeing includes three critical dimensions
1
Physical Wellbeing involves maintaining good health and energy levels, which are essential for employees to perform their tasks effectively and efficiently.
Physical wellbeing is about maintaining good health and energy levels, essential for employees to perform their tasks effectively and efficiently. As an employer, you have a duty of care to look after your employee wellbeing. Your organisation's success hinges on it, as healthier and happier employees lead to better results, harder work, and a more pleasant atmosphere. Physical wellbeing encompasses more than just the absence of disease. It involves making lifestyle choices that promote health, prevent avoidable diseases and conditions, and achieve a balanced state of body and mind.
In today's increasingly sedentary office life, the physical health and employee wellbeing are at greater risk. Urban environments further exacerbate these risks, making it crucial for employers to promote activities that support physical wellbeing. Encouraging such activities can keep your workforce healthy, drive engagement, and reduce absences.
The environment in which employees work significantly impacts their health and wellbeing. Ensuring an optimal working environment can help employees feel less stressed and more motivated. Additionally, encouraging time spent in nature, exposure to sunlight for vitamin D, and a connection to natural surroundings can greatly enhance an overall employee wellbeing.
At GUM, we emphasize the importance of physical health by promoting activities and providing resources that encourage a healthy lifestyle, helping employees maintain their physical health. By ensuring that employees are physically healthy, companies can reduce absenteeism, lower healthcare costs, and boost overall productivity. Our approach to corporate Employee Benefits package planning focuses on creating and maintaining sustainable programs that prioritize the physical employee wellbeing.
As your Employee Benefits Consultant, GUM is dedicated to designing and reviewing comprehensive corporate Employee Benefits package that cater to the physical health needs of your employees. We analyze claims and utilization patterns to optimize resource allocation and ensure that your benefits program remains competitive and effective. Our goal is to provide flexible benefit program solutions that allow employees to choose the benefits that best suit their needs, ensuring a balanced and healthy lifestyle. By partnering with GUM, you can create a supportive work environment that promotes the physical employee wellbeing, ultimately leading to a more productive and engaged workforce.
Physical Wellbeing
Physical Wellbeing involves maintaining good health and energy levels, which are essential for employees to perform their tasks effectively and efficiently.
Physical wellbeing is about maintaining good health and energy levels, essential for employees to perform their tasks effectively and efficiently. As an employer, you have a duty of care to look after your employee wellbeing. Your organisation's success hinges on it, as healthier and happier employees lead to better results, harder work, and a more pleasant atmosphere. Physical wellbeing encompasses more than just the absence of disease. It involves making lifestyle choices that promote health, prevent avoidable diseases and conditions, and achieve a balanced state of body and mind.
In today's increasingly sedentary office life, the physical health and employee wellbeing are at greater risk. Urban environments further exacerbate these risks, making it crucial for employers to promote activities that support physical wellbeing. Encouraging such activities can keep your workforce healthy, drive engagement, and reduce absences.
The environment in which employees work significantly impacts their health and wellbeing. Ensuring an optimal working environment can help employees feel less stressed and more motivated. Additionally, encouraging time spent in nature, exposure to sunlight for vitamin D, and a connection to natural surroundings can greatly enhance an overall employee wellbeing.
At GUM, we emphasize the importance of physical health by promoting activities and providing resources that encourage a healthy lifestyle, helping employees maintain their physical health. By ensuring that employees are physically healthy, companies can reduce absenteeism, lower healthcare costs, and boost overall productivity. Our approach to corporate Employee Benefits package planning focuses on creating and maintaining sustainable programs that prioritize the physical employee wellbeing.
As your Employee Benefits Consultant, GUM is dedicated to designing and reviewing comprehensive corporate Employee Benefits package that cater to the physical health needs of your employees. We analyze claims and utilization patterns to optimize resource allocation and ensure that your benefits program remains competitive and effective. Our goal is to provide flexible benefit program solutions that allow employees to choose the benefits that best suit their needs, ensuring a balanced and healthy lifestyle. By partnering with GUM, you can create a supportive work environment that promotes the physical employee wellbeing, ultimately leading to a more productive and engaged workforce.2
Mental Wellbeing pertains to the psychological state of employees, including their ability to manage stress, maintain a positive outlook, and stay motivated.
According to the World Health Organization (WHO), mental health is a state of wellbeing that enables individuals to manage life's stresses, realize their abilities, learn and work well, and contribute to their community. Mental health issues, affecting one in four people at some point in their lives, are a significant cause of long-term absence from work. Employers need to promote good mental health and offer support for employees dealing with mental health challenges such as anxiety or depression.
Prioritizing employee wellbeing is more critical now than ever before. With increasing levels of burnout and stress, organizations must dedicate time and resources to ensure their workforce remains happy and healthy. This commitment is vital not just for the employees' sake but for the overall success of the business. In the long term, the employee wellbeing can significantly impact a business. Overworked, tired, or undervalued employees tend to become disengaged and deliver poor-quality work. Conversely, employees who feel happy, healthy, and supported are more motivated and perform at their best, yielding better results.
At GUM, we understand the importance of mental wellbeing and offer flexible benefits that allow employees to choose the benefits that best meet their needs and preferences. By providing employees with greater control over their benefits, we help them manage their mental wellbeing more effectively, leading to better productivity and engagement. Flexible benefits programs not only support employees' mental health but also help employers manage benefits costs while attracting and retaining top talent. This holistic approach ensures a happier, healthier, and more productive workforce. By prioritizing mental wellbeing, companies can boost employee engagement, reduce burnout, and enhance overall job satisfaction. We believe that a mentally healthy workforce is key to driving productivity and achieving business success.
Mental Wellbeing
Mental Wellbeing pertains to the psychological state of employees, including their ability to manage stress, maintain a positive outlook, and stay motivated.
According to the World Health Organization (WHO), mental health is a state of wellbeing that enables individuals to manage life's stresses, realize their abilities, learn and work well, and contribute to their community. Mental health issues, affecting one in four people at some point in their lives, are a significant cause of long-term absence from work. Employers need to promote good mental health and offer support for employees dealing with mental health challenges such as anxiety or depression.
Prioritizing employee wellbeing is more critical now than ever before. With increasing levels of burnout and stress, organizations must dedicate time and resources to ensure their workforce remains happy and healthy. This commitment is vital not just for the employees' sake but for the overall success of the business. In the long term, the employee wellbeing can significantly impact a business. Overworked, tired, or undervalued employees tend to become disengaged and deliver poor-quality work. Conversely, employees who feel happy, healthy, and supported are more motivated and perform at their best, yielding better results.
At GUM, we understand the importance of mental wellbeing and offer flexible benefits that allow employees to choose the benefits that best meet their needs and preferences. By providing employees with greater control over their benefits, we help them manage their mental wellbeing more effectively, leading to better productivity and engagement. Flexible benefits programs not only support employees' mental health but also help employers manage benefits costs while attracting and retaining top talent. This holistic approach ensures a happier, healthier, and more productive workforce. By prioritizing mental wellbeing, companies can boost employee engagement, reduce burnout, and enhance overall job satisfaction. We believe that a mentally healthy workforce is key to driving productivity and achieving business success.3
Financial Wellbeing focuses on the economic stability and security of employees, ensuring they can meet their financial needs and plan for the future without undue stress.
It is about feeling secure and in control of one's finances, making the most of money day to day, dealing with the unexpected, and being on track for a healthy financial future. In essence, it means being financially resilient, confident, and empowered.
Financial wellbeing may look different for every employee, but generally, it means feeling content, comfortable, and secure with their financial situation and being able to live the life they want. It involves having control over spending, confidence in financial decisions, and assurance that bills can be paid today and unexpected expenses can be managed tomorrow while staying on track for future financial goals.
When these feelings are absent, employees are at risk of poor financial wellbeing, which can negatively impact their physical and mental health and their work performance. Poor financial wellbeing is not only a personal issue for employees but also a significant concern for employers. Research consistently links financial health to overall employee wellbeing and performance. Financial stress can reduce an employee's capacity to work effectively and lead to anxieties around job security, further diminishing financial wellbeing.
There is a compelling business case for implementing financial wellbeing support. Poor financial wellbeing contributes to increased rates of absenteeism and presenteeism, both of which significantly impact work performance. To mitigate the risks associated with poor financial wellbeing, organizations must integrate financial wellbeing policies into their broader employee wellbeing Hong Kong strategy.
At GUM, we link our commitment to financial wellbeing with our Pension Service, specifically our MPF Plan Design & Review. We are dedicated to improving employees' retirement life by providing comprehensive solutions. Through seminars and workshops, we actively foster the growth and advancement of MPF, educating employers and employees on proactive MPF management. With HKD10 billion in assets under advisory and an annual contribution of HKD1.2 billion, we are trusted by over 900 clients to secure their retirement future.
We offer comprehensive MPF consulting services, including MPF plan evaluation and analysis, design and implementation. Additionally, we provide consultation services for ORSO and design and advisory for Voluntary Contribution Schemes, offering tailored solutions that align with regulatory mandates and the best interests of employers and employees alike. By ensuring robust financial wellbeing support, GUM helps create a more secure, motivated, and productive workforce.1
Financial Wellbeing
Financial Wellbeing focuses on the economic stability and security of employees, ensuring they can meet their financial needs and plan for the future without undue stress.
It is about feeling secure and in control of one's finances, making the most of money day to day, dealing with the unexpected, and being on track for a healthy financial future. In essence, it means being financially resilient, confident, and empowered.
Financial wellbeing may look different for every employee, but generally, it means feeling content, comfortable, and secure with their financial situation and being able to live the life they want. It involves having control over spending, confidence in financial decisions, and assurance that bills can be paid today and unexpected expenses can be managed tomorrow while staying on track for future financial goals.
When these feelings are absent, employees are at risk of poor financial wellbeing, which can negatively impact their physical and mental health and their work performance. Poor financial wellbeing is not only a personal issue for employees but also a significant concern for employers. Research consistently links financial health to overall employee wellbeing and performance. Financial stress can reduce an employee's capacity to work effectively and lead to anxieties around job security, further diminishing financial wellbeing.
There is a compelling business case for implementing financial wellbeing support. Poor financial wellbeing contributes to increased rates of absenteeism and presenteeism, both of which significantly impact work performance. To mitigate the risks associated with poor financial wellbeing, organizations must integrate financial wellbeing policies into their broader employee wellbeing Hong Kong strategy.
At GUM, we link our commitment to financial wellbeing with our Pension Service, specifically our MPF Plan Design & Review. We are dedicated to improving employees' retirement life by providing comprehensive solutions. Through seminars and workshops, we actively foster the growth and advancement of MPF, educating employers and employees on proactive MPF management. With HKD10 billion in assets under advisory and an annual contribution of HKD1.2 billion, we are trusted by over 900 clients to secure their retirement future.
We offer comprehensive MPF consulting services, including MPF plan evaluation and analysis, design and implementation. Additionally, we provide consultation services for ORSO and design and advisory for Voluntary Contribution Schemes, offering tailored solutions that align with regulatory mandates and the best interests of employers and employees alike. By ensuring robust financial wellbeing support, GUM helps create a more secure, motivated, and productive workforce.1Prioritizing employee wellbeing is crucial for several reasons. When employees feel valued and supported in all these dimensions, their morale and productivity significantly improve. This leads to lower absenteeism and turnover rates, creating a more stable and committed workforce. Moreover, a strong focus on employee wellbeing enhances your company's reputation, making it easier to attract and retain top talent. Employees who thrive holistically are more likely to be engaged, creative, and resilient, contributing to the overall success of the business.Read More
Group Medical
Providing a comprehensive corporate Employee Benefits package is essential for businesses aiming to attract and retain top talent, boost morale and productivity, and reduce absenteeism and turnover. An effective benefits package offers employees greater financial security and enhances employer branding, helping companies stand out in a competitive job market. In short, to showcase your organization's worth and maintain a motivated workforce, an attractive corporate Employee Benefits package is indispensable. The complexity of designing, delivering, and financing Employee Benefits package has increased due to cost pressures, evolving employee needs, and a rapidly changing global environment. Every business, whether a multinational corporation or a single-site SME, faces unique challenges in today's competitive job market in Hong Kong. Attracting, nurturing, and retaining the best employees is crucial to gaining an edge over the competition.1
A generous corporate employee benefits package is essential for attracting and retaining top talent, especially in a competitive job market. According to recent studies, 63% of companies find retaining employees more challenging than hiring them. An enhanced benefits package can significantly improve your retention rate. Moreover, 92% of employees consider benefits crucial for their overall job satisfaction. By offering comprehensive benefits and highlighting them in job advertisements, you can attract high-caliber candidates who value what your organization offers beyond just salary.
Attract and Retain Top Talent
A generous corporate employee benefits package is essential for attracting and retaining top talent, especially in a competitive job market. According to recent studies, 63% of companies find retaining employees more challenging than hiring them. An enhanced benefits package can significantly improve your retention rate. Moreover, 92% of employees consider benefits crucial for their overall job satisfaction. By offering comprehensive benefits and highlighting them in job advertisements, you can attract high-caliber candidates who value what your organization offers beyond just salary.2
Providing a robust benefits package can significantly boost employee morale and productivity. Employees who feel valued and supported are more motivated and engaged in their work. Offering benefits such as health plans, paid time off (PTO), flexible work schedules, and professional development opportunities can make employees feel appreciated and increase their job satisfaction. Happy employees are more likely to be productive, contribute positively to the work environment, and help drive your business forward.
Boost Morale and Productivity
Providing a robust benefits package can significantly boost employee morale and productivity. Employees who feel valued and supported are more motivated and engaged in their work. Offering benefits such as health plans, paid time off (PTO), flexible work schedules, and professional development opportunities can make employees feel appreciated and increase their job satisfaction. Happy employees are more likely to be productive, contribute positively to the work environment, and help drive your business forward.3
A well-designed benefits package can reduce absenteeism and turnover by addressing the needs and concerns of your employees. Benefits that promote physical and mental wellbeing, such as health insurance and wellness programs, can reduce stress and prevent burnout. When employees feel supported in their personal and professional lives, they are less likely to take frequent absences or leave the company. This stability not only saves on hiring and training costs but also ensures a more consistent and reliable workforce.
Reduce Absenteeism and Turnover
A well-designed benefits package can reduce absenteeism and turnover by addressing the needs and concerns of your employees. Benefits that promote physical and mental wellbeing, such as health insurance and wellness programs, can reduce stress and prevent burnout. When employees feel supported in their personal and professional lives, they are less likely to take frequent absences or leave the company. This stability not only saves on hiring and training costs but also ensures a more consistent and reliable workforce.4
Your corporate employee benefits package is a reflection of your organization's values and can help attract individuals who share the same beliefs. By offering benefits that align with your corporate values, such as PTO for volunteering or wellness initiatives, you demonstrate a commitment to the overall employee wellbeing. This approach not only entices top talent but also builds a strong company culture where employees feel connected to the organization's mission and values.
Highlight Your Organization's Values
Your corporate employee benefits package is a reflection of your organization's values and can help attract individuals who share the same beliefs. By offering benefits that align with your corporate values, such as PTO for volunteering or wellness initiatives, you demonstrate a commitment to the overall employee wellbeing. This approach not only entices top talent but also builds a strong company culture where employees feel connected to the organization's mission and values.5
Offering comprehensive benefits is an active way to show your employees that you care about employee wellbeing Hong Kong. Benefits that enhance work-life balance, such as flexible schedules and remote work options, can reduce stress and improve employee morale. When employees feel valued and supported, they are more likely to stay with your company, resulting in higher employee satisfaction and loyalty. Investing in your employees' personal needs can create a more positive workplace environment and contribute to the overall success of your business.
By focusing on these key areas, you can create a benefits package that not only supports your employees' needs but also drives your organization's growth and success.
Show Employees You Care
Offering comprehensive benefits is an active way to show your employees that you care about employee wellbeing Hong Kong. Benefits that enhance work-life balance, such as flexible schedules and remote work options, can reduce stress and improve employee morale. When employees feel valued and supported, they are more likely to stay with your company, resulting in higher employee satisfaction and loyalty. Investing in your employees' personal needs can create a more positive workplace environment and contribute to the overall success of your business.
By focusing on these key areas, you can create a benefits package that not only supports your employees' needs but also drives your organization's growth and success.
What are the trends of Employee Benefits?
In the wake of the COVID-19 pandemic, the landscape of group medical insurance in Hong Kong has undergone profound changes, challenging both employers and employees to adapt to new financial realities and healthcare demands. As claim ratios escalate and medical costs soar, the sustainability of employee benefits systems faces unprecedented pressure. This article delves into the significant shifts in claim ratios, price adjustments in insurance premiums, and the overall growth in medical inflation and expenses. By examining these crucial trends and their implications, we provide insights and strategies to help employers navigate the complex terrain of healthcare benefits post-pandemic, ensuring that they not only meet regulatory and fiscal responsibilities but also support the well-being of their workforce in these turbulent times.Post Pandemic Medical Trends
1
The post-pandemic era in Hong Kong has witnessed significant increases in the claim ratios of group medical insurance policies, reflecting the proportion of premiums utilized for claims. These surges have reached critical levels, affecting the sustainability of employee benefits systems. Inpatient claim ratios for these policies escalated to 114% in 2022, later moderating to 102% in 2023, while outpatient claim ratios steadily rose from 62% in 2021 to 76% in 2023. These trends highlight substantial disparities in premiums collected versus claims paid, urging employers to urgently reassess their group medical insurance policies to balance evolving employee healthcare needs with financial sustainability.
Group Medical Insurance Policy Claim Ratio Trends
The post-pandemic era in Hong Kong has witnessed significant increases in the claim ratios of group medical insurance policies, reflecting the proportion of premiums utilized for claims. These surges have reached critical levels, affecting the sustainability of employee benefits systems. Inpatient claim ratios for these policies escalated to 114% in 2022, later moderating to 102% in 2023, while outpatient claim ratios steadily rose from 62% in 2021 to 76% in 2023. These trends highlight substantial disparities in premiums collected versus claims paid, urging employers to urgently reassess their group medical insurance policies to balance evolving employee healthcare needs with financial sustainability.2
The COVID-19 pandemic has led to notable reductions in several group medical insurance schemes and moderated medical inflation adjustments during those years due to a lower incidence rate and reduced claim amounts, as only necessary treatments were implemented. However, this reduction in premiums did not slow the uptick in claims for delayed treatment after the pandemic ended. This resulted in a significant increase in renewal premiums, which far exceeded employers' planned budget for renewals.
Price Adjustments in Group Medical Insurance Premium
The COVID-19 pandemic has led to notable reductions in several group medical insurance schemes and moderated medical inflation adjustments during those years due to a lower incidence rate and reduced claim amounts, as only necessary treatments were implemented. However, this reduction in premiums did not slow the uptick in claims for delayed treatment after the pandemic ended. This resulted in a significant increase in renewal premiums, which far exceeded employers' planned budget for renewals.3
Both the private and public sectors in Hong Kong have experienced significant growth in medical inflation and expenses, primarily driven by the increased cost of medical supplies, treatments, and healthcare services covered under group medical insurance policies. This inflation has led to higher premiums and out-of-pocket expenses for both employees and employers. As medical technology advances and the demand for high-quality healthcare continues to grow, this trend is expected to continue, emphasizing the need for employers to continuously evaluate and adjust their employee benefits strategies to mitigate the impact of rising costs.
Growth in Medical Inflation and Expenses
Both the private and public sectors in Hong Kong have experienced significant growth in medical inflation and expenses, primarily driven by the increased cost of medical supplies, treatments, and healthcare services covered under group medical insurance policies. This inflation has led to higher premiums and out-of-pocket expenses for both employees and employers. As medical technology advances and the demand for high-quality healthcare continues to grow, this trend is expected to continue, emphasizing the need for employers to continuously evaluate and adjust their employee benefits strategies to mitigate the impact of rising costs.4
The evolving landscape of medical reimbursements in Hong Kong underscores significant changes in healthcare demands post-pandemic. In 2022, claims under group medical insurance policies predominantly involved more severe cases, reflecting higher treatment costs at the peak of the pandemic. There was a noticeable increase in reimbursement ratios from 68% in 2022 to 71% in 2023, suggesting a catch-up effect as patients sought care for delayed procedures and routine check-ups. This shift in reimbursement patterns highlights the prolonged impact of the pandemic on healthcare utilization and poses substantial challenges to the financial sustainability of group medical schemes.
Reimbursement Trends in Employee Benefits
The evolving landscape of medical reimbursements in Hong Kong underscores significant changes in healthcare demands post-pandemic. In 2022, claims under group medical insurance policies predominantly involved more severe cases, reflecting higher treatment costs at the peak of the pandemic. There was a noticeable increase in reimbursement ratios from 68% in 2022 to 71% in 2023, suggesting a catch-up effect as patients sought care for delayed procedures and routine check-ups. This shift in reimbursement patterns highlights the prolonged impact of the pandemic on healthcare utilization and poses substantial challenges to the financial sustainability of group medical schemes.5
Since the pandemic, there has been a significant increase in healthcare claims under group medical insurance policies, particularly in hospitalization and outpatient services. Hospitalization claims have risen by over 70% from 2019 to 2023, while outpatient claims have increased by more than 50% over the same period.
This considerable growth is attributed to increased healthcare utilization as pandemic restrictions eased and a large backlog of delayed treatments and procedures began to clear.
This trend has profound implications for healthcare providers, insurers, and employers as they strive to manage increased demand and maintain service quality.
Hospitalization and Outpatient Claims
Since the pandemic, there has been a significant increase in healthcare claims under group medical insurance policies, particularly in hospitalization and outpatient services. Hospitalization claims have risen by over 70% from 2019 to 2023, while outpatient claims have increased by more than 50% over the same period.
This considerable growth is attributed to increased healthcare utilization as pandemic restrictions eased and a large backlog of delayed treatments and procedures began to clear.
This trend has profound implications for healthcare providers, insurers, and employers as they strive to manage increased demand and maintain service quality.6
Employers seeking to effectively manage rising healthcare costs can adopt several strategic measures with direct cost implications for employees under group medical insurance policies. Promoting second claim incentives encourages employees to use their individual medical policies as the primary source for claims, reducing the burden on company-provided benefits.
Directing employees to panel doctors for general health issues helps control costs through pre-negotiated rates. Educating employees about government subsidy schemes enables access to more affordable care through public resources.
Introducing a voluntary top-up scheme allows employees to extend their coverage by self-financing medical costs that exceed the limits of their group medical insurance policies, balancing employer costs with optional employee contributions.
Strategic Management of Healthcare Costs
Employers seeking to effectively manage rising healthcare costs can adopt several strategic measures with direct cost implications for employees under group medical insurance policies. Promoting second claim incentives encourages employees to use their individual medical policies as the primary source for claims, reducing the burden on company-provided benefits.
Directing employees to panel doctors for general health issues helps control costs through pre-negotiated rates. Educating employees about government subsidy schemes enables access to more affordable care through public resources.
Introducing a voluntary top-up scheme allows employees to extend their coverage by self-financing medical costs that exceed the limits of their group medical insurance policies, balancing employer costs with optional employee contributions.7
The post-pandemic period has witnessed an increase in the incidence rate of various health conditions, leading to higher incurred amounts for medical claims under group medical insurance policies. The long-term effects of COVID-19, coupled with delayed medical treatments during the pandemic, have contributed to a rise in the frequency and severity of medical claims. This increase underscores the need for comprehensive group medical plans capable of covering these enhanced healthcare needs, ensuring that employees receive adequate care without imposing undue financial stress on the system.
Increasing Incidence Rates and Incurred Amounts
The post-pandemic period has witnessed an increase in the incidence rate of various health conditions, leading to higher incurred amounts for medical claims under group medical insurance policies. The long-term effects of COVID-19, coupled with delayed medical treatments during the pandemic, have contributed to a rise in the frequency and severity of medical claims. This increase underscores the need for comprehensive group medical plans capable of covering these enhanced healthcare needs, ensuring that employees receive adequate care without imposing undue financial stress on the system.8
The healthcare landscape in Hong Kong's private sector is characterized by rising incidence rates, increased costs per claim, and higher medical premiums, driven by evolving healthcare demands and inflation. Employers must strategically manage these trends through effective benefit design and cost management strategies to maintain the sustainability of their health benefits offerings while meeting the needs of their workforce. By staying informed about these trends and proactively adjusting their benefits programs, companies can better support their employees' health and well-being, ensuring a productive and satisfied workforce in the post-pandemic era.
Trends in Group Medical Premiums
The healthcare landscape in Hong Kong's private sector is characterized by rising incidence rates, increased costs per claim, and higher medical premiums, driven by evolving healthcare demands and inflation. Employers must strategically manage these trends through effective benefit design and cost management strategies to maintain the sustainability of their health benefits offerings while meeting the needs of their workforce. By staying informed about these trends and proactively adjusting their benefits programs, companies can better support their employees' health and well-being, ensuring a productive and satisfied workforce in the post-pandemic era.*All figures above are referenced from GUM EIB Research 2024.
Wellness Trend
In recent years, the concept of ''workplace wellness'' has evolved into a broader focus on employee ''well-being.'' This shift towards a more holistic approach to employee health is set to define the trends to watch in 2024. Companies are increasingly investing in wellness programs as a means to reinforce a healthy work culture, thereby boosting productivity, satisfaction, and most importantly, employee retention.Read MoreFlexible Benefit Trend
Flexible benefits are becoming increasingly popular as they allow employees to choose the benefits that best meet their individual needs and preferences. In this model, employees are provided with a certain amount of benefit credits or a flexible spending account (FSA) that they can allocate towards a range of benefits. This approach not only offers greater flexibility and control for employees but also helps employers manage benefits costs while attracting and retaining top talent.Read MoreGUM Solutions
How do we help employers to maintain a sustainable benefit plan?
As your Employee Benefit Consultant, GUM aims to help you maintain a sustainable benefit plan
Competitive Benefit Plan Design
Well-Understood by Employees
Stable Claim Experience
Reasonable Premiums
As your Employee Benefit Consultant, GUM is dedicated to helping you maintain a sustainable benefit plan through a comprehensive approach that includes claims experience analysis, strategic sourcing, and selection of service providers, competitive benefit plan design, effective communication with employees, and maintaining a stable claims experience while ensuring reasonable premiums.
What will we do?
Corporate Employee Benefits Package Benchmarking and Design
We will benchmark your benefits against corporate employee benefits Hong Kong market practices to ensure competitiveness. This involves a thorough analysis of your current benefits offerings compared to industry standards and best practices. By identifying gaps and opportunities, we help you enhance your benefits package to attract and retain top talent. Additionally, we will align your benefit offerings with your in-house people development policy, ensuring that the benefits support your organization's strategic goals and employee growth.Uni ClassThe entire company adopts the same employee benefit plan
Key ExecutiveSenior management and executive-level employees who often have distinct benefits needs
Supervisory StaffMid-level management responsible for overseeing teams and projects
General StaffEmployees who perform day-to-day operational tasks
By analyzing these categories, we can tailor the benefits package to meet the specific needs of each group, ensuring equity and effectiveness across the organization.
Employee Benefits Claims Experience Analysis
Understanding the Impact of Claim Ratios
Managing Claims
Detailed Claims Analysis – Corporate Employee Benefits Utilization Analysis & Review
Loadings Breakdown of the Premium
Overall Premium
Medical Benefit Level - The extent and quality of medical benefits providedExtent and Quality of Medical Benefits Provided: The scope and comprehensiveness of the medical benefits included in the plan significantly impact the overall premium. Plans offering a higher level of coverage, including extensive inpatient and outpatient services, specialist consultations, advanced medical treatments, and preventive care, will naturally incur higher premiums. The quality of these benefits, including access to top-tier healthcare facilities and services, also plays a crucial role in determining the cost.
Sourcing and Selection of Service Providers
Market Research and Evaluation
We conduct thorough market research to identify service providers that meet approved coverage criteria. Our evaluation process includes analyzing prospective service providers based on criteria set by both GUM and the client.
Shortlisting Providers
Based on our comprehensive evaluation, we shortlist service providers that offer the best value and align with your benefit plan's goals. This ensures that you have access to reliable and cost-effective service providers.
GUM as Your Employee Benefits Consultant
Our Edges
Market Benchmark
At GUM, we leverage our extensive Employee Insurance Benefits (EIB) research, conducted annually since 2003 in collaboration with The Hong Kong Polytechnic University, to provide valuable insights into the corporate employee benefits Hong Kong market landscape.
Our EIB research captures the corporate employee benefits Hong Kong market picture in three key areas:
Benefit Provision ScopeWe understand the range and extent of benefits offered across different organizations, ensuring your benefits package is comprehensive and competitive.
Benefits CostingWe analyze the costs associated with providing various benefits, helping you manage expenses effectively.
Medical Insurance UtilizationWe examine how employees use medical insurance, identifying trends and potential areas for cost savings.
Our research serves as a benchmark to ensure your corporate employee benefits package aligns with e corporate mployee benefits Hong Kong market trends and supports your organizational goals.
By leveraging our comprehensive benchmarking and detailed research, we help you design a benefits package that meets your employees' needs and enhances your competitive edge to corporate employee benefits Hong Kong.
To access our detailed findings and comparisons:Download EIB Report
Market Intelligence
GUM is at the forefront of the corporate Employee Benefits Hong Kong market, constantly gathering and analyzing data to stay ahead of industry trends. We conduct regular surveys with HR professionals and host webinars to share valuable insights.
Additionally, we organize an annual Health Forum, inviting industry experts to discuss the latest trends in group medical and corporate employee benefits Hong Kong. Our extensive corporate employee benefits Hong Kong market intelligence ensures we understand your needs comprehensively and can provide the most relevant and up-to-date advice.
This proactive approach allows us to tailor your benefits strategy to meet evolving employee benefits Hong Kong market demands and enhance your competitive advantage. Our continuous engagement with industry leaders and experts ensures that we are always informed about the latest developments of corporate employee benefits Hong Kong, which we then pass on to our clients.
This means you benefit from the most current and applicable knowledge in the field of corporate employee benefits Hong Kong, allowing you to make informed decisions and stay competitive to corporate employee benefits Hong Kong.
Actuarial Analysis
GUM offers detailed actuarial services to help you manage your corporate Employee Benefits package effectively, which is one of our core strengths. Our professional actuarial services include comprehensive corporate Employee Benefits Claims Experience Analysis, where we assess claim ratios and provide a detailed breakdown of premiums. We also conduct two key types of analysis:
Actuarial Fair Pricing AnalysisThis analysis assesses whether you are paying a fair price or an overpriced premium. By analyzing your profile, policy data, and market risks, we project a reasonable range of premiums for your renewals over the next three years. This ensures you are not overpaying for your insurance while still receiving comprehensive coverage.
Cost Driver AnalysisThis analysis examines the factors constituting your insurance premiums. It helps identify specific health conditions related to factors such as aging, job nature, and working environment. Understanding these cost drivers allows us to optimize your plan for better cost management. By identifying and addressing these factors, we can help reduce unnecessary expenses and ensure that your benefits plan is both effective and sustainable of corporate employee benefits Hong Kong market.
Employee Communications Service
Effective communication is crucial during transitions in learning the corporate Employee Benefits package. GUM will conduct informative sessions to clearly explain the details of the Employee Benefit plans and provide briefings to ensure all employees understand the benefits available to them. Our communication strategy includes engaging staff through various channels and sharing valuable health knowledge to enhance the understanding and appreciation of their benefits.
Our approach is designed to ensure that employees are well-informed and confident in using their employee benefits Hong Kong, leading to higher engagement and satisfaction. By maintaining clear and open communication, we help build a strong relationship with your employees, fostering a culture of trust and transparency. Effective employee communications ensure that employees understand and make the most of the company's benefits programs, which ultimately contributes to better well-being and increased productivity.
GUM recognizes the importance of employee communication and actively provides clients with effective communication strategies and support. We offer a comprehensive range of services, from pre-event promotion and registration processes to organizing employee seminars and explanations. To help employees gain a better understanding and utilize their benefits more effectively, we use interesting and appealing seminar materials with clear message highlights, multimedia channels, bilingual services in both Chinese and English, and online and offline consultation services to engage employees.
To learn more about our Employee Communications Service, visit our product webpage here:Discover More
Our Wellness Solutions for Corporate Clients
Corporate Wellness SolutionsGUM encourages clients to provide Wellness Programs for employees to promote employee wellbeing Hong Kong - physically and mentally, enhancing company productivity and profitability. We offer two key programs tailored to different needs and budgets:What is it?
GUM PowerUP ProgramA standard program that provides online webinars by various industry experts and 1:1 consultation on Health and Wealth aspects
GUM MVP ProgramA more customized program that provides all rounded wellness activities (online and onsite) based on customer needs and budgetWhat features are included?
1 live webinar per month, with seasonal theme by industry experts (e.g. Medical Expert Series)
Replay service available anytime
1:1 Wealth and Mental Consultation
Activities packaged as an Annual Program with a tailored theme
Combining mass engagement and small group workshops
Pre and Post Program Survey Available
Suitable for?
Starter planEmployers who have just started to offer wellness to employees
Advanced planEmployers who would like to have a more customized and comprehensive plan
Frequently Asked Questions
1. What are ''Employee Benefits''?
2. What can a corporate employee benefits package consist of?
3. How should we review the corporate Employee Benefits package for a better employee wellbeing Hong Kong?
4. What is the medical inflation rate for 2024?
5. Do all packaged medical plans need medical underwriting when renewing with new insurers?
6. Are there different arrangements (e.g., insurance policy, self-insurance, ASO service by provider) for employers to manage their corporate Employee Benefits package for employees of different company sizes?
7. Are there any minimum requirements for the number of employees to have a Group Medical plan?
8. What is the benchmark for designing Group Medical Employee Benefits package?
9. How do I choose a suitable insurer (service provider)?
10. Are there any solutions to assess if my premium is reasonable?
11. What is employee benefits benchmarking and why is it important to enhance employee wellbeing in Hong Kong?
12. How does GUM help companies design sustainable employee benefits plans?
13. What are the three pillars of employee wellbeing according to GUM?
14. How do claim ratios affect group medical insurance premiums?
15. What trends are shaping employee benefits in Hong Kong post-pandemic?
16. What is a flexible benefits program and how does it work?
17. How does GUM tailor benefits for different employee levels?
18. Why is financial wellbeing critical in employee benefits planning?
19. What role does utilization analysis play in benefits optimization?
20. How can companies manage rising healthcare costs effectively?
Don't Wait. Act Now!
Talk to us for more details of Group Medical and Corporate Employee Benefits Package.
Contact UsCopyright © 2025 GUM. All rights reserved.