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Hong Kong Employee Health Insurance Index
Why an index?
Market Watch on Insurance Premium Trend
- Group medical insurance premium has been on the rise since 2021. With a 24% over the past year, it has become the top concern of HR in their C&B planning. An index come in a handy tool for HR to benchmark what they are paying for their employees
Collaboration with PolyU CPCEThe Hong Kong Employee Health Insurance Index is a collaboration between GUM and the Hong Kong Polytechnic University, CPCE. Backed by academics, insurance and medical experts, the index regularly analyzes market data to provide up to date trends and insights.
Comprehensive ResearchThe Hong Kong Employee Health Insurance Index deep dives into dynamics behind insurance premium, medical expenses and utilization by insured members, in an attempt to look into driving factors behind.
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The Indices & Trends
Premium Index
Learn MoreReflects the premium levels of workplace group medical insurance in Hong Kong and aims to provide employers and employees with reference information on group medical premium levels and possible premium upward trends.• The inpatient plan premium index began to soar after the epidemic, from 258 in 2021 to 411 in 2024, an increase of 59% in three years• The outpatient premium index also began to soar after the epidemic, rising 49% in three years from 130 in 2021 to 194 in 2024.
Expense Index
Learn MoreReflects the changes in medical expenses in the Hong Kong workplace and provides reference information on private medical expenses and future medical expense inflation.• The inpatient plan expense index dropped slightly by 6% to 202 this year from its peak of 214 in 2023• The outpatient expense index dropped slightly by 14% for two consecutive years from the peak of 332 in 2022 to 284 in 2024.• The inpatient plan expense index and outpatient expense index respectively fell from their post-pandemic peaks, reflecting that the medical expense index has continued to stabilize.
Utilization Index
Learn MorePresents the use of medical resources in Hong Kong’s workplace to reflect the overall workplace health level• The inpatient utilization index will fall slightly by 5% from a peak of 288 in 2023 to 273 in 2024• The outpatient utilization index increased significantly after the epidemic returned to normal, reaching a record high of 131 in 2024, with an increase of 101% in two years.
Understand the "experience pricing" model of group medical insurance
Group medical insurance premiums in Hong Kong are priced based on past claims data. Therefore, while employers are concerned about the rise in premiums caused by medical inflation, the impact of the utilization rate of insured members is more direct and should not be underestimated.
The mismatch between premiums and medical expenses
The pandemic has caused significant changes in insurance claim patterns and medical expenses; post-pandemic expenses and incidence rates have reached record highs, causing a mismatch between premiums and medical expenses. Over the past few years, group health insurance premiums have increased to keep up with rising medical costs.
Premiums are expected to keep rising
Summarizing the trend analysis of the three major indices, GUM expects premiums to continue to rise. The key drivers are continued medical inflation and rising utilization rates.
Make good use of indices to regularly benchmark with the market
This index will be updated quarterly to provide employers and stakeholders with objective data support to help them choose medical insurance solutions that better meet the needs of employees. This index will not only improve employee well-being, but also help improve corporate cost-effectiveness. Through scientific management, it is expected to break the cycle of "increasing claims → rising premiums → rising costs" and promote long-term collaboration and win-win results among employers, employees, insurance companies and the government.Don't Wait. Act Now!
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