Group Medical Insurance
Group Medical Insurance As a local SME, we Bowtie have experienced a lot of turmoil within two years and have also learned firsthand the importance of cost control and talent acquisition.
In 2020, Bowtie already launched Group Insurance Basic Level (Basic) plans for SMEs, with premiums as low as $10 per person per month and covering the medical expenses of the spouses, children, and even parents of employees. We help many startups to improve their benefits system for employees. In June 2021, we have decided to launch Group Insurance Pro Level (Pro), a series of higher-end insurance plans, which focuses on enhancing the coverage for outpatient and dental treatments that concern many companies. These plans allow the employees to visit the clinic of their own choice without any medical network restrictions.
Great value for money. First choice for startups.
Bowtie was once contacted by a startup owner and found that he was particularly interested in the details of insurance plans and claims. Upon further questioning, we learned that he is the sole founder of the company. Due to limited manpower, he has to take on multiple roles: handling administrative tasks such as personnel, payroll, benefits including insurance plans and claim procedures. Thus, he was curious if we can offer a suitable plan for his relatively young team with less need for inpatient and day case procedures.
There are 2 levels of Bowtie Group Insurance plans, with 6 plans in total. The differences are shown in the tables below.
| Plan | Pro Bronze | Pro Silver | Pro Gold |
| Premium* | $328 | $428 | $598 |
| Life Insurance coverage | $20,000 | $50,000 | $80,000 |
| Inpatient and day case procedures (Reimbursement of 80% of medical expenses) | $20,000/year | $50,000/year | $80,000/year |
| General practitioner | $420/visit** | $420/visit** | $420/visit** |
| Chinese medicine practitioner | $270/visit** | $270/visit** | $270/visit** |
| Dental Treatment | $500/visit** | $500/visit** | $500/visit** |
| Specialist | $690/visit** | $690/visit** | $690/visit** |
| Physiotherapist (as referred in writing by a Registered Medical Practitioner) | Up to 50% off (Applicable to BowtieGo Medical Network) | $600/visit** | |
| Chiropractor (as referred in writing by a Registered Medical Practitioner) | $600/visit** | ||
| Diagnostic Imaging and Laboratory Tests (as referred in writing by a Registered Medical Practitioner) | X | X | $1,500/year |
| Body Check | Full coverage*** | Full coverage*** | Full coverage*** |
| Eligibility**** | Employee, spouse, children | Employee, spouse, children | Employee, spouse, children |
| Plan | Basic Bronze | Basic Silver | Basic Gold |
| Premium* | $10 | $98 | $198 |
| Life Insurance coverage | $3,000 | $20,000 | $50,000 |
| Inpatient and day case procedures (Reimbursement of 80% of medical expenses) | X | $20,000/year | $50,000/year |
| General practitioner | Up to 50% off (Applicable to BowtieGo Medical Network) | ||
| Chinese medicine practitioner | |||
| Dental Treatment | |||
| Specialist | |||
| Physiotherapist (as referred in writing by a Registered Medical Practitioner) | |||
| Chiropractor (as referred in writing by a Registered Medical Practitioner) | |||
| Diagnostic Imaging and Laboratory Tests (as referred in writing by a Registered Medical Practitioner) | X | X | X |
| Body Check | X | Full coverage*** | Full coverage*** |
| Eligibility**** | Employee, spouse, parents, children | Employee, spouse, children | Employee, spouse, children |
- *Monthly calculation per person
- **Up to 30 outpatient/dental visits per policy year. Up to 1 visit per day; the maximum benefit amount per visit/$30 deductible per visit.
- ***Once per policy year
- ****Age restrictions for certain plans
Regarding his situation, we recommended our Pro Silver plan. The premium for this plan is within his budget and the insured employees can enjoy coverage for different treatments including outpatient treatments, Chinese medicine, specialist, dental treatments, physiotherapy, as well as an annual health check-up. Moreover, the annual $50,000 coverage amount for inpatient and day case procedures is sufficient to cover most expenses for intermediate surgeries such as hemorrhoidectomy and mastectomy. These protections can fulfill the needs of this company.
Best of all, the application and claims procedures of Bowtie Group Insurance can be processed online. Since there are no intermediaries involved in the entire process, the employees can submit claims and track progress on their own through a one-stop easy-to-use platform. It allows that limited resources can be used on more significant matters, thus unnecessary waste of time and costs can be reduced.
Since no underwriting was required and the application process was quick and easy, this owner has managed to get his employees the cost-effective medical coverage at an ideal price within only a few days. If a startup owner chooses a Pro Bronze plan in the first policy year, he may be able to change to a better plan with more comprehensive coverage, such as Pro Silver or Pro Gold, in the next policy year. This allows employees to enjoy an extensive coverage with flexibility for inpatient and day case procedures, as well as chiropractic treatments, physiotherapy, and diagnostic imaging and laboratory tests.
Bowtie Group Insurance with comprehensive coverage.
To meet the different needs of the employees, Bowtie Group Insurance plans cover a range of treatments including outpatient treatments, dental treatments, surgeries and body check. In order to provide a better understanding of the plans for our clients, we put together the following cases for reference.
Case 1: A company owner paid $10,000 of deductible for hemorrhoid removal.
The owner of a company protected by the Pro Silver plan suddenly developed rectal bleeding and was diagnosed with hemorrhoids to be removed. Since the hemorrhoid removal surgery is an intermediate surgery, the cost ranges from $26,428 to $50,375 in private hospitals and from $19,350 to $30,450 in public hospitals. The owner finally chose to go to a private hospital for treatment and was hospitalized for 1 day after the surgery. He thus had to pay a total of $50,4461 including miscellaneous expenses on the day he was discharged.
Under the terms of the Pro Silver plan, Bowtie can pay up to 80% of eligible medical expenses, which means that the resulting deductible for this case was only about $10,000.
After being discharged from the hospital, the owner submitted a claim via cell phone, and the claim was approved on the same day. The payment was processed within 2 working days.
Case 2: A sales manager with torn meniscus after hiking paid only $30 for physiotherapy.
The sales manager of a company protected by the Pro Silver plan went hiking on Sunday and felt a pain in his knee afterwards. He first thought that it was only caused by a sprain and treated himself with pain relieving rub. The next day, however, the pain grew stronger and he decided to seek medical advice. The doctor confirmed after an MRI scan that the meniscus was torn and a surgery was required. The manager was hospitalized for 2 days and the total cost of the surgery and hospitalization was $61,1472.
Under the terms of the Pro Silver plan, Bowtie can pay up to 80% of eligible medical expenses with a limit of $50,000 per year. As a result, the deductible for the total surgical and hospitalization expenses of approximately $60,000 turned out to be only $12,230.
The attending doctor advised that he should receive physiotherapy after discharge from the hospital. The physiotherapist concluded that it would take at least two months or more for him to fully recover and thus recommended the patient to receive regular physiotherapy and rehabilitation training.
Since physiotherapy is also covered under the Pro Silver plan, this manager is free to choose the physiotherapist of his choice for treatment up to $600 per visit ($30 deductible). In the end, he had chosen a physiotherapist recommended by a friend and now paid only $30 deductible for each treatment session of $460, which means a savings of over 90%.
Case 3: A project specialist was also reimbursed for gastroscopy.
The project specialist of a company protected by the Pro Silver plan suffered from persistent stomach ache for 6 months. After visiting the general practitioner, he was referred to a specialist for gastroscopy. Upper abdominal pain is one of the common symptoms of stomach cancer. The doctors usually suggest patients to undergo a gastroscopy for further examination if such symptom occurs. For minor surgeries like gastroscopy, private hospitals in Hong Kong charge from $4,300 to $8,300 and the patient opted for the $8,300 package in the end. Bowtie Insurance plan covered 80% of the cost of this examination, paying over $6,600 for him.
Moreover, under the Basic Silver plan, the insured can use the member-exclusive price of BowtieGo medical network to pay for consultation. The patient can get access to the consultations of family doctor and specialist at up to half the cost. From the first consultation to the gastroscopy, Bowtie provides excellent coverage at every step of the journey.
Case 4: Dental scaling and Chinese medicine treatments are also covered.
The marketing specialist of a company protected by the Pro Bronze plan went to a dental clinic for scaling. Since most company health insurance policies do not cover dental care expenses, one usually needs to purchase additional coverage if one wants to have a dental checkup or cleaning. In this regard, the coverage of Bowtie is way more comprehensive. Under all Pro plans, all dental checkups, cleanings, and other dental treatments are also covered, with only a deductible of $30 for a visit up to $500.
The cost of a dental scaling in the market ranges from $400 to $1,000, but this marketing specialist ended up paying a $30 deductible, which is a savings of over 90% compared to the $400 commonly paid in the market.
This marketing specialist is also very dedicated to his health and regularly consults a Chinese medicine practitioner for health care. Under Pro Bronze, the benefit amount for each Chinese medicine visit is $270 ($30 deductible). The consultation fee of the Chinese medicine practitioner whom he knows well, together with costs for prescribed Chinese medicines for two days, is exactly $270. So he has to only pay $30 deductible for each visit. With a limit of 30 visits for clinic consultation and dental treatment per year, the 2 visits to the Chinese medicine practitioner per month are well covered.
If you are interested in applying for Bowtie Group Insurance for SMEs and start-ups, please visit our Bowtie page to drop us a line and leave us your contact details, or contact us by email at cs@bowtie.com.hk. You can also call us at 3008 8123 or contact us via WhatsApp for more information instantly.
- 1Median of charge for hemorrhoidectomy at Hong Kong Sanatorium & Hospital according to statistics in 2020.
- 2Median of charge for knee arthroscopy at St Teresa's Hospital according to statistics in 2020.
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