Employees are an organization's most important asset. With rising healthcare costs, providing employees with medical benefits is critical for the retention of good employees.
An organization that pays for staff medical treatment from its own funds would have difficulty determining how much to set aside for its medical expenditure. A group hospitalization and surgical (GHS) insurance would be an effective way of budgeting for the cost of hospitalization or treatments of major injuries.
The GHS insurance premium is priced according to the organization's claim experience. Insurers normally look at the claims trend over the last three years. Just because the claims amount is very high in the current year does not necessarily mean that the renewal premium of the policy would be higher than the claims amount for the current year.
Insurers also look at the whole group as one entity. As such, the policy insures healthy as well as unhealthy employees. Generally, unhealthy persons may have difficulty purchasing individual health insurance policy.
With individual medical insurance policies, pre-existing illnesses are usually excluded. However, in view of the group size, insurers may be prepared to cover pre-existing illnesses after the first 12 months of the group hospitalization and surgical insurance policy.
Employees may also buy individual major medical insurance to "top-up" the protection provided by their organization's GHS insurance.
We insure employees of many organizations in Malaysia. With more than thirty years' experience in health insurance, the company is a leader in health insurance in Malaysia. In 2003, we ranked third in terms of health insurance sales among all general insurance companies. We also offer a range of other types of health and general insurance products.
