SMEs competing with large corporations for talent can't always win on salary alone — but a decent medical benefit is something staff genuinely use, day to day. The entry bar for group medical is lower than most owners assume, and we'll help you design the most substantial benefit your budget allows.
| Group Medical Insurance | Individual Medical Insurance | |
|---|---|---|
| Underwriting | Generally waives individual underwriting — within the free cover limit, chronic conditions and pre-existing conditions can be covered (subject to plan terms) | Underwritten individually — a medical history may lead to loading, exclusions, or even a decline |
| Cost | Group-negotiated, generally lower per-person cost; employer contributions are a business expense | Individually priced, more expensive with age, paid entirely by the employee |
| Admin | One master policy covers everyone — simply add or remove staff as they join or leave | Managed by the employee themselves; coverage follows them between jobs |
| What it means for the owner | A recruiting selling point, a retention tool, and staff who are treated and back at work faster | Nothing to do with the company — meaning your company has no such selling point |
Plenty of insurers offer SME group plans, many underwriting from just a handful of insured members (the exact threshold depends on the insurer and plan). A small headcount just means a different buying approach — which is exactly why it's worth comparing options.
The core component — ward class (general/semi-private), surgical fee schedules, hospital cash. What employees care about most is "will I have to pay out of pocket when admitted."
General practice, specialists, bone-setting and physiotherapy — the most frequently used, most keenly felt benefit. A network doctor card versus reimbursement makes a big difference to the experience.
Optional add-ons — a common approach on a limited budget is to add these for management first, or unlock them after a length-of-service milestone, letting a tiered design save money while still retaining staff.
Many plans can add group life and accident cover, plus let employees pay to add spouses and children — highly attractive to senior staff with families.
Medical cover is protection for "now"; MPF is money for "later" — employees look at both. Our team's core expertise is MPF and retirement planning (sister site Save Your MPF), so we can review your entire employee benefits package in one go:
Based on your headcount, age profile, and budget, our licensed team gets several quotes from the market and compares them for you.
Your company MPF scheme's fees and fund choices directly affect how much ends up in your employees' pockets — this is our core expertise.
We help you write up the full benefits package clearly — when you're hiring, that one page is your weapon in the fight for talent against bigger companies.
Tell us your headcount and budget, and we'll design an SME-affordable benefits package for free.
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