Medical Insurance for Expats in Vietnam

Why group Private Medical Insurance needs to be part of your employee package in Vietnam

A group private medical insurance package is a win-win for employers and employees in Vietnam. We look at the benefits and how we make it easy for you to offer the best possible healthcare packages to your team.

According to a recent survey in the States, 62% of employees say that better-than-average pay and benefits is a leading workplace differentiator. There are numerous benefits to both employers and employees of having access to great quality healthcare. We outline them here.

Advantages to your company of having group Private Medical Insurance (PMI)

Helps you attract and retain the best talent

Employees are a company’s most valuable asset and looking after their health is crucial to your business. As mentioned above, employees value a generous remuneration package and aside from the salary itself, good quality healthcare is the most prized perk. Considered to be a high-value benefit which gives employees peace of mind, PMI has been proven to reduce staff turnover.

Fewer days lost to sickness

Sickness absence is costly for businesses. Quality PMI means your employees can access the best medical attention available in Vietnam fast. If they are unwell, they will get back to full health sonner, returning to work more quickly and the company loses fewer days to sickness as a result.

Tax deductible

PMI is normally an allowable business expense for corporation tax purposes.

It boosts productivity

Employees who are in good physical and mental health (the latter being a growth area in the corporate benefits space) are more likely to deliver optimal performance, boosting the overall productivity of the company.

Advantages to your employees of having group Private Medical Insurance (PMI)

Peace of mind

It is extremely reassuring for employees to know that they have access to quality healthcare with no long waiting times. And happy employees are productive employees.

Choice of health provider

With a good group healthcare package employees can choose where and when they are treated and schedule their treatment to suit their lifestyles.

More comfortable hospital stays

Employees gain peace of mind knowing that should they require hospitalisation they will benefit from perks such as their own private room and flexible visiting times.

Protection for all the family

With most group private medical insurance policies employees have the option to extend cover for their families as well. Your company can choose whether to offer this benefit or include it as a voluntary add-on paid for by the employee.

Group Private Medical Insurance versus cash

It is becoming increasingly common for companies to provide ‘cash’ to their employees to fund their own medical insurance rather than providing medical insurance via a group policy. There are a couple of reasons why this is not a good idea.

Businesses often benefit from tax relief on PMI premiums as they are classed as a business expense. This reduces taxable profits and therefore the amount of corporation tax payable. Companies should seek specialist advice on taxable benefits as this is a complex area.
While with a group PMI policy the risk to the insurer is spread over a much greater number of people, and the premium will reflect that, the actual cost ‘per head/ employee’ is lower compared to offering cash to employees

The advantages of using Infinity for your group Private Medical Insurance

We will actively manage all aspects of your policy, freeing up time for your HR team to concentrate on other issues.
Private Medical insurance policies are multifaceted, modular and have monetary limits. The complexity of medical insurance means that it is beneficial to employees to have a comprehensive policy that has been negotiated by a professional who has the relevant expertise.
We carry out an independent review of the whole insurance market at renewal to see if you could obtain a better deal and negotiate with your provider to obtain the best possible premium. This is an extremely specialised and time-consuming part of what we do which your HR teams will not have the time or expertise to manage.
We deal with all enquiries, including any medical claim an employee may have.
We will continuously nurture the relationship between the company, HR and members covered by the policy.
You will have your own dedicated, personal account handler.
We will keep your business and employees up to date with any changes to the policy.

Your business can set yourself apart from the competition with the medical insurance package it offers. As specialists in international corporate benefits, Infinity has helped numerous businesses in Vietnam set up health insurance schemes to protect their employees and would love to help you attract and retain a happy and healthy workforce.