Changes in consumer behaviour have also impacted the sector. There is a growing demand for personalised and flexible healthcare options.
Life and medical plans in Greece have seen many changes recently due to policy updates, technological advancements, and shifts in consumer behaviour. We take a look at how the sector is evolving and provide you with a comprehensive guide to our insights gathered over the past few months.
Market Practice
Most multinational, medium, and large Greek firms offer additional Life/Disability/Medical benefits to their employees through a corporate group Employee Benefits scheme. This is voluntary but common due to limited social security coverage.
These schemes offer combined policies that are renewed annually. The claims experience mainly affects renewal terms. Life and Disability benefits can be based on salaries or fixed amounts. Medical benefits cover inpatient and outpatient treatments, usually covering 80% of expenses. Some benefits have sub-limits and annual deductibles. Medical underwriting is needed for groups with fewer than 10 employees. The minimum group size for these schemes is 5 employees.
Tax Benefits
Employers can fully deduct premiums paid for Life/Disability and Medical benefits under a corporate group Employee Benefits policy. For employees, premiums up to €1,500 per year are tax-deductible. Amounts above €1,500 are taxed as a benefit in kind. There are also fiscal charges, including 4% IPT on Life insurance, 15% IPT on other benefits, and 0.75% “Life Guaranteed Fund” on Life, Disability & Accident insurance.
Technological Advancements
Technology has transformed the life and medical plans sector. Digital tools and platforms have streamlined processes, making it easier for consumers to access information and services. Electronic health records, and mobile health applications are examples of how technology is improving healthcare in Greece. These advancements have enhanced efficiency and the overall patient experience.
Consumer Behaviour
Changes in consumer behaviour have also impacted the sector. There is a growing demand for personalised and flexible healthcare options. This trend has led to the development of customised insurance products and services, offering greater choice and convenience to consumers.
Increased Focus on Preventive Care
More resources are being allocated to wellness programmes and early detection initiatives.
People are the most important asset of any company. Offering corporate group Employee Benefits schemes shows an organisation’s interest in its staff, increasing loyalty and attracting talent. The life and medical plans sector in Greece is evolving rapidly. It is crucial for stakeholders to stay informed and adapt to these changes. Our experts are here to help
Louisa Kalogerakou
Director
Employee Benefits Team
Comergon SA
T +306 974 324 430
