Employee Health Insurance in Singapore: What do employers need to know?

Employee Health Insurance in Singapore- What do employers need to know

Employee health insurance is a common inclusion in most, if not all, benefits and compensation packages offered by companies in Singapore. Employee benefits are additional perks and compensation types on top of salaries paid by the employer. 

Company-provided employee benefits packages typically include employee health insurance, income protection, annual leave allowances as well as pensions in Singapore. At times, specific industries or jobs such as business consultants, reporters or sales representatives require travel business insurance on top of regular health insurance. 

Designing, developing and managing employee benefits can be a challenging endeavour for most employers – not to mention, costly. However, good benefits in the form of solid employee health insurance and benefits in Singapore (and abroad) can help ensure employee loyalty. When 79% of business owners frequently think about hiring and retaining employees, it goes to show that – at the heart of it all – expats, locals, part-time and full-time employees all care deeply about their health cover working in Singapore. 

Feeling uncertain about designing comprehensive health insurance and benefits plans for your employees? Expat Insurance is a leading healthcare broker for not only globally mobile expats of all nationalities, but also corporations in Singapore. Consider consulting our experienced team for your employee health insurance needs in Singapore

Health & Wellness | More Than Insurance Here in Singapore?

Employee health insurance may not be a full-fledged requirement for employers here in Singapore but studies consistently show that offering some form of coverage in your benefits package can be beneficial for hiring and retaining top talent. 

Your employees form the foundation for the business and taking on insurance – be it group health insurance, work injury compensation insurance or basic medical coverage – can turn the gears for a more satisfied workforce. 

Often, business owners recognise that employee satisfaction is a key driver in engagement, effectively resulting in loyalty. With millennials making up 75% of the workforce by 2025, the issue of fine tuning your group health insurance becomes significant, especially when this generation has heightened focus on company culture, benefits and support. 

Showing you care about your employees’ health and wellness shouldn’t be limited to insurance, perks like flexi-work schedules, additional days off and even well-furnished offices with room for socialising come into play. 

What does employee health insurance schemes in Singapore cover?

If we are talking about employee health insurance, what do common schemes or coverage plans look like in Singapore

Basic Employee Health Insurance in Singapore

With many companies now offering either individual or group health insurance as part of the package, the topic around employee coverage has changed too. Employee health insurance in Singapore has become less about offering, but more focused on the type of insurance and coverage provided. 

Basic employee health insurance usually covers regular health screenings, paid sick leave and visits to a number of general practitioners across estates in Singapore

A penny-wise philosophy when it comes to offering employee health insurance can lead to higher number of doctor visits, lowered productivity and reduced loyalty when comparing benefits given by other companies. 

Bigger corporations are looking into more diverse and tailored employee health insurance plans in Singapore. Some of these may include wellness-focused initiatives, outpatient specialist insurance as well as dental insurance in Singapore. Adapting measures such as these can improve your ability to hire and retain some of the biggest talents in the workforce.

Work Injury Compensation Insurance

All employees, especially ones working with manual labour or are in industries that are high-risk, should be given work injury compensation insurance. Both expats and locals in this sector require work injury compensation insurance to be a part of their health cover. 

When you protect your employees from unexpected accidents, you essentially protect your company as well. At the same time, you reinforce a message of concern for your employees, uplifting the integrity of your company and its focus on health and workplace safety management practices. 

To understand how we can help you design a good work injury compensation insurance package, contact us today.

Travel Business Insurance

Travelling is by and large a crucial component of business in a globalised economic environment today. And, extenuating circumstances such as the coronavirus pandemic have reinforced the importance and prevalence of travel business insurance. 

Read more on Health & Wellness Insurance Coverage in Singapore in a coronavirus climate here

Travel business insurance becomes necessary when your employees are travelling for a significant portion of the time on company-related reasons. Specific job roles such as regional sales managers, consultants, and reporters alike may need travel business insurance – more so than clerks, or administrative assistants. The relevance of including travel business insurance can be assessed based on job duties or responsibilities – judging by the amount of travelling done by the employee. 

Let us help you find the right travel business insurance plans for your company. 

What About Pre-Existing Conditions?

It isn’t uncommon at all to come across employees with pre-existing conditions. In fact, some of your employees probably have pre-existing conditions and expat employees may require treatment in Singapore. As a result, health cover should reliably cover an underwriting process that allows you to procure the best group health insurance for your employees in Singapore. 

Finding a well-qualified health insurance broker, like Expat Insurance, can help you guide the underwriting process better – helping you earn a more comprehensive, well-adjusted plan that works in the interest of your company and employees in Singapore. 

Is declaring pre-existing conditions a necessity for employee health insurance in Singapore? Read more here.

Expat Insurance Helping You Get The Health Cover Right

With multiple considerations, engaging the help of a health insurance broker might be cost-effective and helpful for your business in Singapore. The economics and details of employee health insurance – including expat health cover – may look simple but having a trusted broker to walk you through the process will be useful in the long run.

Employee health insurance is more than just a cookie-cutter formality these days. It plays into the overall arc of a healthier company culture, values and greater work philosophy of a company. Working on formulating the best types of packages for your employees will strengthen the hiring abilities of your firm as well. A great health and wellness insurance plan is a win-win for both employees and employers. 

Schedule a discussion with our team today.

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