Group Medical Insurance – Local VS International Plans

Group Medical Insurance - Local VS International Plans

When deciding to work with your company, potential candidates may be considering a number of different factors. These might include things like the salary, working environment and company culture, as well as opportunities for career growth and advancement. One of the most important factors for many employees is the availability of group medical insurance as part of their employee benefits. 

Why consider group medical insurance for your employees

Apart from Work Permit and S Pass holders, it is not mandatory for companies to provide health insurance policies. However, this type of coverage is highly valued because it protects employees against the potentially high costs of medical care and unexpected health emergencies. Group medical insurance allows employees to address their immediate health needs, whether it’s for Inpatient treatments, General Practitioner (GP) and Specialist consultations and even mental health support. Other additional healthcare benefits may also include maternity, dental and vision care. This will vary depending on what your plan offers. Bear in mind that there is usually a minimum headcount required for group policies. 

By including healthcare coverage in your employee benefits package, you can ensure the best care for the people in your company and demonstrate a strong commitment to their well-being. Not only does this help to attract top talent, but it will also make a difference in retaining existing staff. 

Whether you are a small business owner or the manager of a large corporate team, group medical insurance is one of the best ways to support the well-being of your employees and build a strong foundation for the long-term success of your organisation. Group rates are generally more affordable than those offered to individuals. This enables your business to offer employees comprehensive coverage at a competitive price. 

Local vs International Group Medical Insurance

With that in mind, the next decision to make is whether to choose an insurance provider that offers local or international group insurance plans. Here are some factors to consider: 

1. Coverage

Providing medical insurance as part of your employee benefits is ultimately the way to go. Group medical insurance can be tiered according to the needs of each company. When a company purchases group insurance for their employees, it can include inpatient and/or outpatient covering both GP and Specialist visits. Other benefits like business travel or dental care can also be included.

While group medical for employees offered by many insurers are usually meant for coverage locally, group hospitalisation policies do cover overseas emergency treatments when an employee is out of Singapore for work or play.

However, if your company employs expatriates who may need higher coverage including treatment back in their home country, an international group medical insurance plan may be ideal. That being said, there are also companies covering their local employees with an international plan – a way of attracting talents using employee benefits.

2. Access to medical care

Local group medical insurance will allow your employees to obtain quality care from healthcare providers and facilities near them. International medical insurance, on the other hand, will go one step further to give your staff access to a wider network of doctors and hospitals in different countries. Whether it is a plan that covers medical needs locally or around the globe, the bottom line is to ensure that your employees have access to the same level of support no matter where they are working. After all, nothing is more important than having quick and easy access to quality medical care when you need it most.

3. Flexibility

Perhaps the most important factor to consider is flexibility – you want a plan that will meet the needs of your employees in an adaptable way. International group medical insurance can provide a level of flexibility that is not always available with local plans. A global insurer can offer a high level of customisation along with top-notch coverage for a wide range of medical issues. 

Whether employees are based in another country temporarily or travelling for work on a regular basis, a plan with global coverage can provide peace of mind and allow your staff to focus on doing their best work. This increased flexibility makes international group medical insurance an attractive choice for any company looking to take care of their employees while they’re away from home.

International group medical insurance should also be considered if you have employees working or stationed in another country for months, and moving from place to place for projects or work. This will ensure ample coverage and a medical network within reach for your employees’ convenience. For frequent travellers, group business travel insurance is also recommended.

Get started

Overall, be sure to compare local and international plans side-by-side to see which one offers the best value. Ultimately, the best way to determine which type of plan makes sense for your organisation is to talk to us at Expat Insurance. 

By working with partners who have deep expertise in providing worldwide coverage, your group medical insurance can be more extensive and responsive to the needs of your staff – regardless of their location. 

With careful consideration, you can craft a plan that works best for your company while safeguarding the health and medical needs of all employees. For more information, get in touch with Expat Insurance today.

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