According to the Ministry of Manpower (MOM), purchasing foreign worker insurance is mandatory if you are employing workers on Work Permit or S Pass. You would need to purchase and maintain medical coverage of at least $15,000 per year for each worker.
The insurance should cover inpatient care and day surgery, including hospital bills for conditions that may not be work-related. You will need to submit the insurance details online to MOM before the permit or pass can be issued.
There are many insurers offering Foreign Worker Medical Insurance in Singapore, each providing their own range of coverage and benefits. Ensure that you are getting optimal protection for your Foreign Workers by looking out for the following.
Covers pre-existing medical conditions of your workers. This is included in most plans upon inception. However, some insurers require a 12-month waiting period for pre-existing conditions, for their basic plans.
Work-related medical treatments – Covers work-related medical treatments carried out in Singapore and Overseas, when employees travel for work assignments. Usually included in most plans.
Non-work-related medical treatments – Most insurers cover non-work-related medical treatments only if they are carried out in Singapore. However, if you require, some can provide coverage for non-work-related overseas medical treatments in cases of emergencies.
While outpatient treatments are usually excluded from the coverage of Foreign Worker Medical Insurance plans, it is possible to secure coverage for outpatient cancer and kidney treatments, as some insurers do make this available.
Most policies only cover treatment that is performed in the hospital. However, some plans can cover both inpatient and outpatient treatments, usually with higher premiums and requiring some form of Co-Payment.
MOM has set a requirement for the claimable limit to be at least $15,000 per policy year. However, more superior limits can also be obtained depending on your needs.
When an unfortunate loss of life happens for your foreign worker due to illness or an accident, insurers can cover for repatriation of their remains back to their home country.
Depending on the needs of your company, you could be looking for cost-effective plans, higher claim limits or more overseas coverage.
We understand that each company is unique. As an insurance broker, we provide unbiased advice based on your needs.
With access to 20 over insurers, we can help source for the most suitable plans for your Foreign Workers.