Employee Benefits enhance a firm’s ability to stay competitive on compensation packages offered to prospective employees, and come mainly in 2 forms: Packaged Plans and Customised Plans. Often, many HRs or directors in companies are unsure about which to pick to suit the best interest of their employees, especially when they are new set-ups.

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 ,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.

MediShield Life for Singaporeans and Permanent residents

All Singaporeans and Permanent Residents (PRs) are covered under MediShield Life, a compulsory health insurance scheme by the government that pays for basic medical and healthcare treatments.

Integrated Shield Plan

As MediShield Life only covers admission to basic wards in public hospitals, those who prefer to be admitted to better wards or private hospitals should consider an upgrade to an Integrated Shield Plan, which features a wider coverage.

On top of MediShield Life, all individuals (Singaporeans, PRs and expatriates) employed by a company in Singapore should also find out if you are covered under a group health insurance policy, and if so, the extent of coverage you are entitled to.

What if I am an expatriate?

When choosing our private health insurance cover, there are a few questions that you should ask yourself:

1. What basic coverage do I already have?
2. What additional coverage am I looking for?
3. What are my options?

Local Plans and International Plans

The table below summarises some common differences between local and international plans. There are many insurance plans by the various insurance providers in Singapore, and exact terms used might differ for different insurers.

For Locals and Permanent Residents who wish to upgrade their Hospitalisation cover from MediShield Life to an Integrated Shield Plan, or expatriates who want a local health insurance:

1. NTUC Income – Enhanced IncomeShield Preferred
2. Prudential – PruShield Premier
3. AVIVA – MyShield
4. Great Eastern – Great SupremeHealth P Plus
5. AXA – AXA Shield
6. AIA – HealthShield Gold Max
7. RHI – Raffles Shield Private
8. AXA – SmartCare Executive
9. AXA – SmartCare Optimum Enhanced

For Individuals who want a better Private (International) insurance plan:

1. AXA – International Exclusive
2. Cigna – Cigna Global Health Options
3. Liberty – MyHEALTH
4. MSIG – Prestiage Healthcare
5. AXA – GlobalCare Health Plan

Speak to us today about your needs and requirements. g&m as an insurance broker represents you, will provide you with comparisons of various insurance plans, and provide honest advice on which best suits your needs.

Do you have a current personal health insurance plan? Want to know whether it is adequate for your needs? Contact our Health insurance advisor for a free consultation.

We can diligently eat healthy food and exercise regularly to maintain good health, but preparing for the unexpected may be a more difficult task. That’s where health insurance comes into play.

Health insurance is essential because you never know what can happen, accidents, and illness can strike at any time. If you aren’t protected, not only could you miss out on getting the right treatment, it cost you more money than you have.

Before you embark on finding the health insurance you need in Singapore, here are 5 quick things you need to know.

MediShield Life is a basic health insurance plan for Singapore Citizens and Permanent Residents (PR). MediShield Life offers protection regardless of age or health condition for large hospital bills. MediShield also covers selected costly outpatient treatments, such as dialysis and chemotherapy for cancer. Kidney Dialysis claim limit is ,000 per month whilst chemotherapy claim limit is ,000 per month.

MediShield Life is mandatory insurance for Singapore Citizens and Permanent Residents, and the premiums for MediShield Life can be paid using CPF Medisave funds or cash.

Note that MediShield Life is a basic health insurance. Its coverage for outpatient cancer treatments is limited and its claim limits would often not be sufficient for stays in private hospitals. If you plan to use an A/B1-type ward in a public hospital or go to a private hospital for your future hospitalisations, you would need to consider other types of health insurance to enhance your coverage.

An Integrated Shield Plan (IP) combines MediShield Life with the additional coverage provided by private insurers. There are many variations of these. Still, they all extend the coverage of MediShield Life to cover Class B1 and A in public hospitals, as well as costs in private hospitals.

( Source: www.moh.gov.sg/medishield-life/about-integrated-shield-plans )

Besides Medishield Life which covers stays in B2/C ward, there are a few Integrated Shield Plans:
1) Class B1 Plan: provides additional coverage beyond MediShield Life coverage, targeted at stays in Class B1 wards in public hospitals

2) Class A Plan: provides coverage for stays at Class A wards in public hospitals

3) Private Hospitals Plan: coves treatments and stays in private hospitals in Singapore

The MediShield Life component of your Integrated Shield Plan is fully payable by MediSave.
The additional private insurance component of basic plan is also payable by MediSave, but only up to the following Additional Withdrawal Limits:

• 0 per year for those at age 40 years and below on their next birthday
• 0 per year for those at age 41 to 70 years on their next birthday
• 0 per year for those at age 71 years and above on their next birthday

Any excess and riders would need to be paid in cash.

Aside from MediShield Life, there are a few other health insurance options for Singapore citizens and Permanent Residents. These include:
Domestic Health Plan – covers hospitalisation expenses for people who cannot buy Integrated Shield Plan, for example, foreigners or Singaporeans/PR who have received rejection from Integrated Shield Plan application before.

International Health Plan – provides comprehensive coverage including inpatient, outpatient, wellness, dental and maternity benefits. Such a plan is suitable for expatriates and people that travel overseas often.

Hospital Cash Insurance – pays you a fixed amount of money for each day you spend in the hospital. It’s typical for the amount paid out to be more or less than your actual medical costs.

Critical Illness Insurance – pays a lump sum if you are diagnosed with any of the illnesses covered.

Disability Income Insurance – pays you a fixed amount each month to replace the income you lose if you cannot work due to an illness or accident.

Severe Disability or Long Term Care Insurance – pay for the care you need if you’re severely disabled. One such insurance is the ElderShield which provides monthly payout of 0 for up to 6 years to severely disabled elderly who need long-term care. ElderShield will be enhanced to CareShield Life in 2020, which pays out higher 0+ monthly for life.

As you research which plan is best for you, it helps to understand key terms associated with health insurance.
Premiums
The amount paid to keep your health insurance going is known as a premium. It may be a lump sum (single premium) or in smaller amounts (regular premiums) monthly, quarterly, or annually.

Deductible
How much you have to pay first for your medical expenses before your health insurance makes a payout. It’s only necessary to pay the deductible once in a policy year.

Co-insurance
This is the dollar amount you have to co-pay or split the cost with the insurer after you pay the deductible. Typically expressed as a percentage. If you have a co-insurance of 20%, you will pay 20% of the cost after the deductible, for example.

Claim Limits
These are the limits to what you can claim under a policy.

Pre-existing Condition
A pre-existing condition is any health condition that was present prior to your new insurance coverage

While it may seem like there are way too many choices, and coverage to understand, you only need a basic idea of what you want to get started. Understanding the limits of MediShield Life is a great starting point. Once you know the limitation, you can pick an IP that fits your situation best.

You should also consider specialised health insurance such as Critical Illness Insurance to adequately covers medical treatment you need to get well again.

There are a few things that will help you in the decision making process:

• Annual coverage limit
• Whether you prefer to be treated at public or private hospital
• Your preferred type of ward stay in a public hospital
• Pre- and post-hospitalisation coverage
• Price of premiums

Need someone experienced in health insurance to assist you to find and decide on the health insurance plan your need? Feel free to reach out to us via the form below.