In this article, we cover some important aspects that are related to having medical coverage for your staff in Singapore as well as the benefits that come with the medical coverage.
Why is it important to have medical coverage for staff in Singapore?
1. Tax deduction
By getting medical coverage for your staff, you will be eligible for tax deduction. Since expenses to cover a staff medical insurance policy is considered as a cost that contribute to generation of your company’s revenue, the premium payments would therefore qualify for tax deduction. For more information, you may refer to this website.
2. Medical insurance is compulsory for foreign workers
If your company is planning to hire foreign workers, you are required to have medical insurance for them. Every foreign worker employed by you must have their own medical insurance plan. If you fail to provide insurance details, a work permit application cannot be processed for the foreign worker.
Take note that the medical coverage cannot be less than SGD 15,000 per year and it should cover hospital bills for work and non-work related as well as day surgery and inpatient care.
3. Mitigating risk involving medical bills
Singapore is known for its expensive medical bills and healthcare. If you buy a medical coverage for all your employees, you can leverage the insurance benefits, rather than reimbursing medical expenses of your staff. This way, you will not have to worry about high medical bills and can spend money on other costs that are more important to grow your business.
1. Attract talent
A good medical coverage can help attract good talent to your company as it is one of the most popular benefits that an employee is looking for before deciding to sign an employment contract. By having a medical coverage, you are also showing your good intention towards your staff. It shows that you care about their health and wellbeing.
2. Outpatient benefit for staff
You may already know that a personal medical coverage that is individually purchased by your staff does not usually cover outpatient benefit. Hence, when choosing a medical coverage, it is important to choose a good one that covers outpatient benefit for your staff.
If you buy a corporate insurance plan, you will not need to reimburse the money spent by your employees to consult with a general practitioner. It is the responsibility of the insurance provider to take care of this. This way, your employees can go to a clinic by simply bringing their card or e-card that is provided by your insurance provider.
Isn’t this effective and efficient for both you and your employees?
3. Coverage for pre-existing conditions
Some insurance providers offer corporate medical insurance plan that covers pre-existing conditions. This coverage will certainly benefit your staff and makes your company even more appealing to bright and smart talents out there.
4. Coverage for critical events
While we do not expect bad things to happen to our dedicated employees, we cannot predict illness and death. In the case when an employee is diagnosed with a critical illness, disability or even loss of life, a corporate medical insurance will be able to provide protection. Sometimes, such illness may even lead to end of employment for the affected staff. And in such unfortunate event, you would be able to provide an appropriate compensation due to insurance coverage.
5. A token of gratitude
Many employees would spend the majority of their time with your company. They work hard, they show dedication and passion towards your company, and this in the end helps your company grow. Providing a good medical coverage for employees is one of the least things a company can do as a token of gratitude for its staff.
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