Employees are one of the greatest assets to any organization. That said, providing them with employee medical insurance would get you an efficient solution to manage their medical claims while making your company more competitive in the market.
The health coverage, along with other company-provided benefits, will also be of great help to your employees, considering that medical costs in Singapore are relatively high.
As an investor, it is also important to note that companies in Singapore are mandated to provide medical insurance to holders of S Pass and Work Permit as a way to maintain their foreign employees. This is very important because Singapore is the home to over one million expats, who are not covered by the national healthcare plan.
If you’re thinking of investing in employee medical insurance, here are five factors that you should consider before making the big decision.
1. Reputation and financial health of the insurer
Essentially, employee medical insurance is a contract of agreement between you and the insurer to care for your employees’ health needs. It is also a huge financial commitment, meaning you want to be sure that your insurer is not at risk of being declared bankrupt.
To get the best deal from a financially stable insurer, you need to examine the insurer’s credit ratings from the three credit rating agencies. The rating shows the likelihood of a specific insurer meeting its financial obligations. There is not much to worry about if your insurer has a superior rating and is a member of SDIC.
Insurance premiums are usually paid monthly, whether or not your employees use medical services. Ideally, you want to pay reasonable monthly premiums and get considerable coverage for the price.
Remember, at the bare minimum, the plan you get should cater to basic health needs and industry-specific medical risks. So, don’t sacrifice the health of your workers for a few dollars.
3. Plan suitability
An important question you need to ask yourself: “Does the insurance you’re considering suit my company and employees’ needs?”
Each employee medical insurance plan is specific with what is covered and what is not covered. As you would expect, the best plan will depend on your needs as well as your budget. Some insurers offer customizable plans, meaning you’re likely to get the best plan you can imagine.
4. Customer services
The primary reason for providing your employees with health insurance is to ensure that their medical claims are catered to. Considering that it is one of the packages that can help your company retain talent, you need to ensure that the insurer is committed to offering your employees the best services.
Studies show that health insurance, among other offers, helps retain talent. Thankfully, most Singapore-based companies usually include employee medical insurance in the benefits and compensation packages they offer to their workers. If you are still on the fence trying to decide whether to provide health insurance to your employees or not, it is time to do it. Make sure to refer to this guide to get the best deal for money while supporting a healthy workforce.