In this article we will look at why the best group health insurance for expats policy in Singapore is both a benefit to companies and their employees.
Before getting into this detail let us take a look at Singapore’s health insurance requirements.
Healthcare in Singapore:
Singapore’s healthcare ranks amongst the world’s best, but compared to other South-East Asian countries such cover comes at a premium cost.
Permanent residents as well as Singaporean nationals must subscribe to ‘Medishield’. This is a mandatory government health insurance scheme. It works on a co-payment basis between government and individuals in need of medical attention.
Foreigners and the expat community who are not permanent residents do not qualify for this health insurance cover.
Expat health insurance is a necessity:
It is vital that health insurance in Singapore is taken out by expats to cover any requirement for health care. If not, those without cover will suffer an expensive experience.
While a wide variety of individual policies are available they will vary in terms of cover offered and excess payments that need to be paid before the policy takes over payment.
An excellent solution to this challenge is for expats to take advantage of group health insurance in Singapore.
Benefits for employer and employees:
There are significant benefits for both employer and employee through the offer of a group plan.
It goes without saying that this should be a robust, well-structured plan with wide ranging benefits. Such group health expat insurance in Singapore should afford comprehensive cover for treatments, hospitalisation and surgical procedures.
You will also find that many give additional benefits which include outpatient cover, visits to a doctor, and covering the cost of scans as well as test. For expats with families in Singapore it should be noted that family members will also benefit through cover offered.
This is an important point for those expats who are looking at individual health cover to bear in mind. Many personal health plans will have limitations for those classed as having pre-existing medical conditions.
These conditions and any related ones may well be excluded from cover. Indeed, in some cases an individual will have their application for insurance declined on these grounds.
On the other hand, international group health insurance in Singapore is far more flexible for employees who have a pre-existing condition. In general, they will be accepted under full cover of the group plan. The logic behind this is that the healthier workers in the group are helping to spread the cost of other workers in need.
Finding the best international group health insurance in Singapore:
When a company is considering the most appropriate group health plan there are a variety of factors to consider. This includes the size of company, whether they solely operate in Singapore, have business activities in other South-East Asian regions, or operate around the globe.
They then need to decide on levels of cover offered and premiums involved. Searching through a list of international group health insurance in Singapore providers, analysing what is on offer and comparing policy cover can prove to be an extremely time-consuming process.
To circumvent such research many companies quite rightly avail of health insurance brokerage services. By doing so they can explain details of their company and requirements and leave the broker to come up with the best solutions.
An experienced, well-respected insurance broker as Expat By Expat will always give choice. What is more, once a decision is made the broker will see the setting up of a group health insurance in Singapore scheme through to fruition and onward.