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Corporate health insurance – how to choose and budget my team coverage?

30 Apr 2019

You are an HR, founder, CEO or entrepreneur and are responsible for your company’s employees? You are thinking about getting a corporate health insurance but wondering how much would this cost?

The budget for corporate health insurance plans can go from small amounts to tens of thousands of dollars. With UEX, you can have a hospitalization coverage for as low as S$164* per year. We also offer fuller coverages starting from S$578* for Inpatient care, General Practitioners and Specialists (with copay).

 

In this article, we will explain to you how to budget your team health coverage plan and how to choose an insurance according to your budget.

 

What are the different options you can select for your corporate health insurance?

There is often a discrepancy between the “quality” of the coverage and the satisfaction of your teammates. In order to protect your teammates’ health and financial risks, a good inpatient coverage should be chosen.

Outpatient coverage, like General Practitioner, Specialists and Dental are improvements to the plan, they are a “nice-to-have” for your teammates.

Hence, the key is to find the right balance between benefits while keeping the cost within your budget.

 

Inpatient Coverage

Due to the rising health costs in Singapore, the financial burden when one is sick could be significant without a health coverage. The highest financial risks lay within inpatient care.

To give you an example of hospitalization costs: an appendix surgery without complications can cost up to S$ 21,000 at Raffles Hospital. This article gives more details about the cost of hospitalization in Singapore.

 

Therefore, everyone should at least have an inpatient coverage. It will cover your teammates for all related medical expenses in the event of hospitalizations. This includes expenses for doctors and surgeries or accommodation.

 

If the budget is limited, inpatient coverage is essential before adding any outpatient coverage. With this plan, your teammates are not exposed to high medical costs in the event of major medical conditions.

 

In addition, it is worth noting that you can add an extended major medical rider to team’s inpatient coverage, to provide extra protection again serious medical conditions. This provides additional coverage in the event of hospitalisation for more than 20 days or in the  need of a very expensive surgery.

 

At UEX, our platform features 3 inpatient coverage options, starting from S$15,000* coverage per disability (i.e. each hospitalization) up to S$250,000* per year.

Each level of coverage comes with an extended major medical rider for extra protection at a marginal increase in premium. For example, premium for a 30-year old member for an inpatient level 1 coverage starts from as low as S$164* per year, and only S$14* extra per year for the extended major medical rider. Those coverage are the first two slider bars on the left side window on our platform. If you select the extended medical rider, make sure they are at the same level as the inpatient coverage.

 

Outpatient Coverage: General Practitioner

Outpatient care contains visits at the General Practitioner (GP) and prescribed medicine, specialist consultations and diagnosis tests, as well as alternative treatments like homeopathy or chiropractic.

Dental and optical care are often not included in the outpatient coverage, but can be included as an add on option.

 

A GP is a doctor who is not specialized in one particular area of medicine. A consultation generally happens for routine checks or in case of common illnesses. At UEX, we offer two GP coverage options that you can choose on our platform:

 

1) A cashless option providing a full coverage at panel network, i.e. consultation and medications are fully covered when visiting any doctors at the panel network. Our network is extensive and consists of over 500 doctors. The member just needs to show the physical medical card or ecard on the app, and no payment is needed.

 

2) A copayment option, a member will only pay S$10* for each GP visit, when visiting the panel doctors.

 

If the member decides to visit a GP that is NOT in the panel network, the member will have to pay the bill first and get imbursed for S$35* maximum per visit.  

With UEX, the GP copayment option starts from S$275* per year per member.

 

Outpatient Coverage: Specialists

Specialists are healthcare professionals who are specialized and practice in only one particular area. Examples are cardiology or dermatology.

 

Alternative medicine is a type of practices that are used instead of traditional therapies. Alternative treatments can be a complement of standard medicine, e.g. acupuncture or homeopathy. This benefit is usually provided as part of the specialist coverage.

You can learn more about the differentiation of GPs, specialists and alternative medicine here.

 

At UEX, you will find 3 coverage levels on our platform that you can choose. Level 1 is the minimum coverage, covering Specialists consultation up to S$1,000* per year. Specialists diagnosis tests are covered up to S$1,000* per year as well as S$500* coverage for Physiotherapy & Chiropractic Treatment per year.

 

With Specialist coverage, you can visit any specialists, as there is not panel restriction, unlike the GP coverage. You will have to pay the bill first, then get reimbursed up to the annual limit of your coverage.

The key for specialist reimbursement is to ensure that you have a GP referral letter. Without a referral letter, there will be no reimbursement.

Premium for level 1 starts from S$168* per member per year without any copayment. Wit a 20% copayment, they are at S$139* per (i.e. the member pays 20% of the bill).

 

Customize your corporate health insurance

Now, you know all the components and costs involved for each coverage, you can visit the UEX SME platform to customise your corporate health coverage.

 

Our platform provides instant premium displayed according to the coverage you have selected. It allows you to create categories among your team for different coverages, as your teammates might have different needs. Once you have an actively policy with us, you can perform administrative tasks via the platform including adding and removing the staffs or issuing invoices.

UEX SME Platform - Tips to budget your team health coverage

 

Keep in mind that for a corporate health insurance, hospitalisation coverage is a mandatory coverage. You can add GP, specialist or dental cover if you want to provide outpatient coverage to your team as well.

If you want to optimise your premium, you have different options. Limit the team’s access to the type of hospitals (private vs public) and room type (single vs 4 bedded). You can also add copayment for Specialists.

 

*The above mentioned prices are for a 30 years old employee. Please note that the prices are not guaranteed and are subject to change without prior notice.

 

To find out more about healthcare topics for your company and your employees in Singapore, you can check out our articles

To understand how your employees health insurance plans cover their healthcare, costs and how you can cover your business, feel free to contact the UEX team by email or by phone. We will provide you with more information and guidance – and the good news is that they are super nice!

With UEX, you can obtain a quote for your employees health insurance contract or your business insurance customized to your needs and requirements – all in less than a minute!


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