There is more than one million expats in Singapore, that is to say more than one million people not covered by the national Medishield healthcare plan as they are not Singaporeans. Moreover, as medical costs in Singapore are quite high, providing your employees a health insurance would make your company even more competitive in the market.
Are you looking for millennial talents? Even though it is not necessarily required, 54% of millennials say benefits are the determining factor when deciding where to work. But, is health insurance mandatory? What is the cost of different healthcare plans? How should you manage your employees’ coverages? In this article, discover all you should know about you company’s employee health insurance.
First, is it mandatory to provide my employees a health insurance?
It is mandatory for companies to provide medical insurance to Work Permit and S Pass holders, along with the provision of medical treatments, to be in rules with employers’ existing responsibility for the upkeep and maintenance of their foreign workers.
For Employment Pass holders, health insurance is not a requirement. Employers can choose whether or not they want to provide them health insurance coverage. However, if you show your employees that you care for them, they will for sure return it to you! Productivity at work can be increased by 22% thanks to benefits. High potential employees (HIPOs) are at greater risk of leaving, and 71% of the employees with benefits say they are less likely to leave their job for a new employer. Would help you retain your talents then!
What is the price of health insurance for an SME?
The price will be really different depending on the coverage level the HR chooses. For a business employing around 10 employees in their 30s, it would be an annual price of SGD 1,746.02 with UEX. The average price per person would be SGD 174.60. This includes the level 1 of UEX’s Hospital and Surgical insurance.
However, UEX has 5 combinable types of health coverage for the employees with different levels for each that you can personalize.
1) Hospital and Surgical: non-emergency treatments in Singapore and overseas, ambulance charges…
2) Extended Major Medical: Eligible medical expenses, surgical procedure, surgical implants…
3) General Practitioner: visit to polyclinic, unlimited number of visits per year…
4) Specialist Care: Outpatient Specialist Consultation, Physiotherapy & Chiropractic Treatment..
5) Dental: Consultation & Medication, X-Rays…
How do I provide health insurance to my SME employees?
When it comes to getting health insurance for an SME, the HR professionals best option is to get to an agent, representing an insurer. They have good sales service and will save you a lot of time. Subscribing through an online platform can also be a real time-saver hack for your HR team.: In only 4 steps, your employees are covered by personalized plan!
Step 1: Enter some details about your company
What is your company name? Contact number and email? When would you like the policy to start?
Step 2: Build your employee groups!
You can create staff groups, differentiating between those who need an international travel coverage, a local coverage, or family coverage, to provide full protection in all life situations.
You can also manage staff movements fast and conveniently through our SME online platform!
If your team is growing, there is no need to send us any paper documents: you can simply add or remove employees to and from your list, and update your balance automatically after each staff movement.
Step 3: Personalize the coverage types
According to the group’s needs, profiles and roles in your company,adjust the sliders and get your real-time final quotation!
Step 4: Done! You’re all set!
Finalize the payment process and let us do the rest. Fast, wasn’t it? Don’t forget that our team is here to help you through the whole process.
Feel free to contact our SME Team by email.
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!