Employees are the backbone of any company. Without them, businesses would have a hard time making ends meet. It is more important than ever for every business to ensure that their employees are in the best of health at all times. This means ensuring they get regular check-ups and regular treatments when they fall ill or injure themselves on the job. Many companies offer some form of employee health in Singapore, but it’s important for everyone associated with a business to know what these plans entail. Here are things you need to know about employee health insurance Singapore:
What is an employer’s responsibility?
Employers are responsible for funding 60% of the cost involved with all medical claims made by their employees within the first S$15,000. This is split into two parts: Firstly, employers cover 80% of claims up to S$5,000 and the remaining 20% of claims between $5,001 and $10,000. Secondly, employers cover 40% of claims between $10,001 and $15,000.
What if an employer has more than one office in Singapore?
Employers with more than one location in Singapore need to consider how they handle their contribution towards employee health insurance for all of their offices. This is especially true if each office has its own separate staff, and it is not practical for everyone to move to a single location just so that they can be enrolled into the same company plan. If this does happen, then employers will need to cover the premiums of each and every employee associated with any of their branches across Singapore.
What happens if someone enrols part way through the year?
Providers tend to pick up premiums on a monthly basis for most plans, but there are some which pick up premiums on a quarterly basis. If an employee enrolls part way through the year, then it is possible that they will need to pay for two sets of premiums. This is because if their employer chooses to pick up premiums on a monthly basis, then the provider will not be able to go back and refund them for any previous payments that may have been made if the new enrollee does not want to cover it themselves.
What happens if someone leaves-By Insurance
When an employee leaves their company, they will need to inform their employer and their health insurance provider. Upon notification, providers can either: Allow employees who leave or wish to leave their company plan before the end of their contract term to do so without any penalty charges from either side. Refund the employee for any premiums they have paid throughout their contract term, regardless of whether or not they have used any of the company’s health insurance services.
What is a co-insurance rate?
For those who are insured under a company’s plan but do not have access to extended hospitalization benefits, employers may choose to contribute some funds towards co-insurances as well as deductibles as part of their employee health insurance Singapore plans. Employers can either pay all of these costs themselves or split them with employees 50/50 (i.e., if an employer pays half and an employee pays half). Alternatively, employers can contribute 100% of the costs involved with treatments like acupuncture or physiotherapy sessions while requiring employees to cover 100% of the costs involved with treatments like MRIs, CAT scans, and ultrasounds.
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