Insurance benefits: The importance of healthcare for your employees
3 minute read
Singapore is a popular hub for financial institutions like banks, insurance companies, venture capitals and more. To build a successful business, employees play a significant role in this journey.
When setting up healthcare for your employees, remember that you do not have to do it all by yourself. If you’re in Singapore, we have partnered up with a trusted health insurance advisor, UEX.
Healthcare benefits for your employees is vital to keep employees protected at all times. Continue reading to find out the importance of healthcare for your employees.
1: Boost productivity
Every employee feels appreciated if a company priorities their healthcare. By having proper healthcare for your employees, it will lead to them being more productive and healthy during work hours. By offering adequate healthcare to your employees, you build a form of trust, have positivity around the workplace and it can also reduce the turnover rate.
2: Have pre-existing conditions? It can be covered!
If you have pre-existing conditions when subscribing to a new plan, the medical underwriting excludes these conditions completely or partly (depending on case to case basis). Another positive aspect of getting a group healthcare plan for your employees is risk mutualisation within the company. What does this mean? With a group plan, your insurance will cover these conditions however, compared to a normal plan, the maximum amount that can be covered for a particular condition, is reduced.
3: Limit the inequalities
In Singapore, every company has a mandatory requirement of paying its employees CPF (Central Provident Fund). The CPF is a major pillar of Singapore’s security system and serves to meet housing, retirement and healthcare needs (eg. Hospitalisation). CPF acts as a social tax that companies have to pay every Singaporean or permanent resident employee that they hire.
This amount has no value to non-Singaporean employees. To have equality between all employees and put their healthcare above all, it is advised to get medical coverage for all employees, in order to make up for the budget that is allocated towards the CPF.
4: Avoid giving cash in hand
Instead of giving your employees cash in hand, leaving them to go out and choose their own healthcare insurance, it is better to get a group health insurance for your employees. By doing so, you can manage and organise different types of plans for every group such as: design your plans according to their position, personal/professional situation, nationality and more.
Opting for a group health insurance plan for your employees often allows you to a number of discounts. This way, you can get a competitive pricing that would suit you and your employees the best rather than them going out and getting a medical insurance on their own.
5: It can easily be set up
UEX can help you through this whole process and make it as seamless as possible. They can help advise which plan might suit you and your employees the best. They can also then help with setting everything up and staying compliant with the regulations.
If you are interested in finding out more about healthcare for employees in Singapore, leave your details below and a representative from UEX will get in touch with you.