What should you look for in your company’s insurance benefits? Here’s what you can expect before you sign on the dotted line.
If you want to join a new company, in addition to the remuneration and the scope of work, you should also check the insurance coverage before you put the pen on paper.
The types of insurance offered by companies typically offer the following: You can think of “free” insurance, where the plan is paid for by the company.
What is usually provided?
The first item to look out for? Health insurance coverage.
While many companies provide health insurance for their employees, it is not mandatory for companies to have health insurance, with the exception of S-Pass holders and work permit holders:
S Passing Health Insurance Requirements: You must purchase and maintain health insurance with coverage of at least $ 15,000 per year that covers inpatient care and day surgery.
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Health Insurance Requirements for Foreign Workers: You must obtain and maintain health insurance coverage of at least $ 15,000 per year that covers inpatient care and day surgery, including hospital bills for conditions that may not be work-related.
Businesses are also required to purchase industrial injury compensation insurance for employees who do manual labor and those who do non-manual labor and earn $ 2,600 or less per month.
If your company offers health insurance, it will usually cover you in case you are hospitalized. This includes coverage for both inpatient care and day surgery.
Whether it covers pre-existing conditions depends on the plan the company purchased.
For example, some plans cover pre-existing conditions after a waiting period of 12 months.
It could also include additional benefits such as:
- Outpatient care
- Specialist who
- Personal accident
- running time
- Critical Illness
- Option to extend coverage to your spouse and child (s)
Aside from insurance, companies also have to contribute to your CPF, a portion of which goes towards your Medisave each month.
What additional benefits could companies offer you?
In addition to basic insurance, some companies offer the following benefits, although they are not legally obliged to do so. This coverage typically comes when drivers are added to the company’s group insurance.
Dental coverage: Get reimbursed for your dental treatments. This typically includes counseling, scaling and polishing, filling for tooth decay, and extraction.
A co-payment component may also be required, e.g. B. 20 percent.
Pay attention to the annual limit and the type of procedures covered.
For example, if that annual limit is $ 1,200, you can only claim up to $ 1,200 for medical treatment that year, regardless of which procedure you choose.
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Some procedures like cosmetic dental work may not be covered.
Traditional Chinese Medicine (TCM), chiropractic, physiotherapy: get reimbursed for your TCM, chiropractic or physiotherapy.
For chiropractic treatments or physiotherapy services, some insurance policies require you to provide a referral letter from a registered doctor or specialist so that your claims are eligible.
As a rule, an annual reimbursement limit is also set, e.g. B. 500 USD.
Alternatively, a limit could be set for each claim, e.g. B. 50 USD per visit to the TCM.
If your employer doesn’t offer this coverage, you can still get TCM, chiropractic, or physiotherapy insurance with an affordable personal accident plan.
Mental health insurance: With the increased focus on mental well-being, some employer insurance plans may provide additional support for mental health-related costs.
This can take the form of reimbursement for counseling, mental health services, or special mental health programs.
If you’re looking for your own plan that covers mental health, consider AIA Beyond Critical Care.
In addition to the benefits listed above, other fringe benefits your business insurance can offer may include: Annual health screening, vaccination, optical expenses, fitness activities, wellness programs, and more.
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Insure yourself beyond your company’s insurance plan
In addition to relying on your corporate insurance, you should also improve your coverage with an Integrated Shield Plan (IP), as group insurance will also be terminated upon termination of your employment and you will have to pay your own medical expenses.
You can also consider purchasing a Critical Illness Plan that gives you a lump sum payment if you are diagnosed with a critical illness.
If you are hospitalized because of an accident, be it at home or in the office, you can also receive hospital allowance if you have a personal accident plan that provides such coverage.
Regardless of what your business insurance offers, you should get adequate coverage with the right insurance plans.
This article was first published on SingSaver.com.sg.
