Hiring foreign workers is a great way to diversify the approach and objective of your company. There will be lots of possible doors that will open that will get you ahead of your competitor.
However, including foreign employees on your Singapore team can also mean another investment since you have to provide protection and security for them as well. In addition, your company should be able to offer equal benefits for them such as medical insurance.
Who Needs Mandatory Health Insurance?
Every foreign employee who holds worker permits and S-pass is eligible to get their medical insurance from your company. According to the Ministry of Manpower (MOM) of Singapore, every employer should provide medical insurance per year of at least $15,000.
Benefits of Getting your Foreign Employees a Medical Insurance
Medical insurance is given to secure the safety of the foreign workers, but it’s not just for them. It also has various benefits for businesses or companies such as:
Attract Skilled Employees
The competition between companies in Singapore is known to everyone that even in hiring employees, they are competitive. If you’ve been in the industry for a while now, you’ll know that offering insurance and other employee benefits will give you the edge to attract more skilled individuals. It is the same when you want to hire foreign workers; you have to assure them that you can give them the benefits they need, especially the medical insurance.
Keep Great Assets
Providing medical insurance to your employees, both locals and foreign, is essential to keep your assets on your side. You will not just be protecting them but also your company because when one of your executive employees falls ill, your company will surely be affected.
Therefore, it’s essential to know how to get the best medical insurance for your foreign employees. Here’s how:
How to Get the Right Foreign Workers’ Medical Insurance?
In getting the suitable foreign worker’s medical insurance for your employees, there are things that you should consider, such as:
Area of Coverage
There are plenty of insurance providers in Singapore that offer various plans with different coverage. Some insurers only cover a specific region but some providers cover worldwide. It surely depends on the insurance provider you’ll choose, so always check on the insurance’ area coverage. However, it can be more beneficial for foreign workers to use the insurance even overseas, but it still depends on you.
Some of your foreign workers might have previous conditions that need medical assistance, so getting medical insurance that covers pre-existing conditions is a good choice. Although you still have to be keen about it because some insurers have waiting periods for pre-existing conditions on their basic plans.
In getting the best medical insurance for your workers, you should also check for the treatment coverage included in the plan that you are planning to buy. Some plans only cover work-related treatments and do not include non-work-related treatments, which can be disadvantageous for your employees. Since accidents, injuries, or illnesses do not only occur at the workplace, they can happen anywhere.
As MOM requires, the claimable limit for foreign worker’s medical insurance should be at least $15,000, which means that it’s essential to check whether the plan that you’ll purchase falls under the required limit of the MOM.