Employee Benefits Insurance Plan In Singapore: What Does It Cover?

Employee Benefits Insurance Plan In Singapore: What Does It Cover?

An employee benefits insurance plan is offered by the employers to their current employees through a group insurance program. Also, it serves as a way of attracting and retaining workers in a company. An employee benefits insurance includes basic coverage:

  • medical health insurance
  • group term life insurance
  • prescription drug plan
  • accidental death and dismemberment policies

G&M employee benefits insurance offers a more comprehensive package that includes a vision and dental plans. You may click here to find out more on the best health insurance in Singapore.

Top two coverages of employee benefits insurance

In employee benefits insurance, there are two coverages that the employee will benefit from:

  1. Work from home insurance. This is coverage under the employee benefits insurance, in which employees can still enjoy the benefits while working at home. Understandably, the new normal can create so many changes in the working environment of the employees, since almost all works can be digitally connected. Still, employees working from home can benefit from the company’s employee benefits insurance. Companies can continually help their employees stay protected from the rise of new risks in working at home, such as stress disorders. Here are the key areas that cover under work from home insurance:
    1. mental health support
    2. ergonomic cover
    3. mobile office cover
    4. domestic perils

click here to find out more on the best health insurance in Singapore

  1. Foreign worker medical. If you are a foreign worker, you can still be protected with the employee benefits insurance plan. Since this type of insurance is offered by the company where you are working, you are eligible to get the benefits.

Purchasing medical insurance for foreigners in SG is mandatory. If a company is employing workers on S Pass or Work Permit, purchasing medical insurance should be performed. It is providing health insurance benefits to foreign workers. A company is required to buy and maintain medical coverage for their employees of at least $15,000 each year for every worker.

The insurance is covering day surgery and inpatient care for hospital bills. As a foreign worker in Singapore, you also have to check whether your company is giving optimal protection for you. As a company in Singapore, you are obliged to provide optimal protection for your foreign workers as well.

There is no pain in the pocket when it comes to purchasing a health insurance plan. It can be painful if you get injured from work and you have nothing once you get hospitalized. A long medication can be painful to the pocket, without an employee benefits insurance plan, you would probably face financial difficulties.