Benefits of company group health insurance
Skilled and experienced professionals in Singapore often can choose from multiple job offers. One of the considerations while selecting a job is the compensation which is offered. In addition to the salary which is directly credited to the bank account of the employee, most companies are offering a number of perks like free house, health insurance. Some of the reasons why company group health insurance is beneficial to both the employer as well as the employee and the coverage usually provided by the company health insurance is listed below to help those looking for more information about health insurance.
The cost of healthcare in Singapore is among the highest in Asia. Though citizens and permanent residents of Singapore get some coverage under Medishield life, expats usually do not have any health insurance, unless they purchase it separately.There are a large number of expats in Singapore working in different companies, so if they fall sick or are involved in an accident, medical treatment can be expensive. So while choosing a job, it is advisable to check whether the employer is offering health insurance, so that the employee does not have to purchase health insurance separately, spending time and money. This will help the employee get the best medical care available without bothering about expenses, so that he can recover faster.
Employers should be aware that highly skilled employees are more likely to choose jobs where health insurance is part of the compensation package, so this will help them attract and retain the best employees available. It will also show that the employer cares for the employees health. Since most companies have a large number of employees, the health insurance company is able to offer better pricing per employee, which is far lower than what the employee would have to pay if he purchased the health insurance plan separately. So the employer can use the market value of the health insurance coverage when listing it in the compensation, though he is actually paying less.
The coverage for each group health insurance plan for a company will differ and is usually negotiated with the insurance company by the employer. The employee profile, especially age, type of work done and typical health problems will vary depending on the company profile, the products or services it sells, so the health insurance required will vary. If most of the employees are young, below the age of thirty, they are less likely to have any kind of health problem, but if a significant number of employees are middle aged, the medical problems will be more, so the health insurer may charge a higher premium.
Typically the insurance coverage includes the cost of hospitalization, cost of consulting medical specialists and other doctors, medication expenses, cost of physiotherapy, dental, vision related problems and regular health checkups. For women employees the insurance also includes maternity related compensation. In some cases, the insurer may specify that the employees should consult only specific doctor, or hospitals for faster processing of the insurance claims