Safeguarding your employees by providing them with adequate medical coverage may help you retain your employees and motivate them to perform better at work.
In this article, we will list down the common types of coverage that may be included in a medical insurance plan.
We will also compare the Group Medical Insurance Package offered by AXA, NTUC, Aviva and Chubb.
1. Medical Insurance Coverage
| Type of Insurance |
Definition |
|
Death Benefit
|
-
The amount of payout paid to the employee's beneficiaries in the event of employee's death.
|
|
In-patient Benefit
|
-
Covers medical care that requires your employees to stay in hospital.
|
|
Out-patient Benefits
|
-
Covers medical treatments for your employees that does not require an overnight stay in the hospital.
|
|
Overseas Hospitalisation Benefits
|
-
Covers overseas medical treatments for your employees in the hospital.
|
|
Total Permanent Disability
|
-
Offers your employees protection against permanent disability.
|
Disclaimer: The definitions presented in this table are based on our common understanding and not definitive. For an accurate definition of these terms, please refer directly to the insurer.
2. Group Medical Insurance Packages
a. Group Medical Insurance Comparison Table
| Name of Insurance Policy |
AXA SmartCare SME |
NTUC Income Employees Flexcare |
Aviva MyBenefits Plus |
Chubb Elite Guard Series |
| Eligibility |
|
|
-
Refer to other requirements here
|
|
| Sum Insured for Hospital & Surgical |
|
|
-
Hospitallisation:
according to Maximum Limit per disability (excluding Room & Board and ICU)
|
|
| Intensive Care Unit (ICU) Cover |
|
|
-
S$10,000 (per disability)
|
|
| Death and/or Total Permanent Disability (TPD) Benefit |
|
-
Death and TPD Benefit (TPD before age 65): Up to S$500,000
-
Death and TPD Benefit (due to accident): Up to S$500,000
|
-
Death Benefit: Lump sum payable upon death
-
TPD Benefit: First S$200,000 or full sum assured (whichever is lesser) payable in lump sum
|
-
Accidental Permanent Disablement Benefit:
Up to S$200,000
|
|
Overseas Hospitalisation
|
-
60% pro-ration applies if insured member is admitted in overseas hospital
|
|
|
|
|
Other Inpatient & Outpatient Benefits
|
-
Refer to list of coverage indicated in schedule
|
-
Refer to list of coverage indicated in schedule
|
-
Refer to list of coverage indicated in schedule
|
-
Refer to list of coverage indicated in schedule
|
|
Basic Plan Costs
|
|
|
|
|
| Other Benefits
|
|
|
|
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| Other Information
|
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|
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Note: For items that are not covered in the basic Medical Insurance Package, you may add it on your own accord as you deem necessary.
Disclaimer:
All the information in the above table is believed to be accurate; however, no claims, promises or guarantees about the accuracy, completeness or adequacy of the information are made. This table is based on information found exclusively on their respective websites. We believe our information is representative. However, if there are any errors in our reporting, please contact ask@lendingpot.sg for rectification. We do not claim to be authoritative. For an accurate definition, terms and conditions and other insurance related information please refer directly to the insurer.
3. Things To Consider Before Purchase
a. List Down The Medical Coverages That May Be Applicable For Your Employees
Make a list of the possible types of coverage that your employees need.
Some of the basic coverages may include death and total permanent disability, as well as inpatient and outpatient treatments.
If your employees travel a lot for work purposes, you may want to choose one with higher overseas hospitalization coverage.
Note that the packages listed above may serve as “starter packs”. Should you need any other coverages, you may opt for a premium version or add it on to the packages.
Group Medical Insurance: AXA SmartCare, NTUC FlexCare, Aviva MyBenefits Plus, Chubb Elite Guard Series
b. Laws And Regulations, Eligibility Criteria And Terms And Conditions
Find out the statutory obligations that you need to comply with:
Disclaimer:
This table is based on information found exclusively on the respective websites. We believe our information is representative. However, if there are any errors in our reporting, please contact ask@lendingpot.sg for rectification. We do not claim to be authoritative. For an accurate derfinition of the terms, please refer directly to the respective sites and insurers.
Recognize the age range of your employees, their nationalities or other requirements set by the insurer to ensure that they qualify for the insurance packages. If some of your employees do not qualify for the stated packages, talk to the insurance advisor to work out other options for these employees.
Also, be aware that insurers may have different definitions, terms and conditions, as well as fine print. You may want to read them thoroughly and clarify any doubts with the insurer.
c. Cost and Coverage
Find out the cost and coverage for the basic plans of these packages and compare them.
Some of the packages may offer you cheaper rates but may impose a limit on how much you can claim or exclude some coverages that may be important. Remember to take note of the fine print before settling on a package.
If you need additional coverage, add these costs into your calculations.
Note that insurers charge additional coverage based on several factors like age bands, types of plans (basic, standard, premium), etc.
Find a balance between the amount of coverage that you wish to purchase and the price you can afford to pay.
Conclusion
Medical insurance is one of the benefits that you can offer to your employees. With better protection and coverage, employees may feel valued to be a part of your organization.
When deciding on a Group Medical Package, bear in mind the statutory regulations that you need to adhere to, the eligibility criteria to apply, and terms and conditions of the plan.
Be open to the insurance advisor about what you are looking for and your budget so that he or she can better understand your needs.
Take the opportunity to also explore available group or referral discounts that your company may be entitled to.
Disclaimer: All the information in this article is believed to be accurate; however, no claims, promises or guarantees about the accuracy, completeness or adequacy of the information are made. This article is based on information found exclusively on their respective websites. We believe our information is representative. However, if there are any errors in our reporting, please contact ask@lendingpot.sg for rectification. We do not claim to be authoritative. For an accurate definition, terms and conditions, and other insurance-related information, please refer directly to the insurer.
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