5 Articles for HR Professionals: Employee Benefits in Singapore
At Mednefits, we are proponents of being informed in this age of search engines - where (good) information is just a (few) click(s) away. Also, why we do what we do is simple - to provide human and affordable health benefits, the kind we want for ourselves and loved ones. Combining the two together, we find it important to be informed as it plays a role in providing the kind of health benefits we want (or you want for your employees!).
In Singapore, health insurance is probably a big part of a company’s whole health benefits package. We find the following 5 articles helpful as you navigate the road of providing a better employee benefits in Singapore.
So let us begin...
1) 5 Ways Singaporeans Can Avoid Overspending on Health Insurance by Timothy Ho
While the article might be better suited as a topic on health insurance at an individual level, it is informative and educates local citizens on what they are entitled to under our nation’s health insurance policies. These are crucial to understand before moving things to a more macro level- group health insurance.
Extra sharing: While we’d like to focus on health insurance for employees, we couldn’t help but share about- GoBear, an excellent website (in terms of UX|UI) that give you concise and meaningful information on mostly personal health insurance and wait… the broad spectrum of personal finance from Insurance, Credit Cards and Loans.
An objective piece that brings awareness to a possible overlap in group health insurance and Medishield Life, our nation insurance policy (as above). The conclusion is explanatory with the article’s purpose “to drive home the point that insurance companies and HR personnel should constantly review the group policies that they have so as to continue staying relevant during changing times, and avoid providing insurance that may overlap with what their employees already have.”
We find it instructive to read #3 and #4 together, they provide valuable insights on engaging an insurance broker. We highlight the advice that corporates should have an idea of what they want- the health benefits package that aligns with management goals and deliver employee satisfaction.
If you are interested in the pros and cons of conventional corporate healthcare plans in Singapore, we touched on this topic in our previous article.
5) Ministry of Manpower guidelines on Medical Reimbursements by MOM Singapore
According to our past short survey with most SME Human Resource Professionals, they are not familiar with the minimum basic employee medical coverage bound by employer or company. Some of the HR Pros we interviewed mentioned Group Hospital and Surgical as the minimum basic medical coverage for their employees. Interestingly, under Ministry of Manpower act stated if employees have worked more than 3 months, the employer must bear the cost of their medical consultation fee. The cost can be settle according to company policy, be it reimbursement, insurance product or any third party benefits plan.
If you’ve read this far, we really appreciate if you answer just 2 quick questions in the comments below.
Have you come across other articles that have helped you as you navigate the route of providing health benefits for your employees? Please share them and it will make this post even more valuable for all of us.
Are there other burning questions you want answered with regards to employee health benefits? We will love to hear them from you.