Insure Your Success: Debunking 5 Myths on Employee Health Insurance in Singapore January 8, 2024
Amidst rising costs and a competitive landscape, there is a misconception that employee health insurance programmes are a mere expense, draining resources with minimal return. However, this perspective overlooks the strategic value of well-designed benefits programmes which can be a transformative investment in your most valuable asset, your people.
Beyond the Numbers:
While the tangible benefits are compelling, for attracting and retaining top talent, building a strong employer brand, and reducing long-term costs, the true value of health insurance extends beyond. Sound employee health insurance can help to foster a positive work culture, where employees feel valued and become more motivated as a result.
Dispelling Myths!
Misconception 1: Health insurance is just for the sick.
- Reality: Health insurance offers financial protection for a spectrum of medical needs, extending beyond serious illnesses. It encompasses preventive care, routine checkups, outpatient services, and covers hospitalisation costs. This ensures that employees can proactively manage their health, mitigating the risk of unforeseen medical expenses and the associated financial burdens.
Misconception 2: All plans are the same, choosing the cheapest is best.
- Reality: Health insurance plans exhibit substantial variations concerning coverage, co-payments, and limitations. Narrowing your options based on costs only, may result in inadequate coverage or elevated out-of-pocket expenses, particularly in critical situations. It is imperative to consider factors such as network coverage, exclusions, and the specific needs of your staff before making a decision.
Misconception 3: MediShield Life is sufficient, additional insurance is unnecessary.
- Reality: While MediShield Life provides fundamental hospitalisation coverage, it does not cover specific treatments, which may lead to potentially high out-of-pocket expenses. Additionally, work pass holders and foreigners, who are not covered by Medishield Life, have a higher risk of incurring higher medical fees. Supplemental insurance plans can in fact enhance coverage, with choices for employees to have a greater sense of financial security and flexibility.
Misconception 4: Using health insurance is complicated and inconvenient.
- Reality: The majority of health insurance providers in Singapore offer cashless claims for panel dentists and panel clinics including tele-consultations, streamlining and simplifying the entire process. The availability of online portals and mobile apps also significantly enhances the ease of submitting claims for policyholders.
Misconception 5: You need a large number of employees to offer health insurance.
- Reality: In Singapore, it is possible to initiate a health insurance programme with as few as two employees! This not only ensures immediate coverage but also extends financial protection from the start, making it an enticing prospect for attracting and retaining talent, especially for small businesses and startups.
By debunking these misconceptions and recognising the strategic value of employee health insurance, Singaporean companies have the opportunity to empower their workforce, elevate their employer brand, and ultimately, pave the way for a thriving and resilient future for the economy.
Remember, investing in your employees’ health is not just about the bottom line; it’s about creating a stronger, happier, and more productive organisation.
All employees deserve quality healthcare! To understand more about employee health insurance for companies in Singapore, connect with me on https://bit.ly/TTPvalerielimj.
Contributor:
Valerie Lim
Wealth Manager
Phillip Securities Pte Ltd (A member of PhillipCapital)
https://bit.ly/TTPvalerielimj
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About the author
Valerie Lim
Wealth Manager
Valerie, a seasoned Wealth Manager at Phillip Securities, brings over 15 years of diverse experience, including marketing, PR, and restructuring. With a decade in marketing and PR, she excels in crafting impactful strategies, while her accounting background ensures meticulous attention to detail. Trusted across industries, Valerie navigates risk complexities and champions the transformative power of insurance. Driven by a commitment to financial literacy, Valerie educates and empowers businesses, emphasising proactive risk management as a catalyst for innovation and success. Her unwavering guidance helps Singaporean businesses secure a prosperous future for themselves and stakeholders.
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