6 Things to Consider when Purchasing Foreign Worker Medical Insurance
Foreign Worker Insurance
According to the Ministry of Manpower (MOM), purchasing foreign worker medical insurance is mandatory if you are employing workers on Work Permit or S Pass. You would need to purchase and maintain medical coverage of at least $60,000 per year for each worker.
The insurance should cover inpatient care and day surgery, including hospital bills for conditions that may not be work-related. You will need to submit the insurance details online to MOM before the permit or pass can be issued.
There are many insurers offering Foreign Worker Medical Insurance in Singapore, each providing their own range of coverage and benefits. Ensure that you are getting optimal protection for your Foreign Workers by looking out for the following.
Features to look out for:
1. Pre-existing conditions
Covers pre-existing medical conditions of your workers. This is included in most plans upon inception. However, some insurers require a 12-month waiting period for pre-existing conditions, for their basic plans.
2. Overseas hospitalisation benefit
Work-related medical treatments – Covers work-related medical treatments carried out in Singapore and Overseas, when employees travel for work assignments. Usually included in most plans.
Non-work-related medical treatments – Most insurers cover non-work-related medical treatments only if they are carried out in Singapore. However, if you require, some can provide coverage for non-work-related overseas medical treatments in cases of emergencies.
3. Emergency outpatient treatment for cancer & kidney dialysis
While outpatient treatments are usually excluded from the coverage of Foreign Worker Medical Insurance plans, it is possible to secure coverage for outpatient cancer and kidney treatments, as some insurers do make this available.
4. Outpatient treatment
Most policies only cover treatment that is performed in the hospital. However, some plans can cover both inpatient and outpatient treatments, usually with higher premiums and requiring some form of Co-Payment.
5. Claimable limit
MOM has set a requirement for the claimable limit to be at least $15,000 per policy year. However, more superior limits can also be obtained depending on your needs.
6. Repatriation of mortal remains
When an unfortunate loss of life happens for your foreign worker due to illness or an accident, insurers can cover for repatriation of their remains back to their home country.
Which plan should you go for?
Depending on the needs of your company, you could be looking for cost-effective plans that meet MOM’s minimal requirements, higher claim limits to better indemnify your business from unexpected claims arising, or having overseas hospitalisation coverage whilst your Foreign Workers is back in their country of residence.
Get insured with the right help.
Having an expert on your side to help you pick the right insurance plan and find the best price can be a big help. If you need help finding the right insurance coverage, consider working with an experienced broker like eazy. Our team can advise you on various insurance plans, including motor, health, corporate, lifestyle, and marine coverage. Speak to us today to get your insurance needs covered.
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