Why Company Insurance?
There is compulsory insurance that MOM requires a company to purchase for their workers. They are
- Foreign worker’s medical insurance
- Foreign worker’s bond
- Work injury compensation
image of a foreign worker at a site
From 1 January 2008, employers will be required to purchase and maintain insurance for the medical expenses of their Work Permit and S Pass holders during their stay in Singapore. This requirement will be included as a Condition of Work Permits/ S Pass and will apply to all existing and new Work Permit and S Pass holders. The medical insurance will help employers manage potentially high medical bills given the withdrawal of healthcare subsidies for foreigners on the same date.
The coverage must be at least $15,000 a year (as of 2013) for each foreign worker’s inpatient care and day surgery during his/her stay in Singapore. Under the Conditions of Work Permits, employers are responsible for the upkeep and maintenance of their foreign workers, including the provision of medical treatment.
(2016 Update: The MOM requirement has increased, please contact us here for the new requirements and the insurance plans that are catered to fulfil the requirements)
What to look out for in Foreign worker’s medical company insurance?
To help employers meet the health insurance requirement, MOM has worked with insurers to make available suitable plans. Hence, the coverage across insurers are very similar, and the primary consideration would be the price.
We can source quotations for Foreign Medical Insurance as low as $65 per worker (subject to subject to minimum premium of S$85 per Policy). We can further reduce to S$60 per employee if accompanied with another class of business.
To ensure that you fulfil MOM’s requirement on foreign worker’s medical insurance.
To make sure that your employees are insured in the event of accident or illness.