A Group Health Insurance is basically a health insurance scheme under which mid-level and large organisations provide their employees with an adequate insurance cover. As such, any company registered in Singapore must offer a health insurance cover to its employees. The insurance policy can cover surgical procedures, hospital bills, and diagnostic tests, depending on the policy terms.
Why is it necessary to have a group insurance plan?
A group health insurance plan is something that benefits both the employee and the employer. The employer can save on tax payments, while the employee can be shielded against humongous costs associated with certain conditions.
What exactly does a group health insurance policy cover?
- A group insurance policy provided to you by your employer will cover both you and your family members – your spouse and your minor kids (usually up to 2 kids).
- The policy covers hospitalisation charges, treatment costs, surgical procedures, and certain inpatient and outpatient treatments.
- Some group policies also have riders attached to them. A good example is the Accidental Death Rider that usually comes with group insurance policies.
- A group insurance policy can be a health policy or a term policy. Under the provisions of a group term policy, your immediate family member (your beneficiary) will receive a lump sum payout from your employer in the event of your unfortunate death. A group medical policy will cover hospitalisation, treatment procedures and other aspects of medical care.
Advantages of group insurance policies
- You can be covered at a low cost – premiums for group plans are lower than premiums for most other types of insurance plans.
- The extent of cover is vast as well – a group plan covers several surgical and treatment procedures.
- A group health plan can cover you and your family members – so you don’t have to worry about separately insuring your family members.
- A group term plan will help your family stay in a sustainable financial condition even after your passing – your immediate family members will receive a lump sum payout.
- You can also have additional insurance policies besides having an active group insurance plan provided for by your employer.
- Even pre-existing medical conditions are sometimes covered under a group health insurance plan (This will depend on the condition. Most private insurers offering individual plans don’t usually cover pre-existing medical conditions.).
Insurers offering group plans in Singapore
AVIVA Group Insurance Singapore
AVIVA is a popular insurance provider in the Singapore market. The company also offers group plans for the benefit of small businesses as well as large enterprises. Let’s take a look at the most prominent features of the AXA Group Health Insurance Plan:
- The benefits are wide-ranging under the AVIVA Group Health Insurance Plan.
- A choice of domestic coverage as well as international coverage is available with the AXA Group Health Insurance Policy.
- Plans can be customised to suit the requirements and interests of employees.
- The insurance cover is comprehensive – it covers disability, dental emergencies, death and a range of illnesses and medical conditions.
- AVIVA makes it extremely easy for employers to make claims and manage claim requests, by giving them access to AVIVA ClaimConnect. An E-Card is also provided to employees for identification and convenience purposes.
NTUC Income Group Insurance
NTUC Income is also a popular player in the Singapore insurance market. Let’s look at what you can expect from Income’s Group Plans:
- NTUC Income offers 6 different group plans for organisations in Singapore. Each of these plans can be customised to suit essential requirements.
- The 6 plans are as follows:
- Group Term Life Plan – This is a term plan designed to provide employees and their families with a comprehensive insurance cover.
- i-MediCare – This particular plan covers an employee’s hospitalisation expenses. This can include diagnostic tests and various forms of treatments (those listed under the terms of the policy).
- Group Personal Accident Cover – This plan is designed to cover employees in the event of their accidental death or disability. A lump sum payout will be received by the beneficiary of the individual.
- Foreign Worker’s Medical Insurance – All foreign workers who work in Singapore-registered companies will receive a Foreign Worker’s Medical Insurance cover from NTUC Income.
- Start.Sure – The plan is designed for start-ups who want to provide insurance benefits to their employees. The plan can be customised of course.
- Employees FlexCare – A budget plan to give employees a dedicated cover. The plan can be customised accordingly, depending on employee requirements.
- The application process, as well as the claim process, is simple and seamless.
How can organisations apply for a group insurance plan with an insurance provider?
The representative of the organisation dealing with group insurance plans for employees can visit the official website of any insurance provider offering group plans, and fill out an enquiry form on the website. Insurance companies can also be contacted via email or on their hotline number, details of which are available on the company’s website.
How can employees file a claim under a group insurance policy?
The employee can present his/her health card to the hospital authorities, and also inform the employer immediately. The employer will then directly get in touch with the insurance company to settle your claim. If you are required to pay the hospital for your treatment by any chance, the amount will be reimbursed to you by your employer.