Why Should Companies Get Employee Benefits Insurance?

In times of rising health issues among Singaporean employees, companies can rely on Employee Benefits Insurance to ensure employee welfare. Outsourcing the medical claim and other health procedures save your time, money and improves bonding with your employees at crisis situations involving accidents, terminal illnesses and even death.

The modern Singaporean lifestyle is proving to be a problem. While some Singaporeans are choosing to switch to healthier habits, a large majority is still prone to overeating, lack of exercise, high stress and unhealthy habits like smoking. The Singapore Employment Act states the basic responsibility as an employer but the best talents are increasingly focusing on well-being and security against illness. Let’s explore how an Employee Benefits Scheme would help your company.

Cancer - Our Biggest Threat

The tendency to get cancer has seen a frightening increase over the past decade. Each year, there are more cases of cancer affecting both genders. In 2014, there were 1,800 additional cancer cases detected in Singapore as compared to 2010, making cancer the biggest health threat in the city-state.

 A study released by the National Registry of Diseases Office states that one among every 4 Singaporean men and one in every 5 Singaporean women can get some kind of cancer by the age of 75. For men, the biggest threat is colorectal cancer and for women, breast cancer.

 When any working individual gets a terminal disease, it can affect the patient’s life and the company he or she works for.

When a long serving employee falls ill…

Adam was a dedicated employee who had been working with a company in Singapore for the past 12 years. Always on time and a good team player, he performed his duties with diligence and commitment. Adam’s illness began with a mild cough, which got worse with each day. It began getting in the way of his work. He couldn’t figure out what was happening to him and his friends and colleagues began getting concerned. Finally, he went to a specialist for a detailed check up.

 After tests, it was revealed that Adam had Tuberculosis. He was shocked! The doctor however gave him a good treatment program and told him not to worry. Adam began his treatment and continued his work in the best way that he could. Five months later Adam went back for a regular check up complaining of an unusual pain in his chest which was there before. He was rushed for tests again and the result was Lung Cancer. 

When a long serving, dedicated employee falls seriously ill, two things can happen:

 a)   The employer can be torn between the increasing medical claim of the affected employee, or then terminating his / her employment with the company.

b)   The unwell employee is not only under physical stress but also experiences financial stress due to the inability to work and added medical bills 

In a situation such as this, Employee Benefits Insurance can assist the employee without affecting the company. Adam could claim insurance from the insurance company, as early as when the TB was first detected or even for the Lung Cancer treatment without involving his employer.

This eases the burden on the company and helps the suffering employee as well.
 

Employee Benefits Insurance

Employee Benefits Insurance is the ultimate employee welfare tool that is much more than a simple medical claim. A comprehensive Employee Benefits Insurance program can offer your company a better chance to attract a larger pool of employees (especially your managers / PMEs) while increasing loyalty and job satisfaction among your present team.  

Letting someone else handle the medical claim processes gives you the chance to conduct your own business without additional stress. In times of crisis, all the employer needs to do is offer emotional support and allow the insurance company to handle the money matters. Which is why outsourcing your employee welfare and reimbursement requirements is always a good idea. 

Here is an insight into the kinds of benefits your employees can avail of under an Employment Benefits Plan: 

1- Group Long Term Disability Plan

This plan offers financial support to your employees in case of partial or complete disability that renders the individual incapable of working. 

2 - Group Critical Illness Plan

Under this, an employee is financially protected in situations of unexpected terminal or critical illness, with additional or accelerated critical illness cover. 

3 - Group Term Life and Total Permanent Disability Plan

This is a plan that covers the individual at all times, anywhere in the world during a total or permanent disability, terminal illness and even death. 

4- Group Maternity Plan

This covers maternity expenses for women employees for hospitalisation and surgery. 

5 - Group Accidental Death and Dismemberment Plan

Accidental death and dismemberment refers to sudden death due to an accident, andpermanent damage like losing a limb or at least 25% third degree burns. 

6 - Group Hospitalisation and Surgery Plan

This particular program covers most hospital or surgical procedures.required by the covered employee. It also provides for the hospital stay. 

7 - Group Major Medical

This plan covers all those medical procedures that are outside the scope of the group hospitalisation and surgery plan. 

8 - Clinical Outpatient Services

As an add on to the above group hospitalisation and surgery plan, client outpatient services include consultation fees post hospitalisation or surgery. 

9 - Specialist Outpatient Services

Like the clinical outpatient services, the specialist outpatient services cover consultation post the hospitalisation and surgery plan. The only difference is that the specialists plan covers more, for example, special consultations such as x-rays, lab tests and even medication. 

10 - Dental Plan

The dental plans covers all areas of maintenance such as fillings, polishing, scaling and extractions. and complicated procedures such as root canal and wisdom tooth surgeries. 

As is evident here, Employee Benefits Insurance can be customised to employee needs, preferences and medical condition. But the most important aspect is that including it as anoffering can boost morale within the organisation and ensure loyalty among all your employees. 

Contact us today for a customised Employee Benefits Insurance Program.