If you’re an employer in Singapore, listen up! Singapore’s Ministry of Manpower (MOM) has announced enhancements to the mandatory medical insurance (MI) for all Work Permit and S Pass holders starting 1 July 2023.
The enhancements are aimed at better protecting employers in the event of large medical bills incurred by their foreign employees. Currently, the coverage limit is set at S$15,000, which means that more than 5% of bills incurred exceed this limit, potentially putting employers under financial strain. With the new enhanced medical insurance, a higher annual claim limit of S$60,000 will be introduced. This will ensure that larger and more bills will be covered, minimising out-of-pocket expenses by employers, especially amidst rising medical costs.
It’s estimated that more than 99% of bills will fall within the new coverage, giving employers the peace of mind they need to ensure that their foreign employees are taken care of in case of medical emergencies.
The enhancements will be implemented in two stages: 1 July 2023 and 1 July 2025 for insurance policies, renewals or extensions that have a start date effective on or after these dates.
From 1 July 2023, the increased annual claim limit of S$60,000 with co-payment by employers for claim amounts above the first S$15,000 will be applied to policies on or after that date. The other enhancements will be applied to policies on or after 1 July 2025.
This is great news for employers who are concerned about their foreign employees’ medical bills. With the enhanced medical insurance, employers can rest assured that their employees will be well taken care of, even in case of medical emergencies.
So, if you’re an employer in Singapore, make sure to keep an eye out for these changes and ensure that your foreign employees are covered under the new enhanced medical insurance. Your employees will thank you for it!
Summary:
- Singapore’s Ministry of Manpower (MOM) will be enhancing the mandatory medical insurance (MI) for all Work Permit and S Pass holders from 1 July 2023 and 1 July 2025.
- The enhancements aim to better protect employers in the event of large medical bills incurred by their foreign employees.
- The two-stage implementation will apply to insurance policies, renewals, or extensions that have a start date effective on or after these dates.
- From 1 July 2023, the increased annual claim limit of S$60,000 with co-payment by employers for claim amounts above the first S$15,000 will be applied to policies.
- From 1 July 2025, the other enhancements will be applied to policies, which include an increased minimum coverage of S$15,000 for hospitalisation and day surgery, and outpatient treatments such as GP and specialist consultations, prescription medication, and investigations.
- The enhancements will benefit employers by minimising their out-of-pocket expenses, especially amidst rising medical costs, and ensure that their foreign employees receive adequate medical coverage.
- The enhancements will also benefit foreign employees by providing them with better medical coverage and protecting them from high medical expenses, which may discourage them from seeking medical treatment.
- The enhanced MI requirements will apply to all new and existing Work Permit (including migrant domestic workers) and S Pass holders.
Interested in expanding your organisation into Singapore? Read more in our guide: Establishing your business in Singapore.
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