With effect from 1 July 2023, the requirement by Ministry of Manpower (MOM) to maintain adequate medical insurance for foreign workers on work permits have increased from S$15000 to S$60000 per year. Also, employers are subjected to a 25% co-payment for any claims above S$15000, up to the annual limit of at least S$60000. On top of that, for employers who choose to cover their workers for the minimum of S$60000; in the event that anything happen to their workers and the claim amount is more than S$60k, anything above the figure will have to be borne by the employers.
In order to mitigate such scenarios, insurers are coming up with options which waive the 25% co-payment by the employer; meaning that bill sizes of less than or equal to S$60000 will be covered fully by insurer. There are also options for employers to provide their workers with a more comprehensive coverage of beyond S$60000 as well so that they don’t get a shock or have to come out of pocket in the event that anything untoward happen to their workers and the bill size works out to a huge amount.
With the new changes happening, it is timely to review your current foreign workers medical insurance to ensure that your company is not only compliant with MOM’s requirements, but also ensuring that the coverage provided for the workers along with the premium paid is competitive. Contact MAKinsure for your company’s renewal needs today!