While there is no government-mandated requirement for companies to provide company medical benefits – apart from sick leaves, many companies still opt to do so for good reason!
In fact, a 2019 Singapore Health and Benefit International Medical Study indicate that 94% of companies surveyed provide their employees minimally with a health insurance plan.
Still on the fence?
Read on to learn about the clear advantages of why you should consider doing so!
What Are Company Medical Benefits?
Company medical benefits these days are no longer limited to just health insurance plans. Here are three common categories of medical benefits you can offer your employees:
- Health Insurance: Basic to comprehensive plans that can cover in-patient, out-patient or dependents and more.
- Healthcare Management: Regular health check-ups, immunizations, mental health support, tele-medicine consulations and other preventive healthcare services
- Supplementary Wellness Benefits: Gym memberships etc.
Why Employers in Singapore Should Offer Corporate Healthcare Benefits?
Improve Recruitment & Retention
Cool perks aside, health benefits are far and foremost one of the most important employee benefits for any employee in this day and age. To call health benefits the bread and butter of any employee package would not be an understatement.
Healthcare benefits have been proven to be an important factor for employees looking to join a new firm as well as keeping them on the job. Surveys with employees have should almost doubling in retention rates for firms with a medical benefits programme versus those without!
Offering well-thought out health benefits is a MUST, to attract and retain talented employees for your firm!
A Healthier Workforce Boosts Productivity & Performance
This benefit here is multi-fold:
- Employees are more likely to seek proper and timely healthy since they have a peace of mind that their healthcare bills will be taken care of
- By caring for their health in a timely fashion, it will help reduce overall absenteeism in the long run
- Employees who get appropriate healthcare means fewer sick days, less spreading of viruses in the office and a more productive workforce overall
- Healthy employees are also more productive than sickly ones – so preventive care like flu vaccinations can help avoid significant downtime during flu season
Now doesn’t that sound like a compelling reason to provide corporate wide healthcare benefits?
It Does not Take Much Effort to Implement
Even so, there are still employers who remain on the fence for the following reason – that it might be expensive and tedious to implement such health and wellness programmes company-wide.
But that is no longer the case!
There are plenty of established healthcare providers that are providing end to end healthcare programmes for SMEs to large corporations. Implementing and maintaining such programmes are now much easier with the help of technology. For example, E-Benefits portals make it really easy for employees to submit their claims.
Cost-wise, there is flexibility to offer as basic or comprehensive coverage for your employees depending on your budget. And it’s flexible enough that you can adapt your plans as your company grows over time too!
Start Offering This Highly Sought-After Employee Benefit Today
Interested to learn how you can start implementing a healthcare programme tailored to your workforce?
Kenny Lim is an authorised representative of AIA FA (Rep.No. : LYZ200093847) and specialises in corporate solutions.