Here’s Why Employers Should Offer Company Medical Benefits

Reading Time: 2 minutes

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
SELECTED FOR YOU  The Full Guide to Maternity Leave in Singapore

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? 

Simply reach out for a non-obligatory discussion on your needs via email or WhatsApp.

Kenny Lim is an authorised representative of AIA FA (Rep.No. : LYZ200093847) and specialises in corporate solutions.

Talenox Q3 2021 Updates
Talenox Updates Q3 2021: CPF Direct Link-Up, bulk adjustments, and more.

Hi there! Talenox Updates Q3 2021 is here. From bulk updates to improved reports, here's what our busy developers have Read more

eap employee assistance programmes
Employee Assistance Programmes (EAP): An Employer’s Guide

Every business out there should have an EAP. This article can be your guide to providing the best possible support Read more

3 Reasons Why Singapore SMEs Need to Automate Payroll

By its very simplicity, payroll automation empowers employees towards self-service, which relieves manual workload for HR teams.

Singapore Public Holidays 2021-2021
Singapore Public Holidays 2021-2022: How to maximise your leave days

Clear your Annual Leave in tandem with each Singapore Public Holiday in the most strategic manner possible, before the year-end.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.