3 Important factors that should be covered in your foreign worker insurance
While it is exciting to be global hopping for jobs, having health issues in a country which is foreign to you, whose policies and methods you are unfamiliar with is a scary thought. A good health insurance provided by the employer should be one of your deciding factors while choosing which company to work with. In countries like Singapore, foreign worker insurance is a mandatory requirement for all foreign employees seeking an Employment Pass. This needs to be provided by the company who hires you.
However, just because it is mandatory, it isn’t necessary for the employers to provide you with a good deal. So don’t just see if you are getting covered, see if these factors are taken care of:
- Base coverage amount: The minimum coverage according to the Government is $15000. However, that would not cover anything remotely major completely. So ask the company how much coverage is being provided to you. You can get a sense from the amount deducted from your salary. If it seems too little, that should make you alert. Singapore is the most expensive city in the world. You don’t want to spend all your savings on medical treatment. Research and find out how much basic doctor visits, dental appointments, etc cost. From there you can get an idea.
- Base coverage: Basic hospitalization, personal accident, some surgery, dental coverage, basic tests, specialist consultations both before and after getting admitted, and their overall outpatient treatment coverage, etc are the most minimum requirement in a health insurance policy. Also find out what all are covered by the policy and what isn’t and what you need to pay for separately.
- Additional coverage: Most companies don’t provide facilities for dependents. However, childbirth related hospital expenses are sometimes covered. Some companies can also help you to add health insurance facilities for your dependents at an additional cost deducted from your salary. That may be a good option because then you won’t need to worry about medical expenses for your family.
A good foreign worker medical insurance policy can be very beneficial for you, even though a bit of its premium goes from your salary. Sift through the redundant facilities and look at the actual benefits it provides you. Also find out about reimbursement policies, whether all hospitals/diagnostic centres accept this insurance, etc from the company before accepting their offer.