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Why implement Portable Medical Benefits?
Portable medical coverage is especially valuable to your employees in the event that they are unable to continue their services with you. Such medical coverage ensures that their hard-earned savings are not wiped out during an illness.
Company-based medical benefits cease when an employee leaves the company, retires or is discharged from services. In addition, the employee may be subject to underwriting when he or she joins a new company or purchases his or her own medical insurance. The new medical insurance policy may also exclude the employee from coverage of any pre-existing illness.
With portable medical benefits, the employee is not subject to new underwriting scrutiny and can continue to enjoy continuous medical coverage even when they leave their current jobs, are in-between jobs or retire.
Employers who implement or supplement Portable Medical Benefits benefit from:
How to implement Portable Medical Benefits?
Portable Medical Benefits Scheme (PMBS) and Provision of Shield Plan are two of the recommended arrangements.
The Portable Medical Benefits Scheme (PMBS) rides on the MediSave/MediShield framework and is designed for the provision of inpatient/hospitalisation medical benefits. Under the PMBS, the employer makes an additional contribution of at least one per cent of gross wages, subject to a minimum contribution of S$16 per month, to employees' MediSave account every month. The employee may use the MediSave contribution to purchase an individual-based MediShield or a MediSave-approved private integrated plan (referred to as 'Shield Plan') to cover his inpatient medical needs.
Any MediSave contribution in excess of the insurance premium will accumulate in the employee's MediSave account and earn interest at the MediSave interest rate, and the employee can then use the savings in the MediSave account to meet future medical needs or those of their dependents.
Provision of a Shield Plan
By providing a Shield Plan, the employer is actually providing inpatient medical benefits for his employees. He either pays the premium of the Shield Plan directly to the insurance company or reimburses the premium into employees' MediSave accounts.
1 For more information on tax deduction, please refer to the Ministry of Manpower website.
2 Local employees refer to Singapore citizens or PRs employed on a full time or part-time contract of employment, regardless of the number of hours worked.
One solution for all your hospitalisation needs, for life
It is important to stay fit and well to enjoy life to the fullest and to take good care of our loved ones. But if there is ever a need for urgent medical attention or hospitalisation, your focus should be on getting well quickly rather than worrying about the large bills that usually follow, or the emotional strain on your family. Supreme Health is a health insurance solution that offers comprehensive coverage and reimburses your hospitalisation expenses1. It is a yearly guaranteed renewable Medisave-approved Integrated Shield Plan of which premiums can be paid using CPF Medisave2, allowing you to utilise your available cash for other needs.
To be fully covered against the costs of hospitalisation, supplement your Supreme Health with Total Health.
1 Supreme Health reimburses you for eligible hospitalisation and surgical expenses incurred based on your chosen ward class, up to the amount charged. Refer to the product brochure to find out more about the payment limits for the medical expenses covered under the plan.
2 The MediShield Life premium portion is fully payable using Medisave. Policyholders are allowed to use Medisave to pay for their additional private insurance premium up to the following Additional Withdrawal Limits (Subject to prevailing rule by Ministry of Health):
For more information on Supreme Health, download our brochure.
Make your retirement financially comfortable
Your CPF savings may not be enough to see you all the way through your retirement. Supreme Retirement helps you enjoy your golden years without worrying about money.
Starting from the second year of the plan, you can look forward to annual cash bonuses1. And, when you reach your chosen retirement age, celebrate with a lump sum Retirement Reward of up to 24 times your selected monthly income, plus guaranteed income every month for the next 20 years.
What’s more, signing up for the plan is quick and easy – you’ll enjoy guaranteed signup, without having to go for medical check-ups.
For more information on Supreme Retirement, download our brochure.
Protect your salary with a financial lifeline
Your family depends on your salary and you have bills to pay every month. What if a sudden illness or injury leaves you unable to work1? How would you pay for everyday expenses and meet your regular financial commitments?
Pay Assure is made for such situations and provides for you and your family. If illness or injury keeps you away from work1, you’ll receive a monthly income of up to 75 per cent of your monthly salary2.
The first of its kind in the market, this income protection plan helps you focus on getting well, rather than worrying about money.
1 Inability to work because of illness or injury must be certified by a doctor.
2 Based on the average income drawn over the last 24 months for salaried employees, and 36 months for the self-employed, at the time of application. The plan ends when the insured person is unemployed for 730 days or more, unless he is receiving the monthly income benefit.
3 Because of inability to work at full capacity due to illness or injury, as certified by a doctor. Other terms and conditions apply.
4 Such rehabilitation expenses must be certified by a Physician as being necessary, and such rehabilitation expenses payable will be reduced by amounts received from all other sources for such rehabilitation. Terms and conditions apply.
For more information on Pay Assure, download our brochure.