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:

1. Greater competitive edge in employee recruitment and retention
2. Minimised work disruption resulting from employees' financial and medical difficulties
3. Peace of mind in knowing that employees have the coverage most suited to their needs
4. Enhanced employee goodwill and working relationship
5. IRAS employer tax incentive
   

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.

• Administrative requirements for PMBS or Provision of Shield Plans
  
  An employer who wishes to implement PMBS or reimburse the premium of the Shield Plan into employees' MediSave account may register with the Collection Planning and Registration Section of the CPF Board for a new employer reference number under the Additional MediSave Contribution Scheme.

• Qualifying conditions for Higher Tax Deduction¹ for medical expenses

  
  Employers adopting portable medical benefits arrangements recommended by the tripartite partners and meeting the qualifying conditions can enjoy a higher tax deduction for medical expenses of up to two per cent of their employees' remuneration, compared to one per cent for other companies. Employers should implement PMBS or provide Shield Plan for at least 20 per cent of the local² employees employed at the first day of the financial year being assessed and all local employees who commence their employment during that financial year.

• Tax Exemption for employees

  
  Employees can enjoy tax exemption for additional MediSave contribution made by employers subject to a limit of S$1,500 per employee per year. The CPF Board will refund contributions in excess of S$1,500 to employers.

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.

Click here for Supreme Health and Total Health FAQs

Key Benefits:

• Be protected even before and after hospitalisation
  Supreme Health takes care of your Pre-Hospital Specialist's Consultation and Post-Hospitalisation Treatment, which includes examination and laboratory tests (within 120 days before and after hospitalisation).
  
  
• Full length stay in a community hospital
  Supreme Health ensures that you get the necessary rehabilitative and medical care in a community hospital as it reimburses you up to S$800 per day for as long as you need to stay there.

• Comprehensive psychiatric care
  Supreme Health is one of the few medical plans that provides Pre-Hospital Specialist's Consultation and Post-Hospitalisation Treatment benefits for psychiatric treatment to offer you comprehensive wellness coverage.

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):}

• _{S$300 per policy per annum for Lives Assured below 40 years old next birthday;}
• _{S$600 per policy per annum for Lives Assured from 41 years old to 70 years old next birthday;}
• _{S$900 per policy per annum for Lives Assured above 71 years old next birthday;}

For more information on Supreme Health, download our brochure.

Supreme Retirement

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.

Key Benefits:

• Receive an assured retirement reward
  An upfront lump sum payout of 24 times your selected monthly income will help you kick off your retirement in style.
  
  
• Enjoy guaranteed income raises
  Every five years, your retirement income will be raised by 25per cent of your first monthly payout – so you stay ahead of inflation.
  
  
• Get assured monthly income for 20 years
  Make your golden years financially comfortable with the guaranteed monthly income you’ll receive for as long as 20 years into your retirement.

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.

Key Benefits:

• Receive income until you retire
  Should illness or injury leave you unable to work¹, you’ll get a monthly income², all the way to your chosen retirement age – 55, 60 or 65 years.
  
  
• Get partial income if your pay drops
  If an illness or injury compels you to take up a job with lower pay³, you’ll still get a partial monthly income that’ll keep you going.
  
  
• Enjoy a rehabilitation benefit
  A reimbursement of up to three times your monthly payout will help pay for expenses such as physiotherapy treatments⁴.

^{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.