While flexible benefits programs have been growing in popularity, many companies can also consider international medical plans to provide comprehensive and modular coverage for their employees.

A more dynamic and robust offering

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While most local insurers in Singapore offer attractive medical plans, there are limitations to consider. These plans cover benefits such as inpatient, outpatient, and dental. However, these are usually subject to usage locally and coverage may be limited, especially in a location like Singapore where healthcare can be expensive and medical inflation is relatively high.

International Private Medical Insurance (IPMI) is one way to help bridge this gap. Here are some of the key features:

• Top-tier benefits – IPMI plans offer high and extensive coverage and include add-on features so employers can build the program to suit their needs. These add-on modules include vision, wellness, dental and maternity.
• Worldwide coverage – In addition to accidents and emergency care, elective treatments are covered worldwide (or worldwide excluding the USA, depending on the plan design). Having a policy that covers employees while they are traveling/working abroad or for trailing dependents who remain overseas can provide peace of mind and help employers foster a sense of trust among their employees, increasing loyalty in the long run.
• Enhanced convenience – Visits to specialists do not require referral letters from General Practitioners – allowing employees to visit specialists directly. This adds a layer of convenience and efficiency. Claims are also reimbursed within a much shorter time (usually 5-7 working days), allowing employees to receive their reimbursements quickly.
• Pre-existing coverage from the get-go – For businesses with more than 10 employees, IMPI allows for pre-existing coverage to commence from the start, in contrast to local plans which will impose a 12-month waiting period for all pre-existing conditions under the inpatient plan.
• Caring for mental health – Employee assistance programs are complimentary and built into the program offering. Further, inpatient and outpatient mental care are usually covered by default under the plan as well.
• Diversity – While local plans have a strict eligibility guideline, IPMI programs allow for members to enrol their domestic partners and same-sex partners into the program. 

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Designing the program for cost-optimisation

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IPMI plans do not have to break the bank and can be affordable and sustainable with the right plan design. On top of deductibles and co-insurances that can be imposed, opting for restricted network access can also provide some cost savings.

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In addition, there are options to add benefit caps to certain benefits such as outpatient plans.

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How do I implement this in my business?

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International plans usually take about 10 working days to set up.

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With you all the way

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Our experts at Honan are here to provide guidance on the right choice for your business. We will provide the necessary market insights and relevant benchmarking information to help you make an informed decision. Feel free to reach out at any time to discuss a customised solution for your business.

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Syafiq Zulkifli

Client Executive – Employee Benefits

syafiq.zulkifli@honan.com.sg