Mercer Marsh Benefits (MMB) has recommended that health insurance providers in Singapore adopt flexible international medical plans (IMPs) to provide comprehensive cover that can be tailored to suit their specific requirements in any part of the world.
MMB’s 2024 Singapore Health and Benefits International Medical Study said: “Mobile employees, whether local or expatriate, benefit from such plans as they alleviate worries about navigating local healthcare systems regardless of where treatment is sought.”
The recommendation follows a report from Health & Protection earlier this month that MSIG Asia had joined with Serenity Health Partners to launch a new product that bridges the gap between local health insurance products and international private medical insurance, with a new regional private medical insurance (RPMI) product.
And in September last year Health & Protection reported on the development of a hybrid IPMI product in Hong Kong, which had blurred the market for IPMI policies there, according to Aniz Sirajudin, regional IPMI leader for MMB based in Singapore.
The 2024 study provides the highlights of international medical plans (IMPs) offered by Mercer Marsh Benefits (MMB) clients in Singapore.
It includes 135 companies across five major industries, covering more than 12,400 employees and including 169 medical plans and six international insurers.
The results provide a snapshot of international medical benefit limits for six modules — inpatient, outpatient, maternity, dental, wellness and vision.
The report found that 100% of the Singapore-based companies identified in the study, 100% bear full premium costs for employee coverage, with the majority of companies providing the same coverage for employees’ dependents (spouse and children).
The median overall annual policy limit for core inpatient and optional modules is US$2.3m (£1.7.m).
Outpatient and dental solutions are the two most popular optional modules with a take-up rate of 99% and 86% respectively.
The dental module is offered by 86% of companies, with the majority choosing plans based on a lump sum annual limit.
The study also found that more than half (56%) of companies provide maternity care. In some cases, additional benefits, such as infertility treatments, are included.
MMB said: “An IMP promotes positive employee engagement across a multigenerational workforce that has a changing landscape of healthcare needs and is becoming pivotal in workplace health benefits management.
“We recognise the importance of employers balancing the need to stay competitive by offering attractive company benefits to support talent acquisition and retention.
“As a global leader in benefits consulting and insurance brokerage services, MMB continues to provide valuable references and insights to help equip employers with sustainable solutions.
“For the employer, an IMP not only satisfies its duty of care to provide an effective international benefits programme but also delivers an equitable and efficient platform to administrate the programme.
“Regional benefits plans are aligned and benefits made portable for international transferees.
“We hope this study can help employers design a benefits plan that supports company objectives and addresses employees’ needs.”