Portable Group IncomeShield - Plan & Coverage

The Smarter Way to Cover Your Employees

Many employers today offer company-based Group Hospital and Surgical benefits (GHS), which end when their employees resign or retire.

These group schemes usually have sub-limits that cap the amount of claims for each benefit, procedure or treatment. There is also uncertainty as the renewal is not guaranteed, and depends instead on the claims experience which sets the subsequent renewal terms and premiums.

With more individuals holding a MediShield or private shield plan, as a result of the Government’s push for universal medical coverage, it’s likely that your employees will also have duplicate health cover.

Benefits of Portable Group IncomeShield

For employers

• Higher tax incentive¹ of up to 2%
  Switching to Portable Group IncomeShield allows your company to qualify for additional tax incentive. With Portable Group IncomeShield, your company’s deemed deductible expenses are up to 2% of your total employees’ remuneration, vis-à-vis only 1% for non-portable company-based hospital and surgical plans.
  
  
• Long-term cost containment
  Portable Group IncomeShield can be an effective tool in managing your escalating healthcare costs as the rate of increase is general slower under our Enhanced IncomeShield. This is due to the spreading of risk across a larger portfolio as compared to a company-based hospital and surgical plan where renewal terms are based on your company’s claims experience.
  
  
• Optimised healthcare budget
  Portable Group IncomeShield eliminates duplication of cover where employees are covered by their personal shield plans, as well as company-paid hospital and surgical plans. This translates to a reduction in premiums wastage for both companies and employees where employees are covered by just one Enhanced IncomeShield, which is more comprehensive than a non-portable company-based hospital and surgical plan.

For employees with Enhanced IncomeShield

• Unlimited lifetime coverage
  While company-based hospital and surgical plans typically provide coverage up to the age of 70 at next birthday with sub-limits, Enhanced IncomeShield covers your employees for life with no restrictions on the lifetime amount one can claim².
  
  
• Guaranteed renewability
  Enhanced IncomeShield guarantees renewal for life regardless of your employee’s claims experience². In other words, your employees will not be denied renewals after incurring large medical claims due to a medical condition diagnosed after cover has been accepted and commenced.
  
  
• More generous benefits
  Your employees will enjoy the more generous "As-Charged"³ benefits, with no sub-limits for treatment offered under Enhanced IncomeShield. Employees may also voluntarily upgrade to a higher plan of their choice or include their dependants, instead of relying on their staff entitlement which is typically pegged to their job function and seniority in the company.

Example of Funding Model for Portable Medical Benefits

The diagram below shows how a company and its employees can benefit from PMBS (prices in Singapore dollars), and is based on an actual case study.