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Chapter 3: Group Medical Expense Insurance - Coggle Diagram
Chapter 3: Group Medical Expense Insurance
TMIS
Conditions
Employee must be below retirement age
Group size of 11 or more employees
insure at least
50% of local employees
subject to minimum of 11 employees
Pay 100% of premiums
Benefits
Continue enjoying hospitalisation coverage
from termination for
12 months
Automatic coverage
Waiver of exclusions on pre-existing medical conditions if employee has been insured under TMIS for 12 months previously
Private hospitalisation insurance arrangement
among participating insurers
Expenses
Excludes outpatient
treatments such as
Pre/post hospitalisation outpatient
Emergency outpatient
Outpatient kidney dialysis/cancer treatment
Most inpatient charges such as
Daily room and board charges
ICU charges
Eligibility
Below statutory retirement age
Singapore citizen or PR based in SG
Working full-time with same employer
working on permanent or temporary
employment contract with term of 24mths or more
PMBS
Employers make monthly contributions
to employee Medisave
Employee enjoys 2% tax deduction
Provision of Medisave-Approved
Shield Plan
Employer can claim tax deduction
up to 2% of total employees renumeration
Ad-hoc Contributions
additional contributions subject
to limit of
$2730
employer can get additional tax
deduction beyond 1% limit
Provision of Medisave
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Characteristics
Master contract
Minimal underwriting
Experience rating
Actively-at-work clause
employee must be actively at work
on day that coverage takes effect
Types
Voluntary
Does not require full
participation of employees
Employees may need to pay
Generates interest and appreciation
Employees have some control over policy
Compulsory