Finance

Guide to Buying to Maid Insurance in Singapore

Maid insurance in Singapore is the popular type of insurance policy that provides peace of mind to the employer and domestic helper. Most of the people don’t seem aware of this and pick any one of the maid renewal insurance to fulfil the requirements of the Ministry of Manpower. But as a responsible employer, you should have an idea of things for which you are investing an amount.

In Singapore, most of the family owns a helper to help in their daily chores. If you also have a maid at your home, then you need this insurance coverage plan. Here, we are going to discuss the overall factors of buying the right maid insurance plan that gives the best support to your maid in tough times.

Why you need this if you have a maid?

If you have a maid in Singapore, you should follow the requirements of the Ministry of Manpower. Your maid should be covered under an insurance plan that fulfills the rules of MOM. Different insurance companies in Singapore provide different types of maid insurance plans. So, if you want to choose the top 5 best critical illness insurance in Singapore, you should choose a trusted firm.

People aren’t aware of the rules because they hire a maid from an agency that may partner with the insurance companies. But what if you hire someone from your side? So, that’s why people don’t have so much time to check what a maid insurance policy covers. Therefore, here we are going to cover all the things and discuss them briefly.

What are the things that are compulsory in a maid insurance plan?

As per the Ministry Of Manpower, every Singaporean who hires a domestic helper should purchase a plan covering personal accident insurance, medical insurance, and submitting a bond. According to the rules, a domestic helper should get a:

  1. Coverage on medical insurance is up to $15,000 on a yearly basis.
  2. He/she should be covered with personal accident insurance on a yearly basis that is up to $60,000
  3. The employer should submit a bond of $5,000 if they hire any non-Malaysian maid.

So, as per the above requirements, every Singaporean maid insurance plan covers all these things. But if you want to get advance coverage, then you can add those things to your plans. Almost every maid insurance plans are available for the 26 or 14 month periods. Well, most employers purchase 2-year plans because of the affordable price.

What are the things that your maid insurance plan should cover?

  • Coverage on Medical Expenses and surgery

A right maid insurance plan offers coverage on medical expenses or hospitalization expenses. It should hold the coverage on surgical expenses also. Some advanced plan also offers pre-hospitalization, consultation charges for the better treatment. Well, not every type of health condition is included in a policy.

Some health conditions are excluded from an insurance plan, and those areas are mentioned below. The medical insurance plan doesn’t offer coverage on Nursing care, Alcohol or drug addiction, Cosmetic surgery, STD treatment, Contraception, Psychiatric illnesses, Pre-existing conditions, and dental care.

So, it is always advisable to check the medical history of your domestic helper before purchasing any plan for them. The Ministry of Manpower also encourages the employers of Singapore to purchase a plan that can protect you in the future.

  • Coverage on Personal Accident

As per the law of Singapore, you should buy a plan for your maid that offers $60,000 coverage to your maid in tough cases. If your maid is not able to do work due to an accident, then they will get coverage for treatment.

  • Coverage on Hospitalization

If the maid of your home is in hospital due to an injury or illness, then they will also receive coverage from the company until they are recovered. There are some policies that also offer a daily allowance to search or hire an alternative helper for a certain period.

  • Coverage on Wage Compensation

If your maid can’t work because of the illness and if he/she is hospitalized, then according to the policy, he/she still gets the daily wages until she recovers.

  • Coverage on Repatriation Expenses

There is some insurance plan that also offers repatriation costs if your helper is no longer able to work. The plan also covers the amount of burial or cremation if he/she is dead. It also gives coverage if the body is sent to its home country.

  • Coverage on Third-Party Liability

In case if your domestic helper unintentionally damaged the property of someone else, then you will get coverage. Usually, in this case, the employer has to pay an amount. But when you have the maid insurance plan, then you are free.

  • Additional coverage

If your maid’s personal belongings are lost or damaged, they will also get coverage. In some cases, the employer also wants to replace their maid. So, in that case, you will also get an amount to search for the maid.

How much to cost to buy a Maid Insurance Policy?

The maid insurance policy in Singapore is mandatory to buy different plans that have different costs. There are three types of plans available. One is a basic tier, the second is mid-tier, and the final one is top-tier plans. In basic tier plans, you will get all the recommended requirements of MOM. The coverage and price will vary as per the type of plan.

Therefore, choosing the right maid insurance plan is not easy, but it needs time and knowledge. By purchasing advanced and higher medical coverage, you can get peace of mind. It also needs some paperwork and document submission for which you should be available. The whole process is fast and affordable in Singapore.

Conclusion

By concluding the overall thing, you can understand the overall steps. These are the things that you should consider while purchasing a plan for your maid in Singapore. Search for the trusted insurance firm near your location and check the online process.

Author Since: Oct 17, 2018

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