Portable Group IncomeShield

The portable plan with multiple benefits

Healthcare benefits are often key considerations for employees when negotiating for their benefits package. It would be more attractive if your company offers a portable medical plan where the cover continues well into post-retirement years.

NTUC Income’s Portable Medical Benefits Scheme (PMBS) promises such a portability feature for hospitalisation benefits. It is a hospital and surgical benefit that rides on the framework of an employee’s individual private shield plan, like our Enhanced IncomeShield or IncomeShield. It is “portable” and provides continuous medical coverage even after the employee leaves the company, so long as premiums are paid.

Having a Group IncomeShield offers a superior cost and value proposition in medical benefits for both companies and employees.

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.

Supplement to Portable Group IncomeShield

We have also introduced a non-portable yearly-renewable Supplement which provides benefits for those with Enhanced IncomeShield – to take care of the deductible and a large portion of the 10% co-insurance that is inherent in all private shield plans, and for all other employees who cannot qualify for or choose not to switch to Enhanced IncomeShield. The net result is to ensure that coverage is provided from the “first dollar” for employees insured on Enhanced IncomeShield and that no employees will be worse off from switching to PMBS.

Portable Assist Rider

Alternatively, your company can choose to implement PMBS with a fully portable Assist Rider and Enhanced IncomeShield plan to help your employees manage large hospitalisation bills.

With a portable Assist Rider, all your employees need to pay is 10% of the claimable amount, subject to a cap. This ensures the medical expenses they have to fork out is manageable. Furthermore, they are entitled to daily hospitalisation allowance if the ward admitted to is lower than the entitled ward under the selected plan.