Is WICA Insurance mandatory for all employees in Singapore?
Yes. WICA insurance is mandatory for all employees doing manual work, regardless of salary, and for non-manual employees earning S$2,600 or less per month. For non-manual employees earning above S$2,600, it is optional, but uninsured employers remain exposed to common law claims. Employers without a valid WICA policy for qualifying staff face MOM fines of […]
Do flexible benefits cost more than traditional benefits?
Not necessarily. Flexible benefits can be designed to fit your budget. In fact, many companies find them more cost-effective because resources are allocated in ways that employees actually use and value.
Why use an employee benefits insurance broker instead of going direct?
An employee benefits insurance broker compares plans across multiple insurers, which a tied agent cannot do. Your company gets a policy benchmarked against the market, not just the options one insurer offers. Beyond pricing, a broker handles renewal negotiations, claims support, and policy adjustments during the year, freeing your HR and finance teams from administration. […]
Can I buy employee benefits insurance as a 1 person start up or Small Medium Enterprise (SME)?
Yes. Most insurers in Singapore offer group plans for companies with as few as 1 to 5 employees, with no medical underwriting required for some. Standard StartUp/SME options keep premiums predictable and administration simple, making them a practical starting point for start ups or small businesses setting up employee benefits for the first time.
How does company insurance for employees differ from WICA?
WICA only covers work-related injuries and diseases. Company Insurance (Group Medical/Life) covers non-work-related illnesses (like flu, cancer, or dengue) and accidents occurring outside of work hours.
How much does group employee insurance cost in Singapore?
Costs vary based on coverage depth and workforce age. A basic plan covering GP and Hospitalization can start from $300 – $800 per employee per year. Comprehensive plans with dental and life coverage will range higher. We help you benchmark these costs against your industry.
Is employee insurance mandatory in Singapore?
For most companies, Work Injury Compensation (WICA) is mandatory for manual workers and staff earning ≤$2,600. While broad employee medical insurance is not legally compulsory for all staff, it is highly recommended to remain competitive in the talent market.
What are the costs associated with using an insurance broker like David Ho?
There are no fees for appointing us as your insurance benefits broker; we earn our keep from commissions. Fees will be charged if there is complex consulting work on in-depth business risk management and compensation and benefits review.
What ongoing support do you provide once the group insurance policies are in place?
Our support does not end after setup. We provide continuous assistance with claims, policy renewals, and benefit updates. HR and Finance teams receive regular reviews to ensure coverage remains cost-effective, while employees benefit from guidance sessions and direct claim support. This ongoing partnership ensures your insurance plan stays relevant as your workforce grows and changes.
How do you keep corporate health insurance costs down without reducing coverage?
We benchmark policies against industry standards and negotiate with top insurers to secure competitive premiums. By analysing your workforce profile, we help you avoid unnecessary coverage while ensuring essential benefits are protected. This approach keeps costs sustainable for the company while still delivering meaningful value to employees.
