Nowadays, many insurers in Singapore offer maid insurances (also called fdw insurance or the Foreign Domestic Workers insurance). We all know that Maid Insurance is a mandatory insurance policy in Singapore that protects you and your domestic worker from paying a grand amount of money due to illness or injury. It also protects you from potential bad behaviour if your maid is of less than stellar character. Although an extra expense, it is obligatory on your part as an employer to buy one for your maid. No policy, no work pass for your maid.
Since hiring a domestic worker is already quite expensive, it is important to find a policy that not only provides you good coverage but also fits within your budget. Choosing the right maid insurance policy can be confusing and even the smartest employers just often go for the one suggested by the maid agency. They also have no idea about what the maid insurance the are getting offers, which means they also do not know when to make a claim even if they have the right to do so.
Most Singaporeans have come to know that healthcare is expensive. However, only a few can put an exact number on costs and better plan well for unfortunate events.
So, to understand it better, here are some tips on how to find either the best or the cheapest maid insurance in Singapore ,depending on your preferences, and how we can help you select a great policy when hiring that foreign domestic helper for your home and family.
Check the basic coverage
It is required by the law that you ensure that the maid is covered by Medical Insurance and Personal Accident Insurance before your domestic helper arrives in Singapore.
In accordance to the requirements of the Ministry of Manpower or MOM, the minimum coverage for a personal accident is $60,000. The minimum for medical coverage is $15,000 for medical insurance, such as hospitalisation and day surgery in case of any major accidents that can happen during the stay of your maid. You may want to buy additional cover of of $5,000 for a mandatory security bond that you need to provide to MoM, which will then be guaranteed by the insurer from whom you bought the maid policy.
Comparing different Maid Insurance Policies
Besides the mandatory coverage requirements, there are plans with enhanced benefits and additional coverage at a higher premium. Most of the additional benefits are the payments that would be made to employers to compensate them for financial expenses incurred or loss, sustaining from unexpected circumstances. Think about the following:
Outpatient Expenses – This means if the maid visits a hospital but is not warded, the medical bill can still be reimbursed by the insurance company. Outpatient expenses are usually only covered if the injury is due to an accident, so make sure you know when this coverage kicks in.
Wage Compensation – This meant to compensate you for your maid’s wages so that she is still able to earn her wage whilst recovering from whatever happened to her.
Third Party Liability – This means that insurer will compensate you if your maid does something wrong to a third party and later sue you because of that.
Theft – If you are distrustful type person, you will want to look out for a maid insurance that protects you and your family’s belongings from disappearance perpetrated by the domestic helper.
Choose the best Maid Insurance Policies
We know that it is not easy to decide on which is the top and or the cheapest maid insurance in Singapore. However, when choosing an insurance plan for your maid, it is imperative that you do a proper research and considering a plan that will give your maid or helper a good protection, until such time that you already know exactly what kind of insurance that will suit them.
Our platform in Insurance Market can provide you a side-by-side comparison and help you determine which insurance policies are the best, based on your personalised requirements.