Getting to know your company's health benefits.

On 26th December, after a month stay, my client who is an acute leukaemia patient was discharged from the hospital. The medical bill was substantial and he checked with his company's medical benefit seeking reimbursment. Only then he was told that the company's medical benefit is only on "accident during work". His disappointment is beyond words.

On 24th December(Sunday times), I read an article titled: "What you didn't know about your company's health coverage." I have observed that many people do not know what their company health benefits are, and when things happen, it is too late to find out the details.

Another observation is that the HR departments of companies usually do not fully understand the benefits themselves. This lack of understanding can lead to disappointment, and in some cases legal actions. Both the companies and the employees incurred financial costs which can be avoided.

My professional suggestion is that one can seek his/her financial planner's help in examining the company health benefits for him/her. Most insurance-based planners or FA reps are equiped with certificate in Health Insurance by the Singapore College of Insurance, which make them a better person to analyse your company benefit than layman.

I can assure you that such initiative is worth the effort. Below are the steps:

Step 1: Seek your financial planner's agreement in analysing your company's benefit.

Analysing the company benefits takes time. Some planners might charge a fee, but most will be pleased to do it in exchange for a goodwill.

Step 2: Approach your HR Department

Approach your HR department to ask for a copy of the health benefit schedule based on your entitlement. Such schedule can be found in the group insurance policy document. If the HR department does not keep a copy, you may seek it from the insurance company directly.

(If your HR department says this is a state secret, then it would be prudent to work for another company!)

Step 3: During the meeting with your financial planner

During this meeting, besides the company benefit schedule, it would be good to provide your personal health insurance, disability income plan, critical illness plan and medishield policy details to the planner. This will enable him/her to analyse your medical cover comprehensively.

Step 4: Some critical questions you should ask

a. What are the policy exclusions?

b. What is the waiting period?

c. Benefits entitlement and their sub limits?

d. Any deductible or co-insurance elements within the plan?

e. Treatment of pre-existing medical condition(s)?

f. Treatment of expenses incurred overseas and locally?

g. Claim procedures.

This exercise will be of enormous value to you.