2023 Changes To Foreign Worker Medical Insurance (FWM)
Published on 01/04/2023
The minimum required coverage will increase to $60,000 per year, for policies with start date effective on or after 1 July 2023. This better protects employers against large medical bills incurred by their workers.
Under the new rules, employers also have to co-pay 25% of claim amounts that go above the first $15,000.
For example,
Scenario 1: if worker had to go to the hospital for a surgery and the bill was $60,000, the Employer would pay $11,250 and the Insurance Company would pay $48,750.
Scenario 2: if worker had to go to the hospital for a surgery and the bill was $15,000, the Insurance Company would pay the full $15,000.