Business

Prudential raises coverage age to 100 for corporate clients’ employees

Companies with group hospital insurance plans with Prudential Singapore can now cover their staff until they reach the age of 100 - if they work that long.

The insurer said on Tuesday it raised the age cap from 69 to 100 for group medical coverage for employees of its corporate clients and its own 1,200 staff on Sept 1. The plans cover hospital and surgical, outpatient medical and dental expenses.

It also increased the maximum age coverage for its group term life, accidental death and dismemberment and major medical plans to a range of 70 to 74 years old, up from 64 to 69.

Mr Jeff Ang, Prudential Singapore's head of enterprise business solutions, said the changes aim to fulfil the needs of the greying workforce here.

Mr Ang told The Straits Times yesterday: "With rising healthcare costs and the need for a bigger retirement nest egg to last these increased years, employees need greater support in their extended careers. Employers need to support their aspirations by making workplaces age-friendly.

"By providing insurance till 100, we want to help employers attract and retain their senior talent, and we want to provide their employees the peace of mind that their needs are taken care of with greater coverage."

He declined to provide the exact number of corporate clients and workers who will benefit from the two age changes, but said they will not impact premium rates for employers.

Prudential cited a survey it carried out last year with the Economist Intelligence Unit, which found Singapore residents wanted companies to provide greater financial benefits such as medical insurance to support them in their extended careers. - THE STRAITS TIMES

BUSINESS & FINANCE