SINGAPORE - Companies with group hospital insurance plans with Prudential Singapore will now be able to cover employees until they reach the age of 100 - if they want to work until then.
The insurer said on Tuesday (Sept 3) that 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. These 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.
Singapore residents have the longest lifespan in the world, with an average life expectancy of 84.8 years.
Mr Ang told The Straits Times on Wednesday: "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 age 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 that they will not impact premium rates for employers.
"Total pricing for our customised group insurance plans is always determined based on the client's needs, budget, total employee size and additional requirements such as health and fitness solutions that we provide them in a bundle," he said.
Prudential cited a survey it carried out last year with the Economist Intelligence Unit which found that Singapore residents wanted their companies to provide greater financial benefits such as medical insurance to support them in their extended careers.