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Do my employees need to pay tax on the Shield plan premium if I provide them with a Shield plan?

You can pay the premium of the Shield plan in 2 ways:

  • Pay the insurance company directly on behalf of your employees.
    Employees will be taxed. As the beneficiary of the Shield plan is the employee and this constitutes a benefit-in-kind provided by the employer, the employee will be taxed on the full amount of premium paid by the employer.
  • Reimburse the amount of premium into your employees’ MediSave accounts.
    Employees are not taxed, subject to a limit of $2,730 per employee per year.