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Health Insurance - SIO/GOSI

Hello.

I just want to ask if anybody from here knows about SIO.

Is there an option for a private company not to pay health insurance to SIO, but instead get a health insurance from a private hospital as alternative?

Thank you in advance.
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I think you are confusing different things.

Health insurance is paid for with the visa issuance fee i.e. for a 2 year permit, it's around 144 BD I think.   If you get private health insurance, you can use that to get a waiver on this fee.   

But SIO payment is for social insurance and not health insurance - this covers workplace accidents for expats and pension for locals.  That, you still have to pay.
You’re correct Xtang. Confused between the 2.

So for LMRA Health Fee, I understand that’s going to be waived off if a company has a private health insurance.

How about in SIO though? I think there’s health care fees being billed to a company once a year, beginning of the year basically. Would that be exempted as well if a company takes up private health insurance?

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No only the lmra fee.