Are you relocating to Singapore or will you be physically based in Singapore for a period of time? As an expat, it’s important that you’re adequately prepared with working visas, housing arrangements and medical insurance.
In Singapore, companies are required to provide corporate insurance for expats. However, do take note of the extent of coverage provided for yourself and your dependents (e.g. spouse and children) in Singapore. Common corporate insurance coverage terms has:
- No outpatient benefits
- No dental benefits
- Low coverage amount
- Low limits for medical claims
- No medical coverage for family members’ medical bills
If your coverage is sufficient, you might not need to purchase any personal insurance. Nevertheless, it’s important to be prepared with comprehensive personal insurance in case you decide to leave your job or you get retrenched, than to be left with no medical coverage at all.
Singapore’s Healthcare System
Singapore has one of the best healthcare systems in Asia, and some of the world’s best hospitals. Additionally, Singapore offers its world-class healthcare facilities and services at reasonable costs.
The country’s healthcare system is mainly separated into two systems- public and private healthcare:
Public hospitals are mainly catered to locals and PRs who are qualified for generous government subsidised rates. Medical staff in public hospitals speak English and provide excellent care. However, wait times for public hospitals are long.
On the other hand, private hospitals are as good and potentially more comfortable than public hospitals, with shorter waiting times. For Singaporeans and PRs, private hospitals are more expensive. However, public and private healthcare cost almost the same for foreigners and expats, as they are not entitled for government subsidies at public hospitals.
Generally, the cost of a basic medical consultation is reasonable in the country. However, with Singapore’s world-class healthcare, medical bills can quickly snowball should you need specialist consultations, diagnostic tests or surgical procedures. That’s why it’s highly recommended to have a comprehensive insurance plan, so you won’t have to pay out of your pockets for your medical bills, while living in Singapore.
What Type of Insurance Should You Get?
1. Medical Insurance
In Asia, healthcare costs in Singapore are projected to rise the quickest than any other country in the region. As such, paying for healthcare in Singapore as a foreigner, without any reimbursements or subsidies can be very costly.
Medical bills such as blood tests or hospitalisation, to the worst case scenarios of surgery or repatriation, can be paid for with comprehensive medical insurance. You can also enjoy shorter waiting times and more comfortable facilities in private hospitals, at the expense of your insurer. With medical insurance, you can protect yourself and your family from unexpected medical bills at a predictable monthly cost.
2. Personal Accident Insurance
Accidents happen, and we never know when, why or how. Personal accident insurance is especially important if you have children, parents, or spouse who are financially dependent on you.
While you may live a healthy and careful life, sometimes accidents still do happen, which could lead to death, permanent disability or loss of income. You can never be too careful, especially when you’re in a foreign country. For this reason, it’s important to get personal accident insurance, so that you’ll still be able to take care of yourself and your loved ones financially, even if you’re met with an accident.
3. Critical Illness Insurance
Another important insurance you should get is critical illness insurance. With critical illnesses such as cardiovascular diseases and cancer on the rise, it’s important to protect yourself from expensive medical bills, in the unfortunate event of a confirmed diagnosis.
Not only can critical illness insurance complement your medical insurance, you’ll also be able to receive a lump sum payout which can be used for whatever purposes your heart desires. For example, a stroke survivor will need to make modifications to their lifestyle and may even require an extra caretaker. These rehabilitation costs are not covered under traditional insurance, that’s why critical illness is important to ensure you can afford the necessary medical care.
Medical costs for unforeseen accidents and critical illness can escalate quickly. Therefore, purchasing insurance is the best protection for you and your family against huge medical bills.
How can InsureDIY help you?
Within the Asia region, InsureDIY have offices in Malaysia, Singapore, and Hong Kong. InsureDIY Singapore is a Monetary Authority of Singapore licensed broker and is an Exempt Financial Adviser. To provide you with fair, unbiased comparisons and information on a wide range of insurance products from different insurers, we are independently owned.
With more than 100 years of collective experience in the insurance industry, our consultants got you covered. Whether from day-to-day care or unexpected medical emergencies, rest assured that you’re in good hands with InsureDIY.
Have more questions or need more information? Get in touch with our local Singapore advisor for a more tailored solution.