Changing Jobs? Boost Your Healthcare With Top-Up Insurance Plans

Changing Jobs? Boost Your Healthcare With Top-Up Insurance Plans

A job change may bring about a whole host of emotions, including excitement, anxiety or a renewed sense of drive. In the midst of settling into the new role, we might choose not to go through the insurance policies provided by our new employee. However, this could mean leaving ourselves vulnerable to any health emergencies that could wreak havoc on our finances. Find out what you can do to plug the gap.

Why is it important to have full insurance benefits? 

As an expat starting a new job in Singapore, you might have access to an attractive employee benefits package. This might include visits to the GP or accident, emergency or surgery expenses. However, simply relying on this insurance coverage and not taking any add-on insurance could be risky, as treatment required for more severe illnesses or the needs of your family members are not covered. This could mean paying the full price for your child if they fall sick or paying hefty hospital bills for long-term treatment in the event you are diagnosed with cancer.

What happens if I am not fully covered? 

Healthcare in Singapore can be costly. While visits to your doctor for a minor cough or flu may not rack up expensive bills – and so can seem minor – medical emergencies or the diagnosis of a critical illness can be a real financial strain on you. You may not have the savings required to cover the cost of treatment or to pay for the essentials like food or rent in the event you lose your job. Guarding against these types of situations by buying extra insurance, could help you gain a peace of mind should something unforeseen happen.

What is normally excluded? 

It is not mandatory in Singapore for companies to provide their employees with insurance, however most employers in Singapore usually provide a basic health insurance package. A basic medical insurance plan might cover you for hospitalisation, personal accident and reimburse you for visits to the dentist or doctor.  Some companies may also provide coverage for your spouse and your children.

However, the insurance provided by your company might not provide you the full coverage you need, leaving you vulnerable when you most need it. For example, the hospitalisation coverage would probably have an upper limit or you may not have maternity insurance included in your package. Also, critical illness (CI) insurance, insurance that supports you if you have ailments such as cancer, kidney failure or a heart attack, usually is not included.

It’s best to consult us to understand the plans your employee insurance covers you for and understand the top-up insurance or riders available to you.

MediShield Life

The Central Provident Fund (CPF) Board provides Singapore citizens and Permanent Residents with a basic health insurance plan called the MediShield Life. It helps to protect against the cost of expensive outpatient treatment or large hospital bills if one falls seriously ill. This insurance plan, however, is a basic one that covers you for Class B2/C bills. Should you prefer staying in a Class A/B1 ward or a private hospital, the MediShield Life will only cover a portion of your bill. With an Integrated Shield Plan (IP), you can bump up your existing MediShield Life coverage so you can achieve the level of comfort you require in the event you are hospitalised.

Top-up insurance plans

A top-up health insurance plan for expats works in conjunction with your current employee plans. Your employee plan will reimburse you for the set sum assured and your top-up insurance plan will cover you for costs after this threshold is reached. This is termed the deductible amount. Expat insurance top-up insurance packages are designed to support a base policy and will be activated should this base policy prove to be insufficient. This provides you and your loved ones with a safety net for peace of mind.

Learn more about Expat Insurance’s top up insurance packages

When changing jobs, you may be overwhelmed trying to meet the requirements of the new role and not find out more about the insurance plan your new employer has available to you. But doing so might be detrimental to you should the health of you or your family be compromised. Find out more about how to plug your insurance vulnerability gap. Protect yourself and your loved ones with Expat Insurance’s top-up plans. Consult our friendly team of insurance advisors.

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