We know that acquiring a medical cover is important, but how do we decide which plan is for us? Although Singapore has one of the best healthcare systems in the world, the costs of medical care and consultations can get pricey for expats living and working here. As insurance brokers, we encourage expats here in Singapore to procure a comprehensive health cover, especially if they’re here with families.
In Singapore, healthcare is split into public and private systems. Though the public system is generally more affordable, it is subsidised for Singaporeans and can sometimes incur long waiting times. The private system is a lot more expensive – this is where your insurance will come in handy.
Plus, given the extenuating circumstances brought on by the pandemic, internal health insurance may be a more valuable policy. Reports show that demand for healthcare insurance is rising globally, especially amongst the elderly and working class.
What do international health insurance plans cover?
Akin to general medical plans, international health insurance plans provide long-term coverage for expats living and working outside of their home country.
The length of coverage varies, depending on the provider. These plans are ideal for expats as they offer a peace of mind while they go ahead with their plans abroad. With a robust international health insurance plan in place, expats need not worry about running into medical emergencies overseas. Even though working overseas is a gateway to a myriad of opportunities, it still poses risks. Plans may vary provider to provider but this type of medical plan could also allow for optional benefits such as travel, regular health screenings, and dental.
Understanding top-ups and its merits
Not to be confused with rider plans, top-up plans are designed to offer additional protection on either an individual or family basis. By increasing your accident, annual, and lifetime limits, your top-up plan works in conjunction with your current medical plan provided by your employer. What are some of the benefits to having top-up plans?
- Covering gaps from Employee Benefits plans
- Getting coverage for pre-existing conditions
- Insurance for dental and vision issues
- Additional coverage for big what-if scenarios
Although most employers cover their employees on medical insurance, it may be insufficient for certain medical expenses. A top-up plan can be incrementally beneficial for individuals who want to be protected against various medical costs and hospitalisation expenses. It covers you for those what-if scenarios that your employee plan may not cover for. Our team will be happy to review the existing employee benefits plan and identify any gaps that can be covered with a top-up plan.
Read more on hospital and surgical insurance here.
Apply for international health insurance plans today
The coronavirus pandemic has brought to attention the importance of protecting yourself from the risks of viruses as well as health scares. With a strain on healthcare resources, it can be stressful to think about your accessibility to adequate insurance and medical attention.
Even though you may be living and working in a country where the healthcare system is world-class, you’ll still need to ensure access to comprehensive expat health cover. Without it, it may be difficult to attain the kind of medical care and consult that you may want. Similarly, even if you’re on a comprehensive employee coverage plan, it might be wise considering top-up plans. They cover you for far more conditions and provide an assurance that you won’t be faced with skyrocketing medical bills in any instance that you are in need of medical attention for a condition the company does not insure for.
Having worked with both organisations and individuals, the Expat Insurance team in Singapore is well equipped to help you figure out a policy that works for you. We recognise that a saturated market is hard to navigate, and that’s why we’re here to help you through that. Get in touch with us to see how we can help.