Expat Health Insurance in Singapore - Local vs International Plans

1. Expat Health Insurance in Singapore - Local vs International Plans Relocating to a new country for business opportunities is an exciting point in your career. Yet amidst all the planning and preparation, you also need to think about adequate protection in a new land. This protection exists in form of your insurance. Health insurance is the first and most important type of coverage any expat needs. Now, when it comes to expat health insurance, there is no universal plan or policy that fits all. We each have varying requirements from our coverage. A lot of expats in Singapore often get stumped choosing between local and international health insurance coverage. If you too have similar doubts, this article is just for you. Read on to understand the key points of comparison between local and international health insurance that you should keep in mind when deciding which one suits you.

2. Geographical coverage • One of the main points of difference between local and international health insurance plans is the geographical reach of the policy. A local health insurance plan is designed to mainly cover medical needs in Singapore. The reason we use the world ‘mainly’ is because some local insurance plans do offer international coverage. For instance, you may be able to make a claim for an emergency medical treatment outside Singapore and planned overseas treatment.

3. An international health insurance plan does exactly as its name suggests – it offers health insurance that is applicable internationally. However, these plans might have their own restrictions too. For example, some international plans are truly applicable in any country whereas others might restrict you to any country in Asia.At the end of the day, you need to choose between international & local coverage based on your individual needs. A pro tip would be to opt for the coverage that will be beneficial to you in the long run. Policy limits • Singapore has one of the world’s best healthcare facilities. However, good medical treatment comes at a high cost. Therefore, it is important to know the highest limit you can claim on your choice of health insurance.

4. A local health insurance plan will usually have an upper limit of S$1.2 million. An international health insurance plan would have a much higher limit. Yet, do bear in mind to take only as much insurance as you need. Never pay for more than you will use nor leave yourself underinsured. A smart way to understand the amount of coverage you need is by checking the treatment costs at the hospitals you prefer for medical care.

5. Premium costs • The cost of the premium should not be the deciding factor when choosing health coverage. Yet, it is an important point of consideration when buying expat health insurance. This is because you must choose a health insurance plan with premiums you can afford to pay over the long run. It won’t make sense to drop out of a plan mid-way.

6. Now, international insurance plans have higher premiums mainly because of the geographical coverage they offer. However, if your work does not send you outside the borders of Singapore, you would do just fine with a good local insurance provider. Local health insurance policies have very affordable premiums along with riders at minimal extra cost. Always calculate long-term affordability before choosing an insurance plan. Do also take into account the health insurance provided by your employer before purchasing private coverage of your own. Make sure to get health insurance for your family too if they are accompanying you to Singapore. We hope this article will help you. Take care.

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