Singapore

Friday 27 November 2020
Insurance

How to find an affordable health insurance plan in Singapore

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Having the right health insurance as an expatriate in Singapore translates into saving thousands of dollars if you fall ill. However, with the Lion’s City healthcare being one of the best in the world, price tags tend to follow the quality.
 
If the price tag itself worries you, then read the following tips from our health insurance partner, Pacific Prime Singapore, on finding affordable health plans in Singapore.

5 ways to find affordable health insurance in Singapore

1.Know the average costs of health insurance

Every year, Pacific Prime releases its annual Cost of Health Insurance Report, where you can find average prices for health insurance plans in 100 locations around the globe, including Singapore.
 
For example, in 2018, the average cost of an individual health insurance plan in Singapore was USD $4,520, which makes Singapore the 9th most expensive country globally for individual health insurance.
 

2. Don’t confuse cheap with affordable

You can certainly get a cheaper plan than the average, but that might come with a catch in the form of low benefit limits, high deductibles, and other unforeseen out-of-pocket costs, as well as fewer hospitals and clinics you can go to.
 

3. Know what increases the price

As an expatriate in Singapore, you most likely can’t enjoy the healthcare subsidy schemes that residents can avail themselves of, meaning those that don't have insurance will have to pay the full cost for any medical treatment; however big or small. Here, we present some tips on choosing coverage and its impact on your premiums:
 
  • Pre-existing condition: A private insurance company can cover pre-existing conditions, but you can also expect to pay a higher premium. Depending on the condition, it is sometimes more affordable to cover it (for example diabetes, and all its complications).
  • Do I visit the doctor often? If you don’t, then getting an inpatient-only hospital insurance plan is the more affordable solution. However, if you and your family do, then securing a health insurance plan for your family with outpatient benefits is advisable.
  • International coverage: Singapore-only plans will be only slightly cheaper than international plans, because of the city’s already high cost of healthcare.
  • Coverage scope: As a rule of thumb, the more comprehensive the plan’s benefits are, the higher the cost will be.
 

4. Top-up your existing health insurance plan

If your employer-provided plan isn’t very comprehensive, topping it up can offer a more affordable way to get the health cover you need, as you’ll only pay for the additional benefits, such as dental or maternity care.
 

5. Compare health insurance plans

Your best bet is to compare the plan’s benefits, provider networks, and overall reputation of the insurer, and there is no one better suited to help you with that task than an insurance brokerage expert at Pacific Prime. As a reputable private health insurance company, Pacific Prime can compare health insurance in Singapore to help you find the right plan for your needs.
 
Contact Pacific Prime Singapore to have your questions answered, get a free quote, and acquire impartial advice today.