When choosing the best insurance in Singapore for expats, many make the common mistake of considering the premium cost the be-all and end-all factor. In this blog post, we will try to find out answer to several questions. What makes a particular health insurance plan best for expats in Singapore? How do plans from the same insurer differ? What are the factors expats should keep in mind while comparing and assessing health insurance plans?
Geographical Coverage: The greater the coverage, the higher the premiums – it’s the simple rule of thumb that determines the cost of premium. Local health insurance policies are less expensive but they have the limitations of covering the insured expat only in Singapore. International health insurance plans are expensive but allow you to get coverage even if you move elsewhere. Hence, though the latter type is costlier, it is worth your consideration.
Extent of Coverage: Regardless of whether you buy a local or international insurance plan, the cheaper options provide no more than basic coverage. Under the basic coverage, treatment is provided only if you are admitted to hospital overnight. Premium cost will shot upwards if you want the following coverage:
Vision coverage
Dental coverage ‘
Newborn coverage
Pregnancy and children coverage
Pre-existing conditions coverage (your medical conditions before buying health insurance)
Outpatient coverage (GP visits)
And many more
Health insurance for foreigners in Singapore with lower premiums usually havs more exclusions, higher copayment and deductibles. Even if you don’t have to spend a large premium each month, you will end up coughing out more for treatments.
Co-Payment: It is the costs that you have to bear for a covered treatment, after paying the deductibles. This payment is determined as a percentage of the cost.
Deductible: You have to pay this amount out of your pocket before your health insurance policy starts and you get payment from your insurer.
Exclusions/Limitations: This can be any medical condition or treatment not covered by your health insurance.
Process of Direct Billing & Claim: If an insurer has a wide network of providers and direct billing services, it makes sense to buy a policy form them. It will allow your hospital to send billing directly to your insurer and save your time and tension of claiming for reimbursement.
Furthermore, if you have to make a claim, make sure that the process is simple and straightforward. You will definitely not like the idea of doing a lot of paperwork, bureaucracy and knocking the door of your insurer several times.