Singapore has one of the best healthcare systems in the world. As an expat living in the Lion City, you can benefit from quality treatments at numerous public and private hospitals. However, if something unfortunate happens, it may take a heavy toll on your finances as Singapore’s healthcare is known to be quite expensive. In such cases, having a financial safety net becomes critical for expats, especially those who have families. This safety net can be found in insurance. You can protect yourself and your loved ones with insurance plans that will cover you against a range of unforeseen circumstances and medical expenses that may cost you a fortune. Do bear in mind that some insurers may have certain conditions for expats on their cash value plans. For example, US citizens may not be eligible for plans with a cash value component.
With that in mind, let’s look at the various private insurance plans for expats that can protect you and your family.
Integrated Shield Plan (IP)
Integrated Shield Plans are health insurance plans offered by private insurance companies as additional coverage on top of MediShield, the government-provided health insurance plan for Singaporeans and Permanent Residents. As an ex-pat, having an Integrated Shield Plan (IP) is necessary to be able to meet the rising healthcare costs, since you and your family would not be covered under MediShield like a Singaporean citizen or Permanent Resident (PR).
Apart from taking care of your medical treatment while you are hospitalised, your IP can provide you and your family with comprehensive coverage beginning from 180 days prior to hospitalisation till 365 days post hospitalisation. Opting for additional coverage can also give you access to better wards as well as facilities such as cashless transactions, concierge services, affordable premiums, and so on. Furthermore, supplementary benefits on your Integrated Shield Plan can reduce your share of co-pay to 50% and deductibles to just a mere 5%!
IPs also have international coverage, with certain plans covering emergency or planned medical treatment outside Singapore as well.
Life insurance plan
There are primarily two types of life insurance plans you can choose from – whole life insurance and term life insurance.
The excellent standard of living and work opportunities that Singapore offers, along with its multicultural vibe can convince even the most nomadic of expats to settle down and spend their lives here. If you, too, have such plans, then one way to ensure that the plan stays on track is to insure yourself under a whole life insurance plan. Under this plan, you get to choose the flexibility of your premium payment for a limited term. The coverage for this policy remains for the entirety of your life – you are covered against death, total and permanent disability, and terminal illness.
As mentioned earlier, some cash value plans may not be available for certain expats. Since whole life insurance plans have a cash value component, you may want to consider opting for a term life insurance plan instead. With some insurers offering term options that range from 5 to 82 years, you can choose the policy term as per your plans for the future and secure your family’s stay in Singapore.
Maternity insurance
Maternity insurance plans will comprehensively cover you from as early as the 13th week of pregnancy.
Some insurers may even offer you the benefit of transferring the existing health insurance from the bundled maternity insurance plan of the mother to the child upon birth, so that baby gets coverage right from the start of life.
Do seek the advice of a professional to understand the plans that you would be eligible and suitable for.
We hope this article helps you find a great health insurance plan for yourself and your family in Singapore. Good luck!