Most people in Singapore are already covered by a primary health insurance plan. Yet these may not offer enough coverage in case of more serious, long-term health issues. And if you haven’t reviewed your primary health insurance plan and current critical illness cover, you might find yourself paying out of pocket unexpectedly. Some of the best health insurance providers in Singapore offer top-up health insurance, which acts as a supplement to your primary insurance plan and can help ensure that you’re covered in case your expenses exceed your current insurance limit. Here’s what you need to know about top-up policies and how to ensure you’re getting the best health insurance rates for your needs.
What are the limitations of primary health insurance in Singapore?
Primary policies, whether personal or provided by the workplace, are essential in case of medical emergencies and accidents that may happen in your lifetime. While even the best health insurance providers often cover a wide array of illnesses and hospitalisation, they may not offer additional support for more serious issues. This can leave you paying out of pocket for longer hospital stays and complementary healthcare like physiotherapy, long-term cancer care and kidney dialysis.
Top-up insurance can also help cover policyholders who prefer to be treated in private medical facilities rather than public hospitals. For more information on opting for private hospitals, click here.
How do top-up health insurance work?
In its simplest terms, top-up insurance provides additional coverage that goes beyond your existing plan.
The key feature of top-up insurance is the deductible. This refers to a specified amount that the policy holder needs to pay (unless already covered by a primary plan) before the top-up plan kicks in. For example, if a top-up plan has a deductible of $5000 and the primary health insurance covers up to $5000, the top-up plan will cover expenses once the bill exceeds $5000.
Additionally, top-up insurance activates as soon as your bills exceed the deductible amount in your primary health insurance policy. This ensures you’re covered for any unexpected additional costs. And because the risk to the insurance company starts only after the deductible is met, the premiums tend to be lower than many primary plans while offering a similar coverage ceiling.
How to choose the right top-up plan
What to do if you’re concerned that your current plan isn’t offering enough coverage? The first step is to go through the policy in detail. Pay careful attention to coverage limits, deductible amounts, premiums and exclusions. Even the best health insurance plans in Singapore have shortcomings, so once you’ve identified gaps, you can start to explore top-up health plans that complement your existing coverage while aligning with your specific health requirements.
If you’re looking for health insurance in Singapore, Expat Insurance is an experienced insurance provider that offers a variety of plans. These include critical illness cover for foreigners living and working in Singapore. If you’re having trouble understanding your current policy and the benefits of top-up insurance, their team of advisors can aid you in tailoring a comprehensive plan best health insurance rates. For more information on Expat Insurance’s top-up plans, click here.
To make the most of living in Singapore, read our latest City Guide here for free!