Before you wade through the dozens of health insurance plans available and the wide range of different insurers, it pays to come armed with some extra knowledge on the subject. Here, the team at Pacific Prime Singapore share some tips to consider when comparing health insurance in Singapore.
#1 Understand the key insurance terms
Insurance can be a boring subject for many. What’s more, insurance policies are typically filled with complex terms that are often ignored or neglected. Focusing purely on the premium and paying little attention to the key terms of an insurance policy is a major mistake that people often make.
Before you start comparing health insurance in Singapore, find out more about the common terms used. These include:
This is the amount that you need to pay out of your own pocket before the insurer provides coverage. If the premiums are unusually low, chances are that it’s got a high deductible.
Take note: If you want an affordable premium, choosing a high deductible can reduce your premium substantially. However, it means high out-of-pocket payments if you need to make a claim. Be sure that you have enough in savings to cover the full cost of the deductible.
What you’ll have to pay for the cost of a covered treatment. It’s usually as a percentage of total costs, following the payment of the deductible (if any).
Exclusions or limitations:
These are the chronic health conditions, situations or treatments that your health insurance plan won’t cover; for instance, pre-existing conditions or non-medical cosmetic surgery.
You can add this coverage to your basic health insurance plan for an additional premium. Typical riders include dental, vision, maternity, and coverage for pre-existing conditions.
Waiting period or moratorium:
The duration for which you may have to wait before specific coverage benefits will apply. For instance, maternity coverage has a waiting period of at least 10 months.
If you come across terms that you have not heard of before, contact your insurance advisor for help.
#2 Consider your healthcare and lifestyle needs
Before rushing into comparing health insurance, take a step back and figure out what your needs and priorities are. For instance, there’s no point selecting a health insurance plan with a maternity rider if you have no plans to start a family yet. Likewise, if you’re fit, young and healthy, coverage for pre-existing could be considered unnecessary.
Look at the options of health insurance in Singapore and consider various situations to determine which to go for. For example, if you travel often – or you plan to do so once international borders become more open – then opting for international health insurance is highly encouraged. Not only will the plan offer local cover in Singapore, but it’ll provide full coverage and benefits when you’re overseas.
By knowing what your needs are, you can also get an idea of the overall cost of your premiums.
#3 Use an online comparison tool
While there are many online tools to spend your time visiting, Pacific Prime Singapore offers a free quotation tool that’s user-friendly and practical to use. It’s designed to bring together plans that meet your needs on one platform.
Pacific Prime’s insurance experts are also on hand to help once you have selected a preferred plan. They can offer advice, compare finer details of your plan and refine it so it better suits your needs and budget.
Compare health insurance plans with Pacific Prime Singapore
Whether you’re looking for travel insurance, individual health insurance or family health insurance in Singapore, contact a reputable insurance broker like Pacific Prime. With over 20 years of experience and a global team of experts, they can help you find a suitable insurance plan. If you need help with health insurance in Singapore, contact them for advice, comparison of plans or an obligation-free quotation.
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