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How much will health insurance cost during your lifetime?

Here's how to look forward to a stress-free future of health insurance coverage
Here’s how to look forward to a stress-free future of health insurance coverage

 

For expats in Singapore, the cost of health insurance is an important factor for any family’s budget.

Do your sums right and you’ll see that, along with housing and educational fees, planning healthcare insurance needs to be right up there on your savings list.  Of course, it’s impossible to predict the future; we can’t know for sure what’s around the corner, whether it’s good or bad health. All we can do though, prepare as well as we can in advance. An insurance intermediary such as Pacific Prime Singapore will help you to cross-compare the available health insurance options from a range of insurers, and will ultimately let you find the cover that’ll put you in the best stead for the future.

Let’s start with the good news. Famously, Singapore’s well-established healthcare system is lauded across the globe for its uncanny ability to achieve excellent health outcomes at very low national spending. Its system comprises a total of 13 private and 10 public hospitals, alongside several specialist clinics, and boasts over 11,500 highly-qualified doctors among its staff. In spite of all this, though, some 72 per cent of Singaporeans believe they simply cannot afford to get sick ‘due to high medical costs’, according to a 2012 Mindshare survey. Despite the dual means of coverage manifest in Medisave and Medishield in Singapore, you’ll still need to fund a proportion of all medical costs out-of-pocket. If you consider this on a scale of eighty-something years, and multiply it by the number of people in your family, it’s all too easy to see how these escalating costs can put a serious financial strain on many Singaporean households if they come unexpectedly.

This is why preparing for healthcare in retirement is a pretty major issue in Singapore – and something that should be incorporated into families’ and individuals’ insurance plans long before retirement. The rising median age of Singapore’s population lends increased urgency to addressing your personal handling of the link between aging and health care spending, and this holds true for Singaporean locals and expatriates alike. As old age is a time when most people are unemployed and more susceptible to illness (which in turn often requires expensive medications or procedures) the cost of health insurance over a lifetime needs to be acknowledged as early-on as possible if you want to avoid struggling with debts and out-of-pocket payments into your sixties, seventies and beyond.

The fundamental, primary step is to estimate what these costs are likely to be and in what form they’ll appear. You’ll need to consider how soon you want to retire, your current health status, the size of your family, the cost of medical care in your area of Singapore and whether you’ll receive health benefits from your current employer. You can then incorporate everything into your healthcare plan.

By using an insurance intermediary like Pacific Prime Singapore, your specific details and preferences can be used to compare numerous insurance companies’ coverages and rates all at one time, saving you heaps of time and effort. Pacific Prime Singapore will help to guide you through the planning process by offering independent, professional advice on the best possible coverage to suit your future plans for your family. Ultimately, planning is key – with the right preparation, you can be realistic about health insurance costs across your entire lifetime and, in doing so, you can look forward to a stress-free future of health insurance coverage.

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