We’re lucky in Singapore to have top-class public and private medical care at our disposal. However, because most expats can’t take advantage of the public healthcare system and its associated subsidies, many employers tend to offer a group health insurance plan to offset the eye-watering costs of care here. Thanks boss!
While this is great in theory, you really need to take a good look at the fine print in your policy documentation and ask yourself whether your company-based insurance scheme covers everything you and your family may need it for. To help you figure out where your coverage may be lacking, we ask insurance brokers Pacific Prime Singapore for a breakdown of common benefits that may be excluded.
The good news? There are great-value top-ups on the market that can provide coverage for whatever may be missing from your existing plan. Whew!
The price-tag of dental treatments in Singapore can be astronomical. However sweet you may think Junior’s crooked grin is, orthodontics may cost upwards of $8,000 – and that’s before regular maintenance! Procedures such as caps, wisdom tooth removal and chronic dental issues will also set you back and are generally not included in company insurance plans, making a dental top-up plan a worthwhile investment.
Regular eye exams are important for the whole family for day-to-day activities such as safe driving and schoolwork, yet vision benefits are typically not included on company plans. Fortunately, basic exams are affordable in Singapore, though comprehensive examinations and procedures such as glaucoma surgery can quickly rack up steep fees. Thinking of LASIK surgery? While laser eye surgery is elective, a comprehensive vision plan may partially cover costs for the procedure.
The vast majority of company medical insurance plans do not include maternity benefits so, if you’re thinking of adding to your family, you will likely have to get your own maternity insurance for pregnancy, labour and delivery, as well as any complications that may arise. This is especially important for expats without PR (Permanent Residence) since you won’t be able to obtain subsidies through the public healthcare system. Sooner rather than later is key here as maternity policies generally come with lengthy waiting periods of 10 months or longer!
You may have moved your whole family to Singapore, but that doesn’t mean your employer is going to pay for health insurance for the entire brood. Secure a plan that covers every family member.
International Health Insurance
Many private medical insurance plans in Singapore will only provide coverage for treatment received here. If you’re a regular jetsetter, whether for work or leisure, it can make sense to take out international health insurance so you can access high quality healthcare, worldwide.
Take a close look at your company policy and make sure that the annual limits are at a level that will suit your needs. A top-up plan can provide additional benefits over and above what your current policy provides. The maximum needs to be sufficient to cover you or a family member in the unlikely event that you are involved in a major accident (requiring multiple surgeries, specialised equipment, medication and rehabilitation) or discover you are suffering from a degenerative or chronic disease such as Parkinson’s, dementia or muscular dystrophy. We’re talking peace of mind here!
Unsure about the type of plan you need? Chat to the insurance experts at Pacific Prime Singapore to get a free quote or advice on health, travel or home insurance.
Jetting off? Follow these travel insurance tips from Pacific Prime Singapore.