Insurance in Singapore: 4 must-haves for expats!

With a new year can come a whole lot of life changes! New jobs, new babies, new homes, you name it! And you’ll need to make sure you’re properly protected with the right Singapore insurance. From home insurance to health, maternity and dental insurance in Singapore, there are many different ways to set yourself up for a safe and successful 2023. Here are four must-haves when it comes to coverage for expats, according to Pacific Prime Singapore.

#1 Ensure that you’ve got the health coverage you need

Does your health insurance cover the current needs of your family? Even if you’ve got health insurance in Singapore through work, chances are that it’s not enough to sufficiently cover all your healthcare needs. In fact, when it comes to employer-provided health insurance, some of the most common coverage limitations include:

• Singapore-only coverage
• No outpatient benefits
• No dental and maternity benefits
• Limited network of doctors and specialists
• No preventative care benefits
• No wellness benefits

That said, many expats choose to buy private health insurance in Singapore to supplement their work-provided plans. What’s more, buying top-up insurance can provide additional coverage where your current policy is lacking.

Top-up insurance in Singapore

Top-up insurance is ideal for anyone who feels their existing health insurance benefits may not be enough to protect them. It is a tailored insurance solution that considers your existing insurance benefits and adds where your plan’s benefits are lacking. For expats, especially, top-up insurance may be more appealing, as foreigners don’t have access to public healthcare options like Singaporeans do. It’s also important to consider whether you want coverage outside of Singapore since most group insurance plans don’t offer it.

Consider international health insurance

You may want to consider purchasing a comprehensive international health insurance plan that covers your medical costs in Singapore and around the world.

Designed to cover policyholders on a worldwide basis, international health insurance for expats and frequent travellers is ideal. This type of health insurance option tends to feature higher coverage limits and a wider range of benefits in your country of residence, ensuring you have access to the highest quality healthcare possible.

While international health insurance is generally more costly than a local plan, the pros definitely outweigh the cons. They are typically guaranteed lifetime renewable and offer more options for pre-existing condition coverage – for example, via an additional premium or waiting period.

#2 Make sure your teeth are protected, too

Having a health insurance plan doesn’t necessarily mean that you have dental coverage. Whether you have an existing policy without dental benefits or no plan and want to take care of your dental health without paying out of pocket, dental insurance in Singapore is highly advisable. Dental fees here are notoriously high, with treatment courses potentially costing tens of thousands of Singaporean dollars.

If you already have an existing health insurance plan, you can add dental benefits to it. Or, you can work with a Singapore insurance broker like Pacific Prime Singapore to create an individual dental insurance plan with dental benefits to meet your individual needs.

#3 Plan ahead if you’re planning on starting a family

If you are planning on having a family while overseas, maternity insurance is another must. After all, having a baby in Singapore is expensive! Maternity insurance is designed to cover the expenses associated with prenatal care, such as doctor check-ups, ultrasounds and blood tests. It also covers all expenses related to giving birth – from normal delivery to medically necessary C-sections – such as the hospital stay, doctor’s fees and newborn care for up to the first 90 days of the baby’s life, along with vaccinations. Having a comprehensive maternity insurance plan in place is the best way to ensure that all of these costs are covered.

However, it’s important to mention right off the bat that standalone maternity insurance policies don’t exist. This means you’ll need to add maternity cover to a health insurance plan, giving you access to other benefits such as inpatient care and outpatient consultations.

What’s more, you should add maternity benefits to your insurance policy as early as possible since they come with a waiting period of anywhere from 10 to 24 months. This means you’ll have to wait until the specified time period is up before making a claim.

Typical postnatal care for both the mum and baby includes routine doctor’s visits for health check-ups and even some lab work. Newborn postnatal care also includes vaccinations, which can easily cost over $1,300 in a private clinic. Some insurance plans also include coverage for help with breastfeeding by a lactation consultant or other professional.

#4 Make sure your valuables are protected with home insurance

There’s no reason not to protect those precious pieces this year. Home insurance in Singapore is particularly beneficial for expats who are renting, as it protects the belongings within your house or condo against theft, and from any unforeseen, accidental damage from a fire or flood. This includes everything from a wedding ring and Rolex to electronics and sports equipment, to that prized art piece you just couldn’t leave Thailand without.

You can even opt for a home insurance policy that insures your belongings on a worldwide basis so that you have protection wherever you are in the world.

While home insurance in Singapore protects everything under your roof, fire insurance protects the actual roof itself. So, you’ll want to consider fire insurance, too. Having both types of policies will ensure full coverage and offer complete peace of mind.

While your jewellery can be covered as part of your home insurance policy, a comprehensive jewellery insurance policy can offer additional coverage for a various situations. These include:

• Accidental damage
• Loss
• Theft
• Loss or damage while travelling
• Loss of market value (if a covered piece of jewellery has been damaged and loses value, you will be compensated for any loss in its agreed value)
• Market appreciation
• Mysterious disappearance (for example, petty theft that you didn’t notice and therefore didn’t report straight away)
• Newly purchased pieces that have not yet been listed under your policy (usually up to 90 days)

Need some help with Singapore insurance?

Contact the insurance specialists at Pacific Prime Singapore for questions about international health, dental, maternity and home insurance in Singapore, and more.

Pacific Prime Singapore
18 Cross Street, China Square Central, #14-05
6346 3781 | pacificprime.sg

Read on for more about insurance and other health and fitness topics in Singapore.