Think your employer-provided insurance is enough? Not so fast! Here’s what to know about most employee insurance benefits, and why it’s worth considering top-up insurance as an expat here in Singapore.
Why your employee insurance benefits may not be enough
If you’re an Employment Pass (EP) holder, you’ve likely got health benefits through work. However, most employer-provided insurance plans have low limits. This means you could be left high and dry in the event of a medical emergency that requires hospitalisation or surgery. Often excluded in employee insurance benefits plans are coverage for maternity, dental, critical illness and any hospitalisation expenses.
Additionally, these plans may be limited in terms of coverage areas. So, if you travel outside of Singapore often, you may not be fully covered at all times under your employer-provided insurance policy.
What is top-up insurance?
Top-up insurance is a health plan that offers additional coverage where your current policy is lacking. By increasing your accident, annual and lifetime limits, top-up insurance plans offer an extra layer of protection. This can keep you free from financial burden.
For instance, your employee insurance benefits plan may cover only some of your knee surgery bill. With a top-up plan, you won’t have to pay the remaining costs out of pocket because the extended coverage will kick in when the limit of your basic plan is met.
Who needs top-up insurance?
Anyone who feels under-protected by their medical insurance can benefit from the additional coverage – and, the added peace of mind it brings!
It’s always a good idea to double check what your existing plan provides so that the right additions can be made. An insurance broker such as Expat Insurance can help you review the details of your existing coverage. They can recommend the appropriate add-ons to suit your individual and family’s needs.
If you travel in and out of Singapore frequently, as many expats do, you’ll probably want to consider a top-up insurance plan with international coverage. This will ensure that you’re fully covered no matter where you are at any given time.
Need some help?
The Expat Insurance team is experienced in working with expats to figure out exactly where they need top-up insurance coverage. They can help you to upgrade your plan accordingly.
Expat Insurance
#B1-52 The Riverwalk, 20 Upper Circular Road
6401 9201 | expatinsurance.com.sg
This article first appeared in the March 2022 edition of Expat Living. You can purchase the latest issue or subscribe, so you never miss a copy!
