Why have private health insurance as well as company?

The team at Pacific Prime sources quotes from a range of top insurance providers, so you get comparisons and help with deciding what would work best for you – and your family, if necessary. Here, they look at five reasons you should have private health insurance outside of your employer-provided group medical or company insurance.

Why have private health insurance as well as company insurance?

#1 Employment independence with private health insurance policies

Private health insurance policies are not tied to your employment. This means you maintain coverage even if you are made redundant, resign, or have a period between jobs before your next employment coverage starts.

#2 Greater flexibility and control 

Private health insurance generally offers more flexibility, giving you greater control over what is covered, as these decisions are not solely determined by an employer. Often, you don’t have a choice in the kind or amount of protection you’re getting. You also risk being underinsured.

#3 Stability of coverage

The coverage provided by group policies might be lower and can be altered or changed without consultation if a company is looking to cut costs. Private insurance provides more stability.

#4 Cost-effectiveness for families

If you opt for private international health insurance that covers your family, and even parents, it can often work out to be much more affordable than purchasing individual policies for each person.

#5 Wider network access

Private health insurance provides access to a wider network of healthcare providers and specialists compared to an employer-provided group medical plan.

Additionally, check if your group medical insurance includes disability, critical illness and personal accident insurance. If not, securing an additional private insurance policy for these aspects is definitely advisable.

Pacific Prime supplies locally sourced medical insurance plans for expats, PRs and Singaporeans, as well as plans that include international coverage. With offices in Singapore, it means you can also visit them and talk to a real person to ask questions and get help with claims.

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