When you move to another country, you might not get access to special
benefits offered to permanent residents such as local national health system
and guaranteed income in case of any health problem or accident. If you have
moved to Singapore recently or planning to move soon, you might already know
this fact - Singapore was ranked #1 in 2016 for being the most expensive city to
live in in the world. As such, uninsured individuals, such as expats, may face huge expenses
in the event of unforeseen circumstances. It’s highly recommended that expats living
in Singapore protect themselves with a health insurance plan that best suits their
needs. Check out these health insurance tips before you purchase expat
insurance.
Decide between local or
international health insurance plans
International health
insurance plans are offered by specialized medical insurance providers.
For the local health insurance plans, the most popular one is the integrated
shield plans (IP). This plan is currently offered by AXA and other local
insurance companies. IP insurance plan is linked to Singapore’s national
medical insurance scheme - MediShield. However, some insurance companies have a
foreigner version for the Integrated Shield Plan. There are other local
insurance plans that are not linked to MediShield, but they have a small pool
of policyholders in Singapore.
If you plan to stay in Singapore for the entire duration of your work
period, then a local plan may be a good option for you. Local health plans tend
to have lower premiums. If you travel frequently to other countries apart from
Singapore, it is recommended to secure international health insurance so that
you can enjoy your policy’s benefits worldwide including Singapore.
Check if your provider
allows you to build a personalized portfolio of coverage
Some insurance companies may provide you the option to build your
own personalized portfolio of coverage by customizing the annual excesses, and
length and area of coverage. From entry-level medical insurance to the most
comprehensive package, expats can enjoy inpatient, outpatient, dental, optical,
and wellness benefits with personalized portfolio.
Buy a plan from a licensed
insurance company
Most insurance companies in Singapore are excellent and
trustworthy. However, as an expatriate living in Singapore, it is important for you to verify whether
or not your insurance broker is authorized to provide you their services. Your
insurance broker must be listed in the General Insurance Association’s Agents
Registration Board (ARB). The insurance provider must also have license
for life insurance, investment-linked policies, and license for providing
financial advisory services.
When you eventually sit down to choose your health insurance plan
and provider, you must spend some time to decide what would be the best expat insurance option for you and your
family and what would benefit your family on a medium to long term basis.
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