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What health Insurance to sign up for?

Discuss the different insurance options from car to health insurance.
Jens0497
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What health Insurance to sign up for?

Postby Jens0497 » Thu, 31 Dec 2015 2:23 am

Hi all,

I am relocating to SG on a local contract. So I have to take care of the health insurances myself, which I hope that one of you can give me some input on how to handle the best way.

The company, I will work for have different Group insurances for Hospitalization & Surgical, Major Medical, Term Life , Dread Disease, Personal Accident & Dental.

I assume that these are pretty much standard in Singapore among MNE.

So my question:

Would you sign up for a private insurance on top of these group insurances? And if yes, where? Or is the different group insurances usually more than sufficient even for the locals?

Thanks in advance for any input.

curiousgeorge
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Re: What health Insurance to sign up for?

Postby curiousgeorge » Thu, 31 Dec 2015 12:16 pm

Not possible to say because you haven't indicated what level of coverage these group policies will give you. If the cap is, say, $20,000 per year you are screwed if you get anything more than a simple broken arm. Anything less than an annual $300,000 limit might not cover you in Singapore.

There is no such thing as standard. And it depends on your current level of health, age etc.

Doctors are relatively cheap compared with, say, the USA. But more expensive than UK or Canada of course.

You can go for fully private coverage with one of the big internationals like BUPA for worldwide coverage for anything for $3000+ a month depending on your existing conditions and family (women cost more).

However, if you can afford the General Practitioner visits (around $20-$50) then the biggest concern is Hospitalisation & Surgical/Dread Disease/Major Medical. Singapore has government mandated levels of coverage offered by private insurance companies called "integrated shield plans" which are designed for Singaporeans to cover almost all eventualities and pay for the premiums from their meagre social security (CPF) known as Medishield Life.

However, for a few dollars more, these plans are also open to foreigners on an proper employment/work pass in Singapore. Up to and including as-charged costs covered in Private hospitals. You can get riders also to reduce/eliminate co-pay & deductibles and even have some level of income protection.

Compare plans at https://www.moh.gov.sg/content/moh_web/ ... plans.html

Even better, these plans can offer a Letter of Guarantee to public hospitals (even if you are using them in Private Class) which reduces up-front medical expenses. Helpful if you can't afford to pay in advance.

But wait! There's more! Some of these policies will also cover you for emergency overseas treatment up the cost of similar treatment in a Singapore hospital!

Private level coverage for a single male in his late 30's is going to run you around $400 PER YEAR with coverage not far off what BUPA offers.

I am not an insurance advisor, just a guy in his early 40s with a friend who recently suffered from a brain tumour and another one who had a heart attack in his 30s and are now appealing on GoFundMe because they didn't sign up when they should have.

To me, the Integrated Shield Plans are a no-brainer for anyone in Singapore.

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lucassmith
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Re: What health Insurance to sign up for?

Postby lucassmith » Thu, 31 Dec 2015 2:04 pm

Jens0497 wrote:Hi all,

I am relocating to SG on a local contract. So I have to take care of the health insurances myself, which I hope that one of you can give me some input on how to handle the best way.

The company, I will work for have different Group insurances for Hospitalization & Surgical, Major Medical, Term Life , Dread Disease, Personal Accident & Dental.

I assume that these are pretty much standard in Singapore among MNE.

So my question:

Would you sign up for a private insurance on top of these group insurances? And if yes, where? Or is the different group insurances usually more than sufficient even for the locals?

Thanks in advance for any input.



imho, you sound pretty much covered by your company. From a local's pov of course.
I probably would only sign up for additional insurance if I have the money to spare and additional liabilities/responsibilities (families, loved ones that are dependant on me)

Plenty of reliable insurance companies you can look up on: Prudential, Aviva, AXA, etc

curiousgeorge
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Re: What health Insurance to sign up for?

Postby curiousgeorge » Thu, 31 Dec 2015 7:33 pm

lucassmith wrote:

imho, you sound pretty much covered by your company.


For how much? If the cap is $20k per year, that is no coverage at all.

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marketingborders
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Re: What health Insurance to sign up for?

Postby marketingborders » Fri, 22 Jan 2016 1:25 pm

It does sound like you are covered in most areas, but the coverage amount will be the key to know if these are sufficient for your needs and age.

Besides approaching the insurance companies, you may want to approach independent financial advisers who are not tied up with any of such companies. So that you can have an (relatively) objective overview of the policies available and he/she can assess your current policies to identify any areas with insufficient coverage.

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ecureilx
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Re: RE: Re: What health Insurance to sign up for?

Postby ecureilx » Thu, 14 Apr 2016 11:22 pm

danieltongzh wrote: .Always work within the means and get the necessary reasonable amount.


Assuming I don't have any "means", other than the 500k term life, critical care, out patient - all provided by the employer.... what do you suggest ?

danieltongzh
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Re: What health Insurance to sign up for?

Postby danieltongzh » Thu, 14 Apr 2016 11:44 pm

Hi,500k for most people is actually a very good and comfortable amount. But it will be a case to case basis, to take into consideration some points like,
1) current drawn salary
2)are you the sole bread winner of the household
3)expenditure of the family as a whole
4) Number of dependant which will be affected if there is a sudden lost of income from your part
5)how many more years before the dependent will be independent.

Critical care amount will be like a extra cashflow during times of need when one is struck or diagnose with critical illness. However with a comprehensive shield plan which will cover hospitalisation cost , it will be very useful. A comprehensive shield plan can help over 600k of hospitalisation bills yearly renewable. It is also one of the plan which is most affordable and partially can be paid by medisave.

A good Personal accident plan is also good as it too have elements of Medical Reimbursement
and is very affordable with reasonable coverage amount.

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ecureilx
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Re: RE: Re: What health Insurance to sign up for?

Postby ecureilx » Fri, 15 Apr 2016 12:03 am

danieltongzh wrote:Hi,500k for most people is actually a very good and comfortable amount. But it will be a case to case basis, to take into consideration some points like,
1) current drawn salary
2)are you the sole bread winner of the household
3)expenditure of the family as a whole
4) Number of dependant which will be affected if there is a sudden lost of income from your part
5)how many more years before the dependent will be independent.

Critical care amount will be like a extra cashflow during times of need when one is struck or diagnose with critical illness. However with a comprehensive shield plan which will cover hospitalisation cost , it will be very useful. A comprehensive shield plan can help over 600k of hospitalisation bills yearly renewable. It is also one of the plan which is most affordable and partially can be paid by medisave.

A good Personal accident plan is also good as it too have elements of Medical Reimbursement
and is very affordable with reasonable coverage amount.


So you are still trying to up sell. Got it.

Whalley
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Re: What health Insurance to sign up for?

Postby Whalley » Mon, 06 Jun 2016 5:43 pm

Jens0497 wrote:Hi all,

I am relocating to SG on a local contract. So I have to take care of the health insurances myself, which I hope that one of you can give me some input on how to handle the best way.

The company, I will work for have different Group insurances for Hospitalization & Surgical, Major Medical, Term Life , Dread Disease, Personal Accident & Dental.

I assume that these are pretty much standard in Singapore among MNE.

So my question:

Would you sign up for a private insurance on top of these group insurances? And if yes, where? Or is the different group insurances usually more than sufficient even for the locals?

Thanks in advance for any input.



Your company actually offers you a pretty good benefits. However you need to check if your company the following details:

1) Do they cover both private and government hospital?
2) Do they cover your treatment and doctors/ specialists visit before hospitalization?
3) Do you have to pay the hospital bills upfront?

This is very important as the medical bills in private hospital is not cheap. And from my experience claiming from my company the medical bills, it took more than 3 months. My friend recommended me to get private insurance. I went to hospital and had a surgery one year after brought the private insurance. I manage to get my claim back from my agent within a month.

There is a lot of insurance companies that is in Singapore. I have a few agents from different company. I realize the plan are more or less similar, the agent is the one that made the different. Some is really inefficient in claiming for me. But I do not want to put all the blame on them as it might be the company fault too.

Hope my advice can help you.

DonC
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Re: What health Insurance to sign up for?

Postby DonC » Wed, 03 Aug 2016 5:55 pm

Getting a Medical Expense Insurance in Singapore should be in one of your To-Do list.

Advances in medical sciences, the greater use of expensive medical technology and drugs, an ageing population rising life expectancy, are some reasons that contribute to the rising healthcare costs. In most countries, healthcare expenditure has grown much faster than the economy, and there is a limit to the financial burden that a household can bear.

I, myself also put utmost concern over my family's healthcare coverage especially with young children starting out with no protection for them in whatsoever.

After much research and getting involved more, i can share more with whoever needs assistance in these areas.

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ecureilx
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Re: RE: Re: What health Insurance to sign up for?

Postby ecureilx » Wed, 03 Aug 2016 5:58 pm

DonC wrote:After much research and getting involved more, i can share more with whoever needs assistance in these areas.


So in brief ???? Do share here please ....

DonC
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Re: What health Insurance to sign up for?

Postby DonC » Wed, 03 Aug 2016 7:16 pm

HI Ecureilx,

source from MOH :

https://www.moh.gov.sg/content/moh_web/ ... idies.html

Since 01 Nov 2015, Singapore govt has introduced a new national healthcare plan called Medishield Life but it's mainly for Singapore citizens and Permanent Residents who will be enjoying subsidised benefits. For foreigners, they have to settle 100% of the medical expenses of their own, if their company doesn't provide Group medical plan. That of course if you are single, but if you have brought family together with you, then you will want to make sure they too are well taken care of should the unexpected happens.

I have to first look into life coverage for my wife and myself, following medical expense insurance just to ensure our medical bills are covered as well. When we first came here, we searched around local blogs/forums looking for recommendations for paediatrician in the areas we are living, grocery shopping locations, children activities/programmes etc,.

Savings for children education or retirement plan will have to wait for now....that's my personal opinion at this point.

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sundaymorningstaple
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Re: What health Insurance to sign up for?

Postby sundaymorningstaple » Wed, 03 Aug 2016 8:16 pm

As you have just registered and are talking Medical Insurances for expats with no history here, I have to assume you are testing the waters for solicitation of business. I doubt your information, out of the blue, is purely philanthropic in nature. Therefore, while I'm going to leave your account unlocked and your posts intact, just be aware that all the moderators and a fair number of regulars are watching. If I smell the slightest pong of solicitation you may as well open a Nyonya Kuih franchise as your time here will be finished.....

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