Singapore Expats Forum

Income tax and Health insurance

Moving to Singapore? Ask our regular expats in Singapore questions on relocation and their experience here. Ask about banking, employment pass, insurance, visa, work permit, citizenship or immigration issues.

Sponsored by:

The Club Residences
Post Reply
Hittingtheroad6
Newbie
Newbie
Posts: 1
Joined: Tue, 27 Aug 2019 5:19 pm

Income tax and Health insurance

Post by Hittingtheroad6 » Tue, 27 Aug 2019 5:26 pm

Hi All

I'm getting contradictory advice on the level of tax payable in Singapore. I'm dealing with a prospective employer who is offering a 2 year contract, and is stating that tax will therefore be calculated at an average of 5 - 7 %. But when I cross check this I feel that 17 - 19 % is more accurate. Why the discrepancy? Any ideas that could help me work this out clearly with my protective employer?

Also I will need to put my own health insurance cover in place, can I get comprehensive health insurance that covers emergency health issues and on going treatments? Can you please point me in the right direction for these insurance companies and also give me an indication of what yearly comprehensive health cover would cost?

Thanks All
Hitting the road!

 



User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 36016
Joined: Thu, 11 Nov 2004 1:26 pm
Location: Retired on the Little Red Dot

Re: Income tax and Health insurance

Post by sundaymorningstaple » Tue, 27 Aug 2019 8:26 pm

The employer is probably calculating the gross tax as a percentage of the total income. Singapore has a graduated tax rate just like the US does. Very, Very low but graduated upwards at different income levels and only the excess over those markers are taxed at the higher rates. Therefore to total taxes divided by the total income results in a lower 'tax' and not a lower tax rate, e.g., your actual taxes as a percentage of your annual income.

Bupa, but there are others as well depending on the level of coverage required. Maybe somebody else can give you a better heads up/recommendation there than I. Solicitations from Insurance agents will be deleted as we see them as they are not recommendations but sales pitches.

User avatar
Strong Eagle
Moderator
Moderator
Posts: 11588
Joined: Sat, 10 Jul 2004 12:13 am
Location: Off The Red Dot
Contact:

Re: Income tax and Health insurance

Post by Strong Eagle » Tue, 27 Aug 2019 9:32 pm

Income tax rates here: https://www.iras.gov.sg/irashome/Indivi ... Tax-Rates/

You need to be making more than $280,000 per year for a 20 percent marginal rate.

As for insurance, you will probably need to go with a global health insurance provider that caters to expats. Most local medical policies cover citizens and PR's only. There are many than advertise on the web.

Like the shits that they all are, you will need to check carefully for pre-existing condition language, since you mention on going treatments.

Policies come in different flavors. You can get a Singapore only policy, cheapest, but if you travel, you'll need adequate medical travel insurance. Next up is global coverage, with add ons like evacuation so that if you are in BFE and get injured you can be flown out to a real hospital. You can then add on to that repatriation clauses so that if you get cancer or some similar disease, you can be flown back to your home country for treatment and long term care.

And finally, if you go to the USA regularly, add a ton more in premiums if you are there more than just a few days. If you're a US citizen or resident wanting to go home for the holidays for a couple of weeks, your premiums will skyrocket for US coverage.

Post Reply


  • Similar Topics
    Replies
    Views
    Last post

Return to “Relocating, Moving to Singapore”

Who is online

Users browsing this forum: No registered users and 2 guests