private health insurance - $300k, $1m, or more?

[west2east]

My company scheme offers cover up to $20,000 for treatment + single bed/private hospital/100 days

Is this enough?

Looking at http://www.moh.gov.sg/content/moh_web/h ... lSize.html I found that some common treatments are very close to this price (e.g. appendicitis $ 17,466)

Various private insurance companies (Swica, A+, Aetna, Nordic) are offering global policies with annual cover for $US1 million or more - but the premiums are $300 - $800 per month

Are the global policies overkill for Singapore? Do we only need such high cover levels for living in countries like the US where costs are higher?

Or is it a good idea to have the private cover anyway for things that employers don't insure, e.g. my company insures my wife, but not for pregnancy - should this be a concern? Or is the cost of hospitalization for pregnancy low enough that we can get by anyway?

[zzm9980]

*shrug* hard to say. I only have my company's coverage (Which is a fair amount higher than yours, I think S$50k). I guess it depends how risk-averse you are. It's like buying those extended warranties in US Electronic's stores, only for a lot more money with a lot more potential risk. Do you have any conditions or reasons to be concerned? Or are you young and healthy?

One thing I did see mentioned in this forum previous re: those global policies was to ask for a policy that covers everywhere except the US. Apparently they are drastically less expensive.

[carteki]

Looking at http://www.moh.gov.sg/content/moh_web/h ... lSize.html I found that some common treatments are very close to this price (e.g. appendicitis $ 17,466)

I cannot believe that the 90th percentile of Lung Cancer is $4k. These are only hospital costs. The following is included in Aviva's health scheme brochure:

They are extreme examples, but that is the point of insurance - to be prepared for the unknown.

An ex boss of mine got a horrible surprise when her MNC employer provided medical coverage didn't cover the full cost of her 3 week stay in hospital (in 2008 she spent more than $60k on medical costs)

Or is it a good idea to have the private cover anyway for things that employers don't insure, e.g. my company insures my wife, but not for pregnancy - should this be a concern? Or is the cost of hospitalization for pregnancy low enough that we can get by anyway?

Very few insurers in Singapore cover pregnancy and when they do it is usually after 12 months and only up to $10k. A friend of mine was hanging onto her baby to the absolute last minute in a pregnancy with complications because she'd been quoted $100k of costs if the baby was 8 weeks prem (granted Raffles Hospital). Other threads put the cost of a normal delivery at around $10-12k so I really don't see the point of insurance for a pregnancy.[/img]

[zzm9980]

Very few insurers in Singapore cover pregnancy and when they do it is usually after 12 months and only up to $10k. A friend of mine was hanging onto her baby to the absolute last minute in a pregnancy with complications because she'd been quoted $100k of costs if the baby was 8 weeks prem (granted Raffles Hospital). Other threads put the cost of a normal delivery at around $10-12k so I really don't see the point of insurance for a pregnancy.

I think this very low coverage amount for pregnancies is because Singaporeans get so many subsidies and grants for having kids to more than make up for the costs. Who cares about the foreigners, they're just going to leave once they realize what the schooling situation is anyway :p

[beppi]

I don't think there is any local health insurance that covers pregancy and child birth, which are (with some justification, I think) seen not as disease but personal choice.

[ecureilx]

I don't think there is any local health insurance that covers pregancy and child birth, which are (with some justification, I think) seen not as disease but personal choice.

You are right on pregnancy and child birth .. and all hospitals offer packages, which still don't cover unexpected costs - a delivery here needs about 8,000 S$ to be set aside, to be on the safe side.

Oh, btw, I am trying to see if the offer from the OP has anything that says "OUTPATIENT"

Norm for local terms is outpatient full covered, and co-share of the hospitalization

Don't assume the hospitalization will be fully paid unless it states in black and white

west2east: you can ask your company HR to refer their insurer, to top up for the full coverage - our company system needs us to fork out 500 $ a year, for employee and 1,000 $ for family members, to make the cover more comprehensive.

beppi: i hope you read the recent NTUC's farce over refusing to insure a citizen ...

[QRM]

Are the global policies overkill for Singapore? Do we only need such high cover levels for living in countries like the US where costs are higher?

Its a tough call, for example if you been diagnosed with some nasty lurgy and the procedure to remove it is a very complex one. You then discover the best surgeon in the world, who has carried out dozens of similar surgery with a 100 percent success is located in in the US. With the local policy you have to use the local Sg doc even if he has no track record for the procedure.

We had the global policies and for me it was a life saver. If you can afford it go for it.

[x9200]

I don't think there is any local health insurance that covers pregancy and child birth, which are (with some justification, I think) seen not as disease but personal choice.

Depends what you mean by local. Chartis present locally offers such insurance.

[west2east]

I cannot believe that the 90th percentile of Lung Cancer is $4k. These are only hospital costs. The following is included in Aviva's health scheme brochure:

Brain cancer and coma: 3 years, S$1,378,118

Interesting example

If it is 3 years, then it is only S$459,000 per year - so an insurance that covers up to $US 400,000 sum insured would be sufficient. Insurance for the full amount (S$ 1,500,000 sum insured for example) not necessary.

In practice, how do these cases work? Do they look at how much insurance you have and then choose the most appropriate ward? E.g. if this guy was covered for $US1 million (which is common for global policies), they just leave the meter running in the most expensive ward, and that is why the example looks so extreme?

But if the patient is covered up to $US250,000 per year, they park him in a less expensive ward (e.g. shared room), or they just put him in the most expensive ward and then cut him off when the money runs out?

I agree that looking at the worst case scenario is essential with an insurance purchase, I'm actually trying to get a cheaper policy by selecting a $10,000 excess, so the insurance is only intended for worst case disasters

[carteki]

I don't think there is any local health insurance that covers pregancy and child birth, which are (with some justification, I think) seen not as disease but personal choice.

Depends what you mean by local. Chartis present locally offers such insurance.

Did you check the limits on the Chartis insurance? Just because they have it doesn't mean that you're covered! Most local insurers offer pregnancy insurance - but it is so limited as to be just about not justifiable (and there usually is a 12 month waiting list)

One of the "selling points" of the international products is that it doubles to some extent as travel insurance - so if you get hurt while traveling you are covered. The other is that the international policies are "theoretically" supposed to be portable. So you can move from one country to another without having to go through underwriting and waitlist process again. Unfortunately again from this board the SG companies apply their own rules so not applicable if you're moving here.

[x9200]

I don't think there is any local health insurance that covers pregancy and child birth, which are (with some justification, I think) seen not as disease but personal choice.

Depends what you mean by local. Chartis present locally offers such insurance.

Did you check the limits on the Chartis insurance? Just because they have it doesn't mean that you're covered! Most local insurers offer pregnancy insurance - but it is so limited as to be just about not justifiable (and there usually is a 12 month waiting list)

Yes, I am aware of it. 15 months prior to conception IIRC so not an adhoc solution for sure. Still makes little sens why do they have it - my only guess to attract people who otherwise would chose a different insurer. From directly financial perspective they will always loose money on this kind of option. It adds up to the premium ca 1k/y and offers ~10k (USD) benefits so you always win ~8k if you manage with your 1.5y planning.

[ebiburger]

Looking at http://www.moh.gov.sg/content/moh_web/h ... lSize.html I found that some common treatments are very close to this price (e.g. appendicitis $ 17,466)

I cannot believe that the 90th percentile of Lung Cancer is $4k. These are only hospital costs. The following is included in Aviva's health scheme brochure:

They are extreme examples, but that is the point of insurance - to be prepared for the unknown.

An ex boss of mine got a horrible surprise when her MNC employer provided medical coverage didn't cover the full cost of her 3 week stay in hospital (in 2008 she spent more than $60k on medical costs)

Or is it a good idea to have the private cover anyway for things that employers don't insure, e.g. my company insures my wife, but not for pregnancy - should this be a concern? Or is the cost of hospitalization for pregnancy low enough that we can get by anyway?

Very few insurers in Singapore cover pregnancy and when they do it is usually after 12 months and only up to $10k. A friend of mine was hanging onto her baby to the absolute last minute in a pregnancy with complications because she'd been quoted $100k of costs if the baby was 8 weeks prem (granted Raffles Hospital). Other threads put the cost of a normal delivery at around $10-12k so I really don't see the point of insurance for a pregnancy.[/img]

Local health insurance plans actually covers for pregnancy complications if the policy was inforced at least 10 months before the date of actual birth. That is, you have to buy before you get pregnant. (NOTE : Pregnancy complications, not normal pregnancy)

However, there are variations in coverage for each of the local insurers. For some companies, only certain pregnancy complications as listed would be covered, while some are more lenient and covers all sorts of pregnancy complications

[revhappy]

..

[evelynnf]

My company scheme offers cover up to $20,000 for treatment + single bed/private hospital/100 days

Is this enough?

Looking at http://www.moh.gov.sg/content/moh_web/h ... lSize.html I found that some common treatments are very close to this price (e.g. appendicitis $ 17,466)

Various private insurance companies (Swica, A+, Aetna, Nordic) are offering global policies with annual cover for $US1 million or more - but the premiums are $300 - $800 per month

Are the global policies overkill for Singapore? Do we only need such high cover levels for living in countries like the US where costs are higher?

Or is it a good idea to have the private cover anyway for things that employers don't insure, e.g. my company insures my wife, but not for pregnancy - should this be a concern? Or is the cost of hospitalization for pregnancy low enough that we can get by anyway?

Hi west2east,

Company insurance scheme is always not enough because take my dad for example, although he's covered under his company insurance scheme, but the company now exlcudes him from any further relapse or any hospilisation after he had a heart attack in 2010 and now he can't get any personal insurance from outside too. It is always advisable that we get personal hospital insurance (ranging around $300-500 depending on age).

As for pregnancy, insurance companies dont usually, unless for pregnancy complications which would be included under the personal hospital insurance.
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