If the COVID-19 pandemic has taught us anything, it is that our health is much more fragile than we used to think. As lockdowns and travel restrictions persist, expat families in Singapore may find it difficult to return home for routine medical services or emergency care. If your Singapore company does not provide medical coverage or only offers basic medical coverage, it may be time to consider a more comprehensive international health insurance plan to add to your benefits. Here are 4 reasons why expat families in Singapore should consider international health insurance sooner rather than later.
Your employer’s health insurance may not cover your family
Between health insurance in your home country and insurance from your employer, you may be covered for basic medical expenses, but this does not necessarily apply to your family. In some employer’s group health insurance cases, your children and spouse are either partially covered or not covered by your plan. Some employer group plans offer you the option of additional insurance for your loved ones, but this is not always safe with every provider.
If you find that your employer’s health insurance does not adequately cover your loved ones, getting international health insurance can do wonders for protecting your family. With an international health insurance plan from providers like FWD, you can be sure that up to 4 family members will be entitled to high quality health care without high costs or high premiums. For example, a family of 3 would only have to pay S $ 462 per month for a sum of S $ 500,000 for inpatient and outpatient care.
International health insurance extends your health insurance coverage
Even if your employer has group health insurance for your spouse and children, it is important to note that these may not be as comprehensive as international health insurance. It is also quite possible that your employer does not offer health insurance in your contract. In this case, it is advisable to invest in international health insurance in order to be covered in the event of illness or accident. In any case, the lack of benefits can damage you and your family in the long term. For example, you may find that your employer’s health insurance does not include coverage for:
- Critical Illness
- dental care
- Visual aid
- Maternity care
Due to travel restrictions, you may not be able to return to your home country regularly for routine visual and dental care. And while you may not have a need for maternity and critical illness coverage, there could be a day when you need financial protection due to unexpected circumstances. For example, without maternity insurance, you could be paying out of pocket S $ 6,398 for 9 months of prenatal care alone.
On the other hand, an international health insurance plan offers maternity, dental and vision supplement benefits to basic hospital care that are tailored to the expenses you have to pay in Singapore. In addition, with a more comprehensive IH plan, you have access to private medical practices and specialist doctors with shorter waiting times than public health facilities. In addition to these benefits, plans such as FWD International Health Insurance uniquely offer a no-claims bonus option where you can double your annual limit if you don’t claim hospitalization for 2 years, effectively rewards you for the years you stay healthy .
You are covered no matter where you go
While COVID-19 lockdowns are still a reality, there will be a time when you can travel for business or pleasure. In this case, you want to be covered by international health insurance that covers you everywhere. Depending on your IH insurance plan, you can have medical claims for expenses incurred outside of Singapore. In addition, each IH insurer has its own global network of medical facilities that can come in handy when you need immediate medical attention during a business trip or vacation.
Some expats invest in travel insurance that is designed for short-term trips abroad such as a week-long vacation. However, while many travel insurance policies cover emergency medical treatment, the goal is not to cover long-term medical costs. So, if you are an expat who has settled in Singapore with your family but still need to go on extended business trips, annual renewable IH insurance is the best option for medical coverage.
In addition to global coverage, some international health insurances offer you medical evacuation and repatriation options. This means that if you develop a life-threatening illness or injure yourself outside your country of residence, your IH plan will cover the costs of transport to a medical facility (abroad or when you return to your country of residence). If you are planning on traveling in the future, an international health insurance plan is key to protecting against the confusion of navigating healthcare in a foreign country and the potentially high costs of going to foreign clinics without local insurance.
Save money later by investing in international health insurance now
While some Singapore outpatient services are affordable for you, unexpected illnesses and accidents can drive your medical costs into the thousands. International health insurance is necessary to protect yourself and your family from medical debt. To see how much you can save in the long run with an IH plan, take a look at the average hospital bill for breast cancer treatment.
Average hospital bill for breast cancer treatment
With non-resident expats in Singapore lacking access to subsidized health care, an expat could end up paying at least S $ 7,919 in expenses for a single round of biopsies, surgery, and chemotherapy in a public hospital. If you get treatment in a private hospital, you can expect to pay 6x more than a public hospital, or about S $ 26,300. Because cancer requires many months of treatment, these costs can add up quickly and affect your financial health.
However, international health insurance usually pays for cancer treatment in full. This is in contrast to your employer’s insurance policy, which may cover cancer treatment but is likely to be capped at a maximum annual benefit (i.e., S $ 20,000 per year of insurance). In addition, if you need a specialist, serious illness coverage, or pre- and post-hospital treatment, international health insurance can save you from withdrawing excessively large amounts of money from your savings account. So in the unfortunate event that you are diagnosed with a long-term illness, you can safely go to the doctor without having to go with a high bill.
How do I get international health insurance?
As we learned from the coronavirus pandemic, some health issues call before they come. It is therefore important to invest in comprehensive international health insurance so that you and your family are covered in all areas.
If you are interested in international health insurance, you can choose between global and local health insurance. Expats can get the most benefit from having a local insurer as it is more convenient to make claims and receive payments. It is important to do some research and understand your family’s medical needs before applying for IH insurance. If you are concerned about the cost, you can be sure that Singapore insurers will fit your budget, for example FWD International Health Insurance is one of the cheapest plans in Singapore.
source https://dailyhealthynews.ca/4-reasons-expats-should-start-considering-international-health-insurance/
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