If you’re planning to relocate to Singapore, then it’s likely that you will need to find your medical insurance. You may also wonder how to obtain the best medical insurance for foreigners in Singapore.
Many expats and their employers choose to get medical insurance together. However, medical insurance is a very divisive topic, as you will discover when researching it, thanks to the large number of variables that need to be taken into account.
This guide will give you an overview of how to obtain the best medical insurance for foreigners in Singapore by addressing different options and solutions available for expatriates seeking cover in Singapore.
One of the most common reasons expats move abroad is to chase a better life. Many move abroad because they are looking to improve their quality of life, enjoy a faster rate of economic development, and gain a better standard of living.
Not only will you be spending more time in your new country, but this will also mean more time is spent commuting to and from work, whenever you eventually start working.
In addition to this, the expat community is rapidly expanding. With most expats being young and able to build positive relationships with friends or family, the number of expat families growing due to marriage or adoption or arriving in Singapore through sponsorship by Singapore citizens is also increasing rapidly.
Medical insurance is essential because it can save lives. It is a safety net. If a person gets ill in Singapore, they can take an ambulance to a nearby hospital, where they will receive the treatment they need to get well again.
The cost of this treatment will be covered by the scheme which you have chosen, and you do not even need to pay a portion of the bill.
What insurance covers
It is often confusing for expatriates who want to find out what their medical insurance covers, as it is different from one country to another. Medical schemes in Singapore differ from what is available in other countries but from one provider to another.
Some foreigners make the mistake of thinking that since they can afford to pay for medical expenses in Singapore, they do not need medical insurance.
When you get medical insurance, you essentially pay for your treatment upfront and recoup your money later. It’s essentially like an investment where you pay for something now but get it cheaper later.
How to obtain the best medical insurance for foreigners in Singapore
There are two ways in which expatriates can obtain the best medical insurance for foreigners in Singapore: Employer-sponsored health coverage and Individual coverage.
Some of the larger companies in Singapore, especially those providing expatriate packages to their employees, will provide medical insurance for their staff.
All of your claims will be processed smoothly. This means you do not need to fill out time-consuming paperwork or keep track of receipts. You also do not need to worry about being left out of pocket at the end of your treatment, as your employer settles all bills on your behalf.
Sometimes an employee might feel like they want additional cover, and they can arrange a top-up plan with their provider.
This top-up plan can provide the additional cover required by employees who require a specific amount of medical cover, even exceeding the basic health insurance.
There are several options for an employer-sponsored medical insurance scheme, and you should check out what’s on offer with your manager.
The process is relatively straightforward; however, it can sometimes be time-consuming and frustrating. If you decide that the expense is worth it, you will have to consider it more carefully before making a final decision.
Krishan Jangir