Singapore’s healthcare system has been touted as one of the best in the world and has many benefits, including exquisite facilities and advanced technology. However, you may find that the cost of private health and hospitalization insurance in Singapore is quite high. But the good news is that there are a number of ways to reduce your expenses and save money without sacrificing the quality of your premiums.
Types of healthcare policies in Singapore
Singapore residents have access to many types of healthcare policies. Some of the most common ones are:
- MediShield Life: It is a basic healthcare insurance plan that covers all Singapore residents as well as permanent residents.
- MediSave: It is a healthcare savings account that helps individuals pay for their medical care, especially during old age.
- MediFund: This scheme is reserved for Singaporeans who cannot afford to cover their basic medical bills.
Integrated Shield Plans (IP) comprise two major components:
- MediShield Life
- Additional private insurance coverage: It covers both class A/B1 type wards.
Healthcare insurance policy costs
The cost of a policy can be broken down into three main components:
- Deductible: It is the amount required to be paid before the health insurance kicks in.
- Premium: This includes the cost of the plan itself. The plan could include deductibles or extra services like emergency care.
- Annual Plan Fee (APF): This includes the premium and other charges that may be added for particular medical services.
Private health and hospitalization insurance in Singapore
Private health insurance is a form of insurance that covers medical expenses for you, your family, and/or your employees. It can be purchased either as an individual policy for a single person or for a family.
A private health and hospitalization insurance plan will help you pay for the medical procedures that you may need when you are not insured by your employer.
What are the benefits of having private health insurance?
You can choose the physicians who treat you. You can also view all your medical records in one place and access them online at any time.
Points to consider when choosing the best hospitalization insurance in Singapore:
- The reputation of a company: A company with a good reputation is more likely to offer lower premiums and/or higher limits on benefits.
- Policy Coverage: This may vary depending on the type of coverage and services provided.
How much will private healthcare insurance cost?
Ideally, the best healthcare and hospitalization insurance plan should include basic coverage as well as additional private insurance that can cater to your requirements. The cost of these plans depends on the coverage, the type of plan, the cost of services provided to you, where you live, and the amount that you are able to pay for them. Although it can be costly, it’s beneficial to protect yourself and your family.
According to sources,on average the annual premium for lifetime private healthcare costs may range from around $54,000 to $485,000. But these figures may vary depending on the choice of the insurance policy. Out-of-pocket expenses will be determined by the above-mentioned factors.
More in-depth information on popular private healthcare insurance policies and other services can be provided to you by Insurance Empire. Their expertise and services come to you at no cost!