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Getting health insurance in Singapore: A complete guide



Getting health insurance in Singapore: A complete guide

TransferWise content team

12.10.17

8 minute read

Healthcare in Singapore may rank amongst the best in the world, but it comes at a premium price when compared to other countries in Southeast Asia. For citizens and permanent residents (PRs), a mandatory national health insurance plan named Medishield, subsidises medical fees for specialist treatment and hospital accommodation. Foreigners don't qualify for this though, so it’s essential to get some basic health insurance coverage from a private insurer. In some medium and large companies, employees may be partially covered by a group health insurance policy too.

What kind of healthcare does Singapore offer?

Both private and public healthcare are available in Singapore, and are accessible to both citizens and foreigners. Public healthcare is offered by government-run polyclinics and hospitals, and treatment costs are generally much lower than what’s charged by private healthcare providers. The tradeoff, however, is a longer waiting time for both general consultations and specialist appointments.

In general, Medishield and private health insurance policies start off with a deductible or co-payment scheme, where you either need to pay a minimum amount before any claims can be made, or you pay a certain percentage of the medical fees while your insurer pays the rest.

Some private policies limit the healthcare coverage to a list of clinics, which is much like the Health Maintenance Organisation (HMO) programmes in the United States. The government also runs a mandatory Medisave programme, which makes it compulsory for employers to contribute a portion of Singaporean and PR salaries to a national medical savings account. This is also similar to the concept of the Health Savings Account (HSA) in the United States.

Who needs to be covered by health insurance? For how much? And what’s actually covered?

Health insurance in Singapore can be classified into several categories:

1. Medical expense insurance

2. Hospital cash insurance

3. Critical illness insurance

4. Disability income insurance

5. Long-term care insurance

Almost all residents in Singapore should have some medical expense insurance, as hospitalisation fees can run up to tens of thousands of dollars each time. A typical policy should cover the hospital stay in a shared ward, plus the surgery, consultation and medicine.

While undergoing treatment or recuperating, the loss of income can be recovered by claiming from a hospital cash policy. And in the long term, critical illness, disability income and long-term care insurance can help you pay for ongoing treatment and replace your lost income permanently.

Medishield, the mandatory national medical expense insurance, reduces the out-of-pocket expenses for Singapore citizens and PRs by co-paying a portion of the hospitalisation bill after a small deductible. The co-payment amount varies depending on whether the healthcare provider is publicly or privately-run and the type of hospital ward accommodation that was occupied; it’s usually applicable for major hospital treatment or expensive outpatient treatment.

Foreigners, who aren't covered by the national medical insurance, need some private health insurance to cover their hospitalisation expenses. Many policies cover the entire bill up to a certain limit (“as charged”), or offer a co-payment scheme to reduce the insurance premium. A cheap policy is a cost-effective option, as long as you have a few thousand dollars set aside for the copayment portion if required.

Private or public health insurance, which one should I choose?

Private insurance

Private insurance policies usually offer more comprehensive coverage for medical conditions and geographic locations, but you’ll need to pay a higher premium. Some also offer flexibility with add-on riders that extend the protection with critical illness or hospital cash coverage.

Public Insurance

Medishield is a mandatory national insurance that all Singaporeans and PRs need to purchase. Foreigners don't qualify for it..

You may enhance your Medishield coverage by purchasing an Integrated Shield Plan, which is offered by some private insurers in Singapore. Pay an additional premium either from your Medisave account or in cash, and you’ll be covered for more conditions and medical procedures, with a higher limit and better hospital accommodation.

HMOs

A concept similar to HMOs is present in a selection of clinics supported by private insurance policies, but there are no insurers that offer a HMO policy comparable to those in the United States.

Group Insurance

You may be covered by a group health insurance policy arranged and paid for by your employer. Usually covering most major treatment and shared ward accommodation in public hospitals, this may be sufficient if you don't intend to stay in Singapore after the end of your employment.

The health card

There’s no standardised insurance card in Singapore for policy holders. The nearest equivalent is the national identity card (NRIC), which is used in polyclinics and government hospitals. Lower income families and senior citizens can apply for a CHAS card, which grants the holder subsidised medical treatment at polyclinics and selected private clinics. In both cases, you’ll have to show the card at the reception of the clinic when registering for a consultation.

If you purchased a private insurance policy, you might receive a health card from the insurer with details of the hotline to call in case of an emergency, and the coverage that you qualify for.

Getting health insurance in Singapore: A complete guide


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