Singapore has one of the best public healthcare systems in the world. This is proven and backed by how people in Singapore are in excellent health. In the World Health Organisation’s rating of the world’s health systems in 2000, Singapore was ranked sixth and has remained there ever since. Furthermore, Singapore was ranked second among
Singapore has one of the best public healthcare systems in the world. This is proven and backed by how people in Singapore are in excellent health. In the World Health Organisation’s rating of the world’s health systems in 2000, Singapore was ranked sixth and has remained there ever since.
Furthermore, Singapore was ranked second among 166 nations for health outcomes. It was ranked as the fourth-healthiest nation in the world by the Bloomberg Global Health Index, which evaluated 163 countries. Singaporeans also have the longest life expectancy in the world in 2019 (84.8 years). Because of this, Singapore is well-liked by foreigners and digital nomads. So, why are Singaporeans so healthy? Does personal health insurance in Singapore make the difference?
How Does Health Insurance Work in Singapore?
A basic health insurance program called MediShield Life, assists in covering some outpatient procedures and high hospital expenditures in Singapore, is available to all Singaporeans and Permanent Residents (PRs).
Acquiring a private Integrated Shield Plan (IP) covers treatment in a better ward class or private hospitals; this can improve MediShield Life coverage.
Additionally, it includes pre and post-hospitalization care, though the length of coverage varies depending on the insurer.
Regardless of the plan type, you must first pay the deductible and co-insurance before submitting a claim for the remaining balance of the cost.
However, the cost of your deductible and co-insurance can be reduced to up to 5% of your whole expenditure with the help of an insurance rider. Your rider’s price will depend on your overall premium.
MediSave will pay the premiums for MediShield Life, while Medisave will pay the premiums for Integrated Shield Plan up to the permitted withdrawal amounts based on your age group. MediSave does not charge riders.
What Is an Integrated Shield Plan (IP)?
An extra health insurance option is an Integrated Shield plan (IP), jointly insured by the CPF board and the private insurer of your choosing. In addition to MediShield Life’s basic medical coverage, it offers extra coverage.
IPs are a byproduct of Singapore’s two-tiered healthcare system, in which private insurance companies and governmental rules work together to offer affordable universal coverage for all Singaporeans.
Benefits of a Global Medical Insurance Plan
Medishield is just the beginning of the several insurance choices available to the general public for Singaporeans and PRs. In addition, many people also have private health insurance that can cover their costs for long-term care, disability income and care, severe sickness, and even unemployment while in the hospital.
While these benefits do not apply to foreigners, they must find private insurance on their own. Singapore has a very high standard and cost of living. Therefore, protecting from unforeseen medical costs associated with health loss is a good investment.
Although Singapore’s public health standards usually are very high, the country has recently faced challenges with hospital congestion and increased wait times for treatments and procedures. Waiting times can be shortened with a global medical plan because it allows patients to see different doctors at various facilities.
Apply for Your Health Insurance Plan Through MoneySmart
Let our insurance experts assist you with your health insurance application, from eligibility and documents to research, comparisons, and price quotes.
Answer Some Questions: Don’t have the time to compare all the various foreigners’ health insurance plans in Singapore? Then, you simply have to provide some basic details, and our system will determine which health insurance option is ideal for you.
Consult with an insurance expert: Give our insurance consultants a call and a text, so they can better understand your medical and lifestyle requirements. They will also be able to give you a more thorough explanation of the benefits offered by the health insurance policies.
Choose and Apply: Finally, let our insurance experts provide unbiased guidance and assistance in submitting your application.
Find Your Personal Health Insurance with MoneySmart
Are you looking for affordable personal insurance? Now MoneySmart can help you find the best insurance company for you!