What’s in this article
We know living in a new country like Singapore can be daunting. From ensuring you are well-protected to adapting to Singapore’s culture and its people, there’s a lot to take note. Leave your worries aside as we share more about the types of expat insurance that are important to consider when living and working in the little red dot!
Do Expats Need a Health Insurance in Singapore?
Whether a health insurance is required depends on your residency status.
If you are a citizen or permanent resident, you are mandated to join the government’s Medisave and Medishield schemes (public health insurance).
If you hold a work permit or S-Pass, your employer will provide insurance coverage for you.
Otherwise, if you are a temporary resident with an Employment Pass, there are no requirements for you to have an insurance. However, you are highly recommended to do so.
We know living in a new country like Singapore can be daunting. From ensuring you are well-protected to adapting to Singapore’s culture and its people, there’s a lot to take note. Leave your worries aside as we share more about the types of expat insurance that are important to consider when living and working in the little red dot!
Types of Expat Insurance to Consider in Singapore
You may be familiar with insurance such as health and life, but did you know that there are plenty of other insurances that you should carefully consider based on your requirements?
Cars and motorcycles have slightly different coverages based on the types of insurance:
- Comprehensive Car/ Motorcycle Insurance
- Third-Party, Fire, and Theft Car/ Motorcycle Insurance
- Third-Party Only Car/ Motorcycle Insurance
If you are looking to get a car or motorcycle in Singapore, be sure to check out how you can convert your foreign driving license in Singapore!
Why should expats purchase insurance in Singapore?
After understanding the different insurance types, you may be thinking why should you get these insurances? Well, first and foremost, protection is better than cure – we can never predict when an unfortunate incident may occur.
What if you already have an existing insurance in your home country?
- Ensure the extent of coverage includes when living in Singapore
- Check with your insurer on various insurance plans available in Singapore
What Are the Differences Between International & Local Insurances?
There are various types of expats or foreign insurances in Singapore, and they usually fall into two categories:
When considering between international or local insurances in Singapore, there are several pointers to take note of.
Going deeper into payments and premiums, both types of insurances have quite vast differences when it comes to how much one needs to pay for the insurance and payment methods such as:
Bringing it all together, local insurance premiums are generally cheaper than international insurance premiums as the areas of protection are only applicable within Singapore, while international insurance premiums are more costly due to its extensive coverage and added benefits.
How to Choose a Health Insurance: Local or International?
Since healthcare and dental costs can spiral out of control, insurance is needed as a safety net. It is thus highly encouraged for expats to purchase international health insurance to cover potential mishaps.
In Singapore, many employers offer local health insurance to their expats. However, the coverage is often insufficient. For example, dental, dependants may not be covered, and the claims may be capped at a low amount.
Given these factors, most expats have a combination of both local and international insurance. This affords them greater coverage and peace of mind (as there are less limitations).
How Foreigners May Purchase International Insurance in Singapore
If you are a foreigner or expat and are interested in purchasing an international insurance in Singapore, you may do so from either a local insurance provider or an insurer based out of Singapore. You may also purchase your international insurance plan online for those insurers are not physically in Singapore.
If you are yet to make your move to Singapore or planning to move to Singapore whether for work or permanently, we are excited to welcome you! Let us make your transition to Singapore a seamless one as we assist you in end-to-end management of securing your Employment Pass (EP).
FAQs
Every child’s specific life situation and health condition is different. Therefore, all parents need to consider different factors when selecting a suitable health insurance policy for their children.
Nevertheless, there are also certain factors which the vast majority of parents who purchase health insurance for their children must take into consideration. These factors include inpatient and outpatient treatment, parental accommodation for instances in which the child must be hospitalised.
If the parents plan to have another child, health insurance plans can and should be tailored to fit the additional child as well.
Singapore insurance plans provide coverage for their buyers regardless of whether they are currently in Singapore or abroad. Thus, those who have purchased Singapore insurance will receive coverage even after leaving Singapore. Furthermore, foreigners in Singapore have multiple insurance options. They may opt to use either local or international insurance plans. The primary advantage of an international insurance plan lies in the fact that the person who purchased the international insurance plan will benefit from global coverage. Local insurance plans, on the other hand, only provide coverage abroad during emergencies. International insurance also provides one with the privilege of directly paying a healthcare provider instead of first paying an insurer.
Foreigners who have Singapore insurance also receive inpatient benefits. Such benefits cover the surgical and hospitalisation costs incurred by foreigners. This insurance provides foreigners with complete reimbursement during their time in hospital. This reimbursement includes surgery, medicine, and diagnostic tests. Foreigners also receive outpatient benefits if they do not have to remain in a hospital overnight. This benefit is provided to foreigners who are required to see a specialist or therapist.
Travel insurance and emergency insurance also help an insured person who is on vacation. Thus, such a person will be properly insured if any medical emergencies are experienced while away.
A person can be insured in Singapore and another foreign country at the same time. However, certain problems may arise for those who are using local insurance from Singapore which does not cover them globally. Thus, if such a person faces any health-related problems in another country, the person must pay for any necessary expenses.
However, those who use international insurance from Singapore can take advantage of the insurance benefits regardless of their location at any given time. Local insurance covers foreigners who return to Singapore for treatment. Foreigners who have international insurance but choose not to return to Singapore can opt out of the insurance policies which are to be used in the country. Those who do so are released from the burden of paying a premium.
Foreigners in Singapore of any nationality may use insurance policies in Singapore. They may take advantage of benefits provided which are related to health, travel, medical, car, home, or life insurance.
Many foreigners who live and work in Singapore are also insured by their employers; however, such insurance might not necessarily provide all the coverage which may be needed. Those who find that the insurance provided by their employers is deficient in some regards are therefore encouraged to purchase their own insurance to receive more personalised and suitable coverage.
Those who organise an event in Singapore are advised to purchase insurance before doing so. Event organisers who work for a client will also occasionally require insurance for event liabilities as per the client’s demands before the job may be accepted. This insurance ought to provide for property damages or losses as well as comprehensive general public liability of a sum which does not exceed S$1 million per claim.
Many higher education institutions in Singapore offer their students certain forms of insurance. Such forms of insurance usually include travel insurance, insurance for personal accidents, and insurance for hospitalisation, among others.
However, it should also be noted that insurance provided by educational institutions grants a bare minimum of protection. Students who desire additional forms of protection through insurance are advised to own a form of personal insurance which provides many other forms of coverage which are not addressed by that provided by a school or university.
Foreigners in Singapore of any nationality may use insurance policies in Singapore. They may take advantage of benefits provided which are related to health, travel, medical, car, home, or life insurance.
Many foreigners who live and work in Singapore are also insured by their employers; however, such insurance might not necessarily provide all the coverage which may be needed. Those who find that the insurance provided by their employers is deficient in some regards are therefore encouraged to purchase their own insurance to receive more personalised and suitable coverage.
A person can be insured in Singapore and another foreign country at the same time. However, certain problems may arise for those who are using local insurance from Singapore which does not cover them globally. Thus, if such a person faces any health-related problems in another country, the person must pay for any necessary expenses.
However, those who use international insurance from Singapore can take advantage of the insurance benefits regardless of their location at any given time. Local insurance covers foreigners who return to Singapore for treatment. Foreigners who have international insurance but choose not to return to Singapore can opt out of the insurance policies which are to be used in the country. Those who do so are released from the burden of paying a premium.
Those who organize an event in Singapore are advised to purchase insurance before doing so. Event organizers who work for a client will also occasionally require insurance for event liabilities as per the client’s demands before the job may be accepted. This insurance ought to provide for property damages or losses as well as comprehensive general public liability of a sum which does not exceed S$1 million per claim.
Many institutions of higher education in Singapore offer their students certain forms of insurance. Such forms of insurance usually include travel insurance, insurance for personal accidents, and insurance for hospitalization, among others.
However, it should also be noted that insurance provided by educational institutions grants a bare minimum of protection. Students who desire additional forms of protection through insurance are advised to own a form of personal insurance which provides many other forms of coverage which are not addressed by that provided by a school or university.
