In your day to day life as an expat living and working in Singapore, you can’t help but hear about insurance and more precisely, medical insurance and the escalating costs associated with medical procedures when administered in Singapore.
Medical insurance covers the high expenses of medical care associated with an unexpected illness or accident. In Singapore, most expatriate employees get their medical insurance through their employers as part of the company benefit package, although in the ever changing landscape of the profile of an expat, this cover may only be minimal and not adequate for simple surgeries in a private hospital such as an anterior cruciate ligament sprain or tear, one of the most common knee injuries, ($15,000), an appendectomy ($ 15,000) or a tonsillectomy ($ 20,000).
It’s not uncommon for expats in Singapore to feel they are under-protected when it comes to medical insurance. Healthcare plans provided by employers often have low limits that can leave you financially exposed to large hospital bills should you have an accident or illness – this is where Top-Up coverage comes into play. Not to forget about critical illness, cancer and the like where treatment will cost in excess of $150,000 and this figure is without the ongoing cost associated with an individual’s treatment on their road to recovery or remission.
Top-up coverage is designed to offer additional protection on an individual or family basis. Top-up plans work by increasing your medical coverage limits and should be considered when reviewing and before accepting your employee benefits programme offered by your employee.
There are a lot of other innumerable forms of insurance policies but medical insurance is one that provides peace of mind and you will most probably use. Remember, throughout your life you’ve worked hard to provide yourself and your family a secure, happy life, as well as to protect your properties, income and possessions.
With medical insurance, you and your family will alleviate the potential of financial risk should the unforeseen occur. Educate yourself about your coverage; don’t assume it’s OK. Avail yourself of a medical insurance policy while it’s not yet too late.
Providing protection to more than 20,000 Expats in Singapore since 2009, call Expat Insurance today on +65 6401 9201, email or complete a 'Get a Quote' form
