# Health Insurance in Singapore



## hardevs83 (Apr 23, 2014)

Hi all, 

I'm an Aussie living in Sg for about a yr. My wife is a Singaporean.

I've been considering taking put a health insurance plan for myself. I just wanted to get some views on what other expats are paying for their health insurance. 

The plan i've been offered covers death, critical illness, disability & income protection. It is investment linked though. Its through Great Eastern.
The premium is about SGD600 per month. 

It just seemed a little high when I first saw it. But apparently foreigners have to pay a little more 
So I thought id ask for some help, view, opinions on what the average or normal amount other expats are paying for their health insurance.

Thanks plenty
Cheers!
Harry


----------



## BBCWatcher (Dec 28, 2012)

Does it make any sense to you that your ability to pay for, for example, your hospital care to treat a heart attack, ought to depend on whether the price of, for example, DBS shares on the Singapore stock exchange increase?

If that makes sense to you, it might be a great (or Great) financial product. It makes no sense to me.


----------



## hardevs83 (Apr 23, 2014)

Hi, 

Thanks 
Do you mean health insurance in general or the fact that this particular product is investment linked?


----------



## BBCWatcher (Dec 28, 2012)

Why would you ever buy "investment-linked insurance"? The name of the product itself is an oxymoron. In many countries such a product couldn't even legally be called insurance.

"Yes, sir, we know your house burned down, but your policy only covers 63% of your loss because coffee plantations in Brazil had a bad year, the price of gold declined, and Russia invaded Crimea. Better luck next time."

It makes zero sense to me. I understand perfectly why someone might want to try to sell you an exotic hybrid investment scheme -- hybrid in this case most probably meaning poor insurance and expensive, risky investments -- but are they going to fully pay your insurance claims if/when they arise or not? Is there adequate, reliable coverage or not?

There's a lot of crap available in the financial markets in Singapore, I'm afraid.

If you need insurance then find insurance.


----------



## BBCWatcher (Dec 28, 2012)

Let's try it this way....

1. You purchase life insurance for one reason only: to provide sufficient financial resources to your surviving dependents such that they can maintain an adequate lifestyle consistent with their own earning potential and financial means. That's it. Simple term life insurance is a good solution if you need life insurance because it covers up to a particular period of time (e.g. until you are near retirement) when you are accumulating retirement savings.

If you already have significant financial means to leave sufficient resources to your surviving dependents to adequately protect their lifestyles, you don't need life insurance.

If your wife's untimely passing would significantly challenge your lifestyle (in addition to making you very sad), then she might wish to buy simple term life insurance.

Products such as "travel accident insurance" are worthless. (Who cares _how_ you die? You're just as dead. Do you need to provide something for dependents or not?)

2. You buy medical insurance to pay for care that is both medically necessary and otherwise unaffordable. In Singapore you tend to see such insurance with low caps that wouldn't even cover one serious illness, poor or no coverage outside Singapore, and various other problems. If you enjoy public healthcare in Australia you might wish to purchase an expat-friendly insurance policy that covers medical repatriation to Australia (even if you are a resident of Singapore).

Most medical insurance policies severely limit long term care coverage (nursing homes, hospices, home healthcare services, rehabilitation services, etc.) That's a problem.

3. Disability insurance is different than long-term care insurance. Disability insurance provides a daily or monthly benefit if you become unable to work. You buy disability insurance if the loss of your income (combined possibly with your additional care needs) would cause significant family hardship.

Disability insurance sold in Singapore might not cover you if you move away from Singapore, or it might cover you but only if you (while disabled) travel to Singapore periodically at your expense to see their doctor. The benefits might be quickly exhausted (ending too early), or they might be significantly reduced in purchasing power as inflation rises. The carrier's definition of unable to work and yours might differ significantly. And there can be other problems.

Caveat emptor.


----------



## hardevs83 (Apr 23, 2014)

Hi, 

Thanks v much. Those are some very valid points. 

I have been told that the investment portion will not affect the payout if and when the need for it arises. 
However, I appreciate the advice and will get it checked. 

Certainly a scheme where the payout is affected by market movements isn't what I'm after. 

However, my question here is what the average expat pays for insurance monthly. 
If you or anybody else has an insurance plan, I'd like to know what the premiums are so I can compare and make the best decision. 

Cheers


----------



## BBCWatcher (Dec 28, 2012)

Some pay zero because they receive adequate insurance as a sometimes tax free part of their employment compensation. That'd skew the average (mean) quite a lot even if your question were answerable.

I am skeptical the product you found is either good insurance or a good investment. If the payouts are in no way linked to investments then it's not "investment-linked insurance." It's probably insurance (full stop) and an investment (full stop) bundled and sold at the same time to the same customer. If you're shopping for both investments and insurance, maybe that's interesting. Probably not.


----------



## hardevs83 (Apr 23, 2014)

I'm obviously not referring to those who don't pay anything. Otherwise I wouldn't bother asking would I? 

Frankly I think its a very answerable question. What is the range for most insurance premiums. 
Thats the question. 

Not about coffee beans, bundled products, or the trading price of DBS mate

If anybody else has any view points, let me know

Cheers


----------



## BBCWatcher (Dec 28, 2012)

For what level of coverage(s)?!?!

You are indeed asking a question of the sort "What's the average price of liquid?" Shop around! I can't choose your level of coverages and insurance types for you, and you can find multiple price offers for whatever it is you're looking for. What difference does the average or median price make if you can't get it, and if it isn't the level of coverage you want?

By the way, you're married. What about joining your wife's policies, if possible? Does she have the right levels of coverage and the right types of insurance, and what's the cost of adding a spouse?

Shop around.


----------



## BBCWatcher (Dec 28, 2012)

According to the Asian Insurance Review, Singaporeans spend about $3,000 per year per capita on insurance (all types combined).

There you go. I don't know why that statistic would be helpful, but now you have it.


----------

