Expat Insurance in Singapore

Expatriate Insurance in Singapore

Picture
Expat Insurance in Singapore
​Singapore is well known for its medical quality standards and offer various unique plans and schemes to cover for public healthcare costs. Unfortunately, many expatriates are not​ eligible for these schemes.

​Government-sponsored medical care schemes that uses Singaporeans or PRs' Central Provident Fund (CPF) are not eligible for foreigners. In some instances, expats in Singapore have to consider and provide for their own insurance to cover for a public or private healthcare costs with a private insurance scheme. Singapore is an International business hub with a huge expatriates community (about 180,000 every year), and there are a number of established local and international owned private insurers here.
Insurance for Different Type of Employment Pass Holders
  • Insurance for Work Permit & S-Pass Holders
​​Insurance for medical coverage is a legal requirement in Singapore for semi-skilled or unskilled foreign workers and employees. If you stay in Singapore with a work visa under the S and Work Permits Pass, your employer will provide you with 2 types of medical related insurance. 

1) Work Injury Compensation Insurance, (WICI)
Under the Work Injury Compensation Act, employers will have to purchase Work Compensation Insurance to cover for medical and compensation for work-related injuries of the worker. The work injury compensation benefits is up to the limits stipulated under the Work Compensation Insurance Act. 

2) Medical Insurance
The Medical Insurance serves a different purpose. It covers the workers for medical bills including hospital bills for conditions that may not be work-related which are not claimable from the WICI. Under the current requirement employers needed to purchase a medical insurance of a minimum coverage of S$15,000 for their workers.   
  • Insurance for the Employment Pass Holders    
There is no requirement currently for Employers to purchase and maintain insurance for Employment Pass Holders. Expats with special expertise, managerial jobs or executive positions do not need to show proof of health insurance when they apply for their visa or work pass. However, Singapore's outstanding medical care services can come at a price, often cash or a substantial deposit is needed. Even if you have an above average income, you should take the necessary precautions for serious illnesses and medical emergencies. 

Many employers in Singapore cover their employees' medical expenses in part or full. In additional, insurance policies that have been bought in your previous country of residence may still be valid in Singapore. A check with the insurance company will confirm if they can service your policy here.
Other Insurance Options for Expat
Under-Insured or Not-Insured
Expats who plan to live in Singapore for a while usually sign up with an international insurance company. This applies particularly if they want to receive private care. Since expats are not part of the public healthcare scheme they do not need to contribute Central Provident Fund (CPF) for the insurance scheme. On the other hand, their medical bills are also not subsidized by the Singaporean government, therefore the bills will be higher, and often cash or a substantial deposit is needed. Emergency treatment for a foreign resident is the only exemption of this no-subsidize rule. Hence in an event of an emergency, the under-insured or the un-insured can suffer financial loss and resulting in a serious financial crisis. Therefore, it is prudent and important to check and understand the insurance policies your company provides.

  1)  Check if you a comprehensive enough coverage that is adequate to you especially if you prefer a private care.
  2)  Check if the insurance policies cover you for injury and illnesses that is not work related.

If you feel that you are under-insured or not-insured against certain risks you may want to consider taking a private insurance.
Types of Insurance
Different insurers offer different product and services and may name their products differently. The following briefly describe the different type of insurance and its coverage. Contact us to find out more about different expat insurance in Singapore.
  • Health Insurance
> Medical Insurance helps to pay for hospital bills. Coverage maybe for in-patient bills, or out-patient bills or it could be a comprehensive coverage.
> Hospital Insurance helps with the expenses other than hospital bills, and compensate for lost of income
> Personal Accident Insurance helps to ease one's financial burden when one is injured or disabled as a result of an accident
> Critical Illness Insurance helps to ease financial burden should one contact a serious illness

  • Home Insurance
> Home Insurance provides coverage in an event of damage to your property, as well as liability for injuries and damage caused to other people. Home insurance also allow you to continue paying the outstanding loans even if you are unable to do so due to disability or illness.   

  • Travel Insurance
>  Travel Insurance shelters you from costly medical and hospitalization bills should sickness or injuries occur when one is aboard. Also provide cover should one's baggage, money, travel documents get lost or damaged. 
 
  • Business Insurance
>  Business Insurance usually provide cover for fire and other perlis, including loss or damage to stocks, furniture & fixtures. Theft, loss of money, and public liability.

  • Motor Insurance
> Motor Insurance covers accident-related claims, vehicle damage, 3rd party claim, medical expenses  
  • Tenant Insurance
Many people believe that when they rent a property, they are automatically covered on the insurance of the landlord. This may not be the case and while landlords do have insurance, the insurance mainly covers for damage to the structure, and some will purchase additional cover for the renovation of the property. If a tenant do not have a tenant insurance he or she may be liable for his or her own replacement costs and any extra damages during the stay in the rented property. 

Tenant Insurance mainly covers a tenant when:
  • any damage to the structure or renovation of the building is the result of tenants' actions
  • 3rd party liability, e.g medical cost, legal costs, damages 
  • loss of personal content due to theft

Tenant Insurance premium is usually about a couple of hundred of dollars to a few thousands of dollars depending on the property and the coverage of the insurance.

Do not dismiss the decision to buy a tenant insurance. The peace of mind of knowing you're covered in the event of a mishap is worth the small price of the tenant insurance. Take a look around before you decide on what company to use and try looking on the internet as discounts are often found there and adjust the deductible amount of the insurance premium that suits your budget.
Things to Consider when Purchasing an Insurance Cover
  1. Does the insurance cover include dependent family members that move to Singapore with you?
  2. Are the insurance documents provided in a language you can read fluently? Do your contact persons speak your language?
  3. Is there a 24/7 toll-free hotline for insurance-related questions?
  4. Does the healthcare plan cover pre-existing conditions, too?
  5. Does it include the costs for repatriation or medical treatment in the region you would travel to?