Trying to navigate one country’s healthcare system is hard enough — but imagine trying to ensure you’re getting the care you need in several different countries, from Singapore to Malaysia to Hong Kong to Indonesia and even Europe or America.
Health insurance is a necessity. Paying out-of-pocket for a 15-minute checkup may only cost S$20 or S$30, but considering healthcare in Singapore is expensive, costs quickly balloon for more serious treatments and surgeries. For example, a week-long stay in a hospital ward in Singapore can easily set you back over $3,000. Few people have this type of disposable cash on hand, and that’s where insurance comes in.
Certain people might need more comprehensive medical protection than others. Health risks increase for frequent travelers, like ex-pats or their family members. Without international health insurance, you risk paying exorbitant healthcare fees in an unfamiliar country — unable to get back home.
Expats aren’t eligible for Singapore’s public healthcare benefits unless they achieve permanent resident status. To protect themselves and their family from medical emergencies as well as the sky-high costs of private healthcare, international health insurance provides comprehensive medical care not just in Singapore, but in other countries as well.
There are tons of health insurance plans in the market and if you’re feeling befuddled about how you should go about choosing the right plan for you, you aren’t alone. Here are some factors you should consider before selecting the ideal international health insurance service for you (and your family members or dependents).
If you have an existing medical condition that needs attention, you need to look for insurance policies that can be included in your coverage and accommodate your treatments immediately. While this may incur additional fees in the short-term, it’ll save you more in the long run.
Many health insurance providers offer short-term plans to accommodate people who are only traveling for short periods of time. These types of plans are ideal for people who envision themselves settling down more permanently within a year or two.
Short-term plans offer the same benefits as normal monthly private international health insurance — they are great if you are only going to be abroad for a few months.
“International” health insurance plans are not all made equal. Some cover Asia, others cover “worldwide” except the USA, and others span the entire globe.
To decide whether a plan is right for you, you need to check the list of approved and eligible countries where you can receive treatment. Though most international insurance policies offer coverage to most parts of the world, small differences between two different health insurance plans may have unforeseen consequences.
Will you be able to claim on care received anywhere in the world? Or in the countries that matter to you? Are you paying a premium for access to countries that you will likely never step foot in? The answers to these questions will determine whether or not your plan is right for you.
Many ex-pats who find employment abroad bring their family members with them. Every family member needs health insurance, regardless of age. Check to see how many dependents you can sign up for the same insurance policy.
Insurance claims processes are notorious for being lengthy and frustrating. It becomes even more difficult when you’re trying to claim for care received abroad.
How familiar is your insurance provider with the healthcare systems of other countries? Are they able to help you claim treatments from centers with unequal facility categories and/or currencies?
The ideal insurance provider will have clearly-defined claims processes and make steps as easy as possible. Nothing is more frustrating than encountering unnecessary administrative hurdles trying to file claims while recuperating after receiving medical care.
A deductible is an amount you pay out-of-pocket for healthcare before the insurance plan kicks in. The higher your deductible, the lower the monthly premium you pay each month. Likewise, when you opt for a lower deductible, you’ll have to pay a higher regular premium.
A high-deductible health plan is ideal for people who are young and healthy, with enough emergency cash to pay the deductible as soon as possible (within 30 days of receiving a bill). However, if you are pregnant, have a chronic health condition, or are at higher risk of illness or injury, then a low-deductible, higher-premium plan is the better option. They’ll make your healthcare costs much easier to predict.
A medical emergency abroad can be very frightening, and if you’re spending months or weeks abroad, there’s a significant risk that you may fall sick outside of your country of origin. An international insurance plan should cover repatriation in the case of an emergency.
Additionally, are you planning on relocating to a different country in the very near future? Try looking for an insurance plan that will stay active even after your move. This can save you time and administrative hassle when trying to switch to a different plan or provider.
Basic health insurance doesn’t always cover costs for additional services like pregnancy care, dental care, travel insurance, and more. This means adding such services to your plan will leave you with more costs.
You must decide which services you feel are worth paying extra for. Some of the most common services that plan offers:
You’ll want a trusted insurer for your plan because this can dictate the clinics and hospitals available to you. It will also ensure that you have no issues with claims or interacting with the company; a credible insurer will have capable agents who can answer all your questions
One way to find out the quality of their service is to contact the insurer and speak to their agents directly. You can assess how thorough they are in explaining the different plans to you, and if they take the time to truly answer your questions.
See more: Best International Health Insurance Singapore 2020
After you’ve considered all of these factors, the next step is to take a look at your own lifestyle and your unique healthcare needs.
Some of the best reasons to get international health insurance include:
If you are spending a lot of time abroad — especially in countries with highly fluctuating or different healthcare costs from your country of origin — then an international healthcare plan is worth the price.
The last step in this process is to choose the right affordable health insurance plan for you. To cut through the promotional speak and get straight to the details, head over to GoBear for a comprehensive comparison of some of the top international healthcare insurance plans available in the market.
This article was first published on GoBear Singapore blog.
