Do you understand the health insurance policy offered by your workplace and how it affects your family? Get your head around all the need-to-knows with our handy guide…
If you’ve relocated from a country with a national health system that provides free healthcare, your first tastes of Singapore’s private health system can come with some surprises (particularly to the family budget). You’ll quickly understand why health insurance is the most in-demand benefit a company can offer prospective employees, but it isn’t always easy to navigate what is being offered. HoneyKids spoke to the experts at insurance broker Pacific Prime to help you ask all the right questions to get the best cover for your family…
1. Who is covered?
If you are moving to Singapore or switching jobs this should be one of the first questions you ask. Check if your spouse and children will be covered, and if there are any limits.
2. Can I take my plan with me if I leave the company and will I have coverage if I move countries?
This is called ‘portability’: essentially you take over paying for the premiums if you leave the company. This is important because if you are diagnosed with an ongoing or serious condition, new insurers will usually count these conditions as pre-existing, and are unlikely to cover them, or will attach more costs.
3. What are the payment methods?
Most health insurance plans here operate on two payment models: reimbursement (you will be required to pay first then submit a claim for coverage) and direct billing (the medical provider will bill the insurer first, then you pay any excess – known as a deductible). Check which method applies to your plan to help you budget more efficiently.
4. Are pre-existing and ongoing conditions covered?
While many individual health insurance plans exclude pre-existing conditions, larger group plans may in fact cover them or at least offer the option of coverage. This is because the insurer’s risk is more spread out over the same group, so they are more willing to cover expensive conditions. Always check if your situation is covered and if there are any limits associated.
5. Are there family and lifestyle-related benefits, and what are the limits?
If you are moving with your family, or are considering starting one while in Singapore, ask about coverage for maternity, dental, optical as a starting point. When it comes to maternity, know that many plans attach a waiting period before claims can be made, so ask about the duration. Also, family and lifestyle-related coverage may be limited. For example, your plan may have coverage for routine dental visits but not for orthodontics.
6. Can we seek medical treatment outside of Singapore?
As an expat there is a good chance you will be travelling a fair amount (and think of all the weekends away!), so it’s good idea to have coverage outside of Singapore. The good news is, some company-sponsored plans for expats do include worldwide coverage. Know what your plan offers and where you can receive medical coverage. But take note, especially if you are American: while a plan might offer worldwide coverage, the US is often excluded due to the cost of medical care.
7. Do I have other options?
There is no reason you should feel ‘stuck’ with your company-sponsored health insurance plan. Many insurance providers in Singapore offer top-up plans that allow you to add additional coverage if you have any shortages. Alternatives include local plans that have low to no deductible (if, for example your company plan carries a high deductible), or even international plans that offer high limits and worldwide coverage.
If you’d like help reviewing your plan and looking at options to ensure that you and your family are adequately covered, contact one of the health insurance experts at Pacific Prime Singapore on 6536 6173.
This post is sponsored by Pacific Prime.