3 tips to save money on health insurance in Singapore
Living in Singapore isn’t cheap. Year after year, the Lion City ranks near the top when it comes to locations with the highest living costs. Case in point: It ranked #8 in Mercer’s Cost of Living Index 2022. Whilst the city-state has an exceptional healthcare system, the costs of medical treatments are equally high – especially if you’re an expat who doesn’t have access to the same healthcare subsidies as locals and permanent residents (PRs) do.
Securing health insurance can definitely be a nice money-saving hack, but the premiums aren’t cheap either and can be quite a burden to pay. Fortunately, there are ways to lower your premiums and save money on health insurance, which today’s Pacific Prime Singapore article will touch upon.
1. Make sure the health insurance plan meets your healthcare and lifestyle needs
There is no such thing as a one-size-fits-all health insurance plan; how good or useful the plan is will depend on your healthcare and lifestyle needs. Do you plan to never have kids? Then you don’t need maternity coverage. Do you travel abroad on a regular basis? Worldwide coverage is probably something to opt for. And so on. Therefore, the first step is to sit down and assess your needs and evaluate the plan’s benefits against those needs.
2. Consider adding a deductible or copayment and be prepared to pay some amount out-of-pocket
It may be tempting to opt for a health insurance plan without any deductible and/or copayment. What this basically means is that the insurer will start paying any amount up to your limit immediately, and you don’t have to share in on the costs, which, of course, brings your premiums up. As such, it may be a good financial move to add a deductible and/or a copayment to your plan may be a good financial move.
Note: Not familiar with insurance jargon like deductible and/or copayment? Check out our glossary of health insurance terms for a simplified explanation!
3. Select your network and healthcare practitioners carefully
Did you know that going to a hospital that is within your insurer’s network of providers can give you significant discounts on your premiums? Rest assured, the list is typically composed of top-quality hospitals in your area. Likewise, it may also be a good idea to check where your preferred healthcare practitioner works and whether there are any price differences between hospitals/clinics where they work in order to lower the cost of your healthcare. Lowering your healthcare expenses ensures you get the most out of your insurance limits.
Save on hospital room types
While you definitely don’t want to skimp on the quality of healthcare you’re getting, hospital rooms are another matter altogether. It’s significantly more expensive to stay in private rooms, so consider opting for semi-private rooms or even wards. You could even save hundreds of dollars per night, which can very quickly add up if you need an extended stay in the hospital.
Get in touch with Pacific Prime Singapore for all things health insurance today!
While you can secure health insurance and manage expenses yourself, having a trusted advisor on hand can take a lot of the stress and hassle out of the process. Enter: Pacific Prime Singapore. As a global health insurance brokerage, we have over two decades of experience helping individuals and families from all walks of life find, secure, and manage the right health insurance plan for their needs and budget.
Rest assured, we can help you do the same. Simply get in touch with one of our knowledgeable, impartial, and friendly insurance advisors who will take into account your needs and budget, provide a tailored plan comparison, as well as heaps of support and assistance throughout your entire insurance journey. From insurer negotiations to claims support and renewals, you’ll be in good hands.
Contact us today!