Here’s how to get a cheaper newborn and senior health insurance
Living in Singapore as an expat can be costly, especially if you have family members that are dependent on you. Whether you have just welcomed a newborn baby to your family, or have an elderly family member living with you, health insurance premiums can be an issue. For instance, a maternity insurance plan only covers newborns up to 30 days after they are born, and we all know how important healthcare for babies and children is, so securing private health insurance for them early can be key to their health.
At the same time, senior dependants can face other issues when shopping for senior health insurance. In cases where they have developed chronic conditions, new insurers will likely not provide coverage for ailments that fall into the category of pre-existing conditions.
So, you ask, what is your best option to save money on your dependents’ health insurance?
Get cheaper newborn and senior health insurance by purchasing a family health plan
Family health insurance plans work like group health insurance plans, in that they can offer lower premiums for the same benefits, as the pool of risk is smaller for the insurer when more people are insured under the same plan. This often means that family insurance premiums are actually lower than when compared to a situation where all family members have their own separate individual health insurance plans. How much can you save, though?
In the 2017-2018 edition of the State of Health Insurance Report, data shows that the average cost of international health insurance for retirees in Singapore was USD 11,868 in 2017. And according to Pacific Prime’s Cost of Health Insurance Report 2018, the average cost of individual local health insurance was USD 4,520, while a family insurance plan for a family of four costed USD 9,238 on average – resulting in an average cost per person USD 2,310.
Family health insurance plans can be customized
In order to obtain a family health plan, two people joining is enough. Furthermore, even if you have a comprehensive group medical plan for yourself sponsored by your company, your wife, kids and other dependants, such as senior parents, might not be covered. In such cases, a family health insurance policy can pick up where your employer-sponsored insurance falls short. Even better, since newborns, children, and seniors all have different medical needs, the customization found within a family insurance policy can be crucial to obtaining the benefits that your family really needs.
Coverage for newborns and children
In the case of children, dental insurance benefits, including orthodontics and a network of specialized clinics and hospitals, are crucial for their healthy development. This type of coverage can certainly be added into a family health insurance plan.
It’s also important to note that even newborn children can develop pre-existing conditions. That’s why we always advise parents to add their baby to a family health insurance plan within 30 days after their birth. Failing to do so may result in a lack of coverage, higher premiums, or high out of pocket deductibles.
Coverage for seniors
For seniors, coverage for pre-existing conditions, as well as preventive health check-ups, are crucial, and some comprehensive family medical plans can cover all of such costs, although these are far from the cheapest plans out there. Of course, there are ways for senior citizens to decrease their premiums, such as cutting back on their benefits, introducing deductibles to the plan, or – in case someone is still free from chronic conditions – secure a long term health insurance policy to protect themselves against the high medical costs that often come with advanced age.
Coverage for the whole family
Don’t forget yourself, and that accidents happen. The main reason for obtaining health insurance in the first place is to protect yourself from high medical costs in Singapore, and worldwide, in case the worst happens, and you or any of your family member have to be hospitalized. In Singapore, such medical costs can be incredibly high in both public and private hospitals. Hence, inpatient or major medical benefits are the most important ones.
Get your health insurance answers today!
Whether you are looking for cheaper newborn and senior health insurance, or just need some impartial advice on your current situation – Pacific Prime Singapore is a place you can always turn to. Our insurance experts will advise you on a variety of health insurance solutions, compare plans and options, and provide quotes for free. Contact us today to find the best family, newborn and senior health insurance to fit your needs and budget!
When she isn’t writing, you are most likely to find Elwira in search of the perfect plant-based burger or enjoying Hong Kong’s great outdoors either at the beach or from the boat - the closer to the sea, the better!
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