Introducing our latest Cost of International Health Insurance Report 2020-2021
We are thrilled to announce that our Cost of International Health Insurance Report 2020-2021 is now available for download. Dive into the world of International Private Medical Insurance (IPMI) through our in-house expert analysis. Here, we’ll identify the key drivers and trends shaping health insurance premiums the world over. With pricing data collated from 100 locations, you’ll be sure to gain the latest industry insight by downloading this free report. In this Pacific Prime Singapore article, we will give you a snapshot of what you can find in our Cost of International Health Insurance Report 2020-2021.
What is the cost of international health insurance globally?
In 2020, the US once again tops the chart as the most expensive location for both individual and family health insurance with an average individual premium of USD $7,703. The US is seconded by Hong Kong (USD $6,146), and followed by Singapore (USD $5,230). Canada (USD $5,230) and Dubai (USD $5,207) rounded up our ranking of the top five countries with the most expensive average individual premium. Having said that, a number of countries around the world actually saw their average IPMI premium dropped amidst the COVID-19 pandemic.
Download our guide to find out the ranking for family premium in 2020!
Key drivers shaping health insurance in Singapore
What might be the local factors influencing the cost of international health insurance in Singapore? Read on for a quick overview.
Are you short on time or do you prefer a more visual medium? We’ve got you covered. Head on over to our Cost of International Health Insurance infographic. While you’re at it, we also offer a host of free insurance resources from infographics to short videos for you to take advantage of.
1. Inflated medical charges
At healthcare facilities, Singaporeans continue to face overcharging, overservicing, and inappropriate medical interventions. This contributes to higher IPMI premiums.
2. Lifestyle factors
The rise of chronic and circulatory diseases, as well as poor lifestyle choices, put more Singaporeans at risk.
3. Aging population
The aging population places an increasingly heavy burden on Singapore’s healthcare system.
4. Increased use of digital technology
During the COVID-19 pandemic, Singaporeans relied more on telemedicine for virtual medical consultations over in-person consultations.
5. Overuse of insurance
Policyholders in Singapore tend to opt for the latest and most expensive – though unnecessary – medical treatments. This will likely lead to higher premiums in the future. With that said, Medishield plans have put measures, such as co-pays in place to discourage the overuse of insurance.
Key drivers shaping health insurance premiums globally
Based on our analysis of global IPMI pricing data from 100 locations, we’ve identified 5 major key drivers of IPMI premiums. For an in-depth breakdown of the IPMI trends, download our Cost of International Health Insurance Report today.
1. Changing demand for care
Particularly when it comes to telemedicine, the pandemic has increased healthcare utilization and expenditure in numerous countries.
2. Cost of care
Globally, healthcare costs have significantly outpaced general inflation due to rising prescription drug prices and an aging population.
3. Increased regulation
Many insurers struggle to deal with the growing regulations and costs of compliance.
4. Continued challenges related to fraud
The long-lasting problem of fraudulent claims by dubious healthcare providers and policyholders results in higher IPMI premiums.
5. The rise of insurtech
Insurers have quickly adopted digital tools to better serve their clients amidst the COVID-19 pandemic. You’ll see how these initial investment costs could impact IPMI premiums going into 2021.
Gain industry insight with our free Cost of International Health Insurance Report 2020-2021
2020 and 2021 have been eventful years for the world at large. Unprecedented changes also shook up the world of international health insurance. This article merely represents the tip of the iceberg. For a deeper understanding of the latest trends driving the cost of IPMI, refer to the Cost of International Health Insurance Report 2020-2021. Whether you are a business professional or an individual, stay informed with analysis from our in-house insurance experts.
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