What is the cost of Singapore health insurance in 2018?
Bloomberg ranked Singapore’s healthcare system the most efficient in the world in 2014. Divided into a public sector with subsidized medical care for citizens and permanent residents, Singapore also has some world-class private hospitals for those who can afford them. So if you are an expat living in Singapore but not a permanent resident, your best shot for excellent medical care is to obtain private Singapore health insurance, and that’s what we will focus on in today’s article.
How much does medical insurance in Singapore cost in 2018?
Pacific Prime recently released a report called Cost of Health Insurance 2018 for individuals and families. In it, we included different sets of rankings based on the cost of health insurance in 100 countries. Singapore was in the top 20 most expensive countries in each of the three rankings we have prepared:
- Singapore ranked 9 in the ranking based on the average price of plans for individuals, with the average plan priced at USD 4,520.
- Singapore ranked 6th place based on the average price of plans for families, with the average plan priced at USD 13,955.
- Singapore ranked again in 9th place for the average price of both family and individual plans, with the average plan priced at USD 9,238.
It is worth noting that the prices presented above are for onshore plans, and not the international plans that we used last year. You might think that those premiums are quite high for local plans, but in fact, this finding aligns with the one of Pacific Prime’s main conclusions that onshore premiums are not drastically different from their global counterparts.
Yes, it is true that average Singapore health insurance premiums are a bit lower in this year’s edition of the Cost of Health Insurance report, moving Singapore lower down the rankings. However, the cost of plans have not changed drastically, meaning that the price tag for private medical insurance in Singapore is still relatively high, regardless of whether the plan is local or international.
What is the cost of medical care in Singapore?
Prices of Singapore health insurance mirror the cost of healthcare. In fact, almost everywhere in the world, the cost of healthcare is the number one factor that influences health insurance premiums. You might have asked this question earlier: “Why should I choose an expensive private hospital, and pay a premium health insurance price for that when I can utilize the excellent public healthcare system in Singapore?” Well, here’s the catch: for non-permanent residents, the cost of visiting a private versus public hospital is quite similar.
Comparison of popular hospital treatment costs
The data used in this comparison was taken from the MOH website; you can learn more about your estimated bill size there.
| Treatment | Public Hospital | Private Hospital |
| Admission for investigation and treatment of headache/migraine | Average Price for a class A ward range from SGD 1,778 to SGD 3,324 | Average Price for a 1 bedded ward range from SGD 3,253 to SGD 9,630 |
| Admission for abdominal pain investigation | Average price range from SGD 1,440 to SGD 3,855 for a class A ward | Average price range from SGD 2,801 to SGD 6,845 for a 1 bedded ward |
| Hand, wrist, or finger surgery | Average price range from SGD 4,071 to SGD 5,731 for a class A ward | Average price range from SGD 6,048 to SGD 11,267 for a 1 bedded ward |
The Singapore government, besides regulating the level of care and subsidization, can control prices in public hospitals. Thanks to that, the private sector must be careful not to price themselves out of the market. Of course, prices in private hospitals are higher, but they are similar to the average prices charged at public hospitals.
What kind of Singapore health insurance should you get?
As our report suggests, premiums between onshore (local) Singapore health insurance plans and their international counterparts are not significantly different. If the price isn’t the main factor when choosing health coverage in Singapore, then what should it be?
We would say that all depends on how do you want to use your plan. If you are an active traveler, be it for business or pleasure, we would suggest getting an international private medical insurance plan. Such a plan will cover you literally everywhere in the world, and offer a range of additional benefits such as medical evacuation and repatriation of the body.
However, if you don’t travel much, but you still require top-notch benefits that are best suited to your needs, an onshore plan can be the answer. Local plans in Singapore are quite similar to their international equivalents, meaning the quality of the plans is still at a very high standard and tweaked in a way that allows you to best use the benefits you pay for.
Talk to the insurance experts
Pacific Prime Singapore has been helping expats, their families, and corporates in Singapore for over a decade now. Having worked in the industry for so long, we have established a specific type of framework that allows us to provide unrivalled advice to our clients so that they never want to change their broker again. By listening to your particular insurance and medical needs, we can recommend you the plan, insurer, and network providers that will work in your best interest. Contact us today for a chat and free plan comparison and quotation.
Serena earned her Bachelor’s Degree in Psychology from the University of British Columbia, Canada. As such, she is an avid advocate of mental health and is fascinated by all things psychology (especially if it’s cognitive psychology!).
Her previous work experience includes teaching toddlers to read, writing for a travel/wellness online magazine, and then a business news blog. These combined experiences give her the skills and insights she needs to explain complex ideas in a succinct way. Being the daughter of an immigrant and a traveler herself, she is passionate about educating expats and digital nomads on travel and international health insurance.
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