Posted on Oct 16, 2015 by Travis Jones
School has been back in session for some time now, but there will soon be an opportunity for the teachers of Singapore to be educated. That’s right, Singapore’s Higher Education Summit and EduCon Asia are taking place in the city this month, bringing the very latest innovations in education, leadership, development and management to teachers and other professionals in the international education sector from all over Asia.
What educators may not have a chance to learn about, however, is about addressing their own healthcare needs, which is especially important for teachers from abroad who are recent transplants to Singapore. As it happens, Pacific Prime Singapore will have representatives at the Summit, who will be presenting information that is relevant to teachers with regards to their health in Singapore. Here, we will preview a bit of the information in store.
Is insurance really needed?
While Singapore’s public healthcare sector has top notch medical care and some of the world’s best trained medical professionals, not everyone is able to avail themselves of the benefits afforded by the public healthcare system. While local Singaporeans have access to government subsidized healthcare and the city’s MediShield Life and other programs, expatriates in the city-state do not. This means that expats will be restricted to using only private medical facilities in Singapore. While this will ensure the highest level of care available, medical treatment in private hospitals also comes with the highest price tag, which means that expat teachers in Singapore could potentially be on the hook for major medical bills.
That’s why obtaining private medical insurance, and more specifically international private medical insurance (IPMI), is something that should be heavily considered by expat teachers in Singapore and South East Asia. This type of insurance not only can provide comprehensive benefits for hospitalization or treatment in the city, but also allows the freedom to be treated at virtually any medical facility worldwide, which is perfect for those that travel regularly.
Trends in International Private Medical Insurance
As part of Pacific Prime’s presentation to the Higher Education Summit, we will be providing access to last quarter’s Cost of Health Insurance Report, as well as early access to information from our upcoming IPMI Inflation Report. This will highlight trends and set expectations for those in attendance.
The presentation will include valuable information such as the following:
The cost of health insurance in Singapore is cheaper than in Hong Kong or China, and is likely to have an average cost of about USD$9,050 per year currently.
IPMI plan premiums in Singapore raised by an average of 9.5% over the past year, and is expected to raise by an even higher amount in the coming year.
Combining these figures, we see that in a year’s time the average cost is likely to rise to about US$10,000 annually.
So what do these facts mean for teachers? Well, beyond having a better idea of what an average IPMI plan will cost them, it also shows that trying to lock in lower premiums sooner than later is a good idea, because prices are regularly going up.
Knowledge is power
There’s nothing better than knowing exactly what you are doing and being confident in your decision making. With the reports that Pacific Prime provides, teachers and school administrators alike can make intelligent and informed decisions about the future of their health insurance coverage.
To arm yourself with the best knowledge possible, however, it is best to speak directly with somebody in the know. The helpful and experienced agents at Pacific Prime Singapore are more than happy to answer any and all of your questions, and explore which insurance options are best for you or your organization. As a free service, they can provide you with plan comparisons and price quotes from top insurance companies in Singapore. If you are in need of these types of services today, please do contact us.
And of course, be sure to look out for Pacific Prime representatives at the 7th annual Higher Education Summit. We’ll see you there!