Singapore highlighted in cost of health insurance report

Posted on May 18, 2015 by rob.mcbroom

The second portion of a three part report on the cost of health insurance has been released by Pacific Prime. Titled “The cost of health insurance in top expat destinations”, Part 2 presents an in-depth look at the cost of individual international health insurance in six top expat destinations, including Singapore.

Unlike the first part of the report (which can be downloaded here) which focused on the average cost of health insurance in 94 countries worldwide, Part 2 is more focused, looking only at a small number of locations. Because of this, the number of insurance providers was increased from 6 to 11 - each still offering three levels of plans (inpatient coverage, inpatient + outpatient coverage, and inpatient + outpatient +maternity coverage).

This has led to a lot of data to digest, so, in order to make things easier, each location in Part 2 has been further broken down into four different demographic segments. For each segment, the premiums for the three plan levels have been graphed and analysed, making it easy for readers to zero in on the information they are looking for.

Looking at Singapore

Singapore has long been one of, if not the most, popular locations for health care in South East Asia. With a wide variety of both public and private health facilities, some of which are among the most advanced in the world, the city has a lot to offer expats and companies considering the city. That being said, almost all foreigners are excluded from the government health insurance scheme, which means that private insurance is essential.

Many who live in Singapore are well aware of the fact that the city is not the cheapest place on earth, and this is reflected in the cost of international individual health insurance. In fact, Part 1 of the report found that Singapore is the 5th most expensive location for health insurance. Of the locations included in Part 2 however, Singapore is the 3rd most expensive.

For those looking at Single plans, you will find a range of premiums starting from USD 1,786 at the cheapest and going up to USD 8,076 at the most expensive. Of course this spread covers the three plans, but it does highlight the fact that premiums you look at will be quite spread out.

On the other end of the spectrum, the premiums for families cover a range of USD 4,416 to USD 24,747 across the three plans. As with the other types of plans, this represents a wide difference.

To learn more about the premiums for other demographics and for a more in-depth look at the premiums for each plan level download Part 2 for FREE today from Pacific Prime’s main site. Should you have any questions about the report or your health insurance options please feel free to contact one of our Singapore-based experts today.