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Insurance Insights

Health and Medical Insurance in Singapore

Health and Medical Insurance in Singapore

A variety of choices are available to people via competing health insurance firms, which are internationally recognized, providing insurance that suit your needs. Selecting the right medical insurance policy is a time-consuming process and hence prone to buying a cover you do not fully understand.

Medical Insurance firms’ insurance contract contain exclusions terms and conditions which the layman seldom read before signing the contract when purchasing insurance.

Collaborating with an experienced advisor before deciding to purchase an insurance policy is advisable as the advisor can guide you to select the right policy for you and your family. Ensuring that you make informed choices in choosing the right medical insurance policies in Singapore. This is where ARF can help you.

Consult us to choose the best medical insurance policy suited for your needs:
Call (65) 6717 1111


Types of Medical Insurance Policies in Singapore

The health and medical insurance in Singapore are classified into several categories. These include medical expenses, hospital cash, critical illness, disability income, and long-term care insurance policies.

As medical and Hospital and Surgical cost is high, everyone in Singapore should ensure they have adequate medical insurance and understand the insurance coverage . A common typical medical insurance policy covers the basic stay in a hospital, surgery, and consultation. A mandatory national medical expense insurance is known as MedishieldLife, is available to Singaporeans and PRs. Foreigners who are on work-permits or S-Pass should be covered by medical insurance provided by their employers. The health insurance coverage, in this case, would be limited to S$15,000 per year; with a co-payment component of up to 10% for all medical bills, which are not work-related.

Group insurance policies are usually taken up by Employers to cover their employees. This enables in covering medical bills for Hospital and Surgical expenses.


Medical Insurance Policies available for Singaporeans & PRs

MedishieldLife is mandatory medical insurance for all Singaporeans and PRs. Apart from Medishield, policies like the Integrated Shield Plan (IP) and IP riders can be purchased to enhance the basic cover to enable the insured to be treated in a better ward facility.


Private Health Insurance Plans

There are two types: Integrated Shield Plans, and International Health Insurance. The benefit of International Health Insurance plans is that it provides coverage for primarily for persons wanting a higher plan or better ward facilities in a private hospital. Such plans are suitable for expatriates and their families who are not eligible for MedishieldLife cover. Individuals and their families who want to purchase a more comprehensive Hospital and Surgical cover can consider such plans.


Choosing the best Integrated Shield Plans

Plan based on a hospital ward
The type of ward you might want to stay will determine the plan and the level of premium that is affordable by you. For instance, Ward A would be a single bedded private ward, Ward B would have 4 to 6 beds and Ward C would be an “open ward”.


Plan based on medical coverage and benefits

A fairly standard coverage with major differences being annual limits along with pre and post-hospitalization coverage. Considering the Annual limits as well as the privacy of the hospital wards would be a good place to start when planning to purchase the plan you want to consider.


Plan based on Cost

For those who are not choosy about wards, low-cost plans will be the starting point. The standard plans differ in cost between a government restructured and a private hospital. People should be aware of the rising medical costs and corresponding premium, as their ages go higher.


Choosing the right International Health Insurance Plan

Plan based on coverage

There are medical insurance plans that can be tailored for ex-pats. These plans provide coverage in ASEAN countries. Choosing a worldwide medical insurance plan cover would be more costly. The consideration should be based on where one is based.


Plan based on benefits

Medical plans based on various benefits such as annual limits, hospitalization charges, medical evaluation, and local ambulance services, are available to foreigners and ex-pats.


Plan based on cost

It would be advisable to opt for a plan within one’s budget while considering the fact that medical premium insurance tend to increase accordingly as the age of the insured increases.


Choosing the best Medical Insurance in Singapore

With so many options and information available, you can choose the best medical insurance plans based on your requirements. Trying to choose the type of cover on your own is not the best way to go about it. ARF can assist you to make informed decisions.
Call us today to know what is best for your needs: (65) 6717 1111.


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(65) 6717 1111
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Everyday including Weekends and Public Holidays

Customer Service Centre

7 Maxwell Road #01-100
Annexe B MND Complex
Singapore 069111
Operation Hours:
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