With the COVID-19 virus still looming large, expatriates who are venturing overseas should take health insurance more seriously than ever before.
Whether you’re a foreign executive who has recently moved to Singapore or a Singaporean student moving abroad to further your education, one of the key items on your to-do list should be to ensure that you are well protected with adequate international health insurance or overseas student insurance from insurers like International AETNA or Cigna Global.
Why? Because you can easily gain access to public healthcare, emergency assistance and financial support with minimal disruption. This is especially important when you’re in a foreign land where you’re not familiar with where or how to get medical help.
If you’re not sure if global health insurance is suitable for you, read on to find out the important aspects of such a policy.
What Is International Health Insurance?
International health insurance or expat health insurance, which you can find in Singapore, are policies that cover you financially when you are seeking medical treatment abroad. They provide expatriates living or working outside of their home country for a prolonged period of time a comprehensive hospitalisation and medical treatment coverage regionally or globally.
Because expatriates are not eligible for government subsidies and do not have local health insurance (like MediShield Life or Integrated Shield Plan in Singapore), seeking medical treatments can be costly. Especially for those who prefer exclusive private healthcare services, the costs will easily escalate beyond affordable levels.
As such, international health insurance can come in very handy when unexpected medical emergencies arise or when critical illnesses are diagnosed. Thankfully, most insurers offer all-inclusive core plans with the option to add on riders such as dental checks, health screenings and pregnancy so that the health plans can be tailored even more closely to policyholders’ needs.
Features and Coverage of Global Health Insurance
Here’s a closer look at what a typical expat health insurance in Singapore from Allianz* Care looks like:
| Features | Coverage |
|---|---|
| Maximum claim limit | S$2,925,000 to S$6,500,000 |
| Hospitalisation/ Surgical benefits | Private room / Inclusive |
| Emergency in-patient dental treatment | Inclusive |
| Day-care treatment/ Kidney dialysis | Inclusive |
| Outpatient surgery | Inclusive |
| Oncology | S$350 |
| Rehabilitation treatment | S$4,400 to S$7,800 |
| Nursing at home | S$4,400 to S$7,500 |
| Medical evacuation | Inclusive (Max of 7 days) |
| Emergency out-patient treatment | S$1,320 |
| 24/7 Medical assistance | Provided |
| Add-on riders |
|
| Coverage Duration | Yearly contract or minimum 3-month for Flexicare contract |
| Geographical coverage | Worldwide or worldwide excluding USA |
*Allianz is a strategic partner of International AETNA.
Since international health insurance is designed for those residing in a foreign country on a long-term basis, the policy tends to pack many essential medical coverages so that policyholders can enjoy convenient medical support even without local government subsidies or insurance.
Importantly, the plans enable policyholders to conveniently obtain a flexible range of medical treatments as long as they are within yearly claim limits. A core plan will usually grant policyholders a thorough selection of medical services such as consultations at General Practitioner (GP) clinics, on-going treatments for pre-existing conditions, hospitalisation subsidies and even medical evacuation should an emergency arise.
When choosing a global health insurance plan, take heart that this is a long-term commitment that can impact your quality of life abroad. Don’t just choose a policy with the lowest rates but one that can offer sufficient medical support. Always read the fine print or refer to a consultant to fully understand the policy before signing up for one.
Difference Between Travel Insurance and International Health Insurance
International health insurance is not the same as travel insurance even though they do have some overlapping benefits.
Here’s a quick comparison of the two types of policies.
| Policy Features | International Health Insurance | Travel Insurance |
|---|---|---|
| Profile of policyholder | Expats living abroad | Holidaymakers |
| Emergency medical coverage | Covered | Covered |
| Regular medical check ups | Covered | Not covered |
| Rehabilitation treatment | Covered | Not covered |
| Maternity cover | Covered | Not covered |
| Chronic medical cover | Covered | Not covered |
| Medical Evacuation | Covered | Covered |
| Trip delays and cancellations | Not covered | Covered |
| Baggage delays | Not covered | Covered |
| Loss of baggage and personal belongings | Not covered | Covered |
| Personal liability | Not covered | Covered |
| Coverage Duration | Yearly contract or minimum 3-month contract | Up to 90 days |
International health insurance is for travellers or expats residing in a foreign country. Such a policy offers a wider range of medical-related benefits that are not readily available from travel insurance. For example, coverages for chronic illnesses, maternity and dental treatments are items you’ll find in an international health plan but not in travel insurance.
However, travel insurance does have travel-related compensations that are lacking in global health insurance. If you encounter inconveniences like loss of baggage, trip cancellation and flight delay while you’re on the road, travel insurance will get you covered in those areas but international health insurance will not.
Who International Health Insurance Is Best Suited For
International health insurance is useful for those moving out of their home country for at least a year. Such insurance policies provide extensive medical support to overseas students and working expatriates who are unfamiliar with foreign healthcare systems and do not have access to local health insurance or government subsidies.
For those with pre-existing conditions, predisposed to certain critical illness or planning to get pregnant, buying a global plan or expat health insurance in Singapore will assure them of continual medical treatments even while they live abroad. This eliminates the need to take frequent trips home just for regular medical checks.
To make an informed choice, check out our guide to the best health insurance plans on the market.
Read More:
The article International Health Insurance — What Are They and Should You Get One? originally appeared on ValueChampion.
ValueChampion helps you find the most relevant information to optimise your personal finances. Like us on our Facebook page to keep up to date with our latest news and articles.