The average price of individual medical insurance in Singapore
Available to download for free from March 30th via their website, Article 1 presents some intriguing findings, including figures for Singapore. Numerous reports in the past year have found Singapore to be not only a highly liveable city, but also increasingly expensive. This is also extended to the cost of health care at private hospitals and, therefore, health insurance as well.
In fact, Singapore was found to be among the most expensive locations – on average – in the report. Coming in 5th overall, with an average plan cost of USD 9,784, only China, Israel, Hong Kong and the US are more expensive. When broken down into each demographic the average premiums in Singapore are: USD 4,499 for Singles, USD 9,445 for Couples, USD 14,102 for Families, and USD 10,762 for Retirees.
When ranked, Singapore falls 4th most expensive for Single plans, 5th most expensive for Couples plans, 5th most expensive for Family plans, and 5th most expensive for Retirees. While Singapore is among the top 5 most expensive locations in the report, the numbers are somewhat lower when compared to premiums in the US. For example, the average premium in Singapore is 44.70% of the average in the US. This points to a large difference in the average premiums in the top countries.
What influences the premiums in Singapore?
At first glance, it may seem a little odd to see health insurance premiums in Singapore ranking so high. Pacific Prime has identified a number of reasons as to why premiums in Article 1 are so high. Below are four that are most relevant to Singapore:
1. The cost of health care can be expensive for expats
Singapore is well known to have one of the best, and, indeed, most interesting health care systems in the world. Citizens and Permanent Residents have access to the Medisave system which functions as a nationalized health insurance plan enabling substantial health care savings at both the public and private hospitals and clinics.
Non-citizens and Permanent Residents – essentially almost all foreigners in Singapore – don’t have access to the Medisave system which means they are charged full price for any health related care.
The issue with this is that the unsubsidised costs can vary widely. For example, an excision of a mole can cost between SGD 275 and SGD 488 just for the surgery with costs on top for dr’s fees, etc. Private hospitals often cost even more, with the average price at Mount Elizabeth Hospital for the treatment advertised as being between SGD 5,000 and SGD 10,000.
See full story at www.pacificprime.sg