How to know if your foreign insurance is a good one

Insurance coverage for all foreigners is mandatory in a lot of countries in South East Asia, including Singapore. If you’ve got yourself a job in Singapore, make sure you’ve got a good foreign worker insurance policy.

Points to note:

Important point to note is that this medical insurance is not Government funded nor do you get special discounts and facilities in Government hospitals. That is only for citizens and those with resident permits.

Most companies opt for co-pay. That means they pay a part and you pay a part. The employer would typically take care of the basic amount and expect additional premiums to be paid by you for a better coverage. However, that coverage is only for you and not your dependents. Some companies also offer a family plan cover, but would expect you to pay the difference.

How to spot a good one:

A lot of companies could provide just the absolute basic mandatory coverage or cover some things like dread disease which could be a wastage of money. While it could suit some, it may not suit all. Singapore has been, for many years, consistently within the top 5 most expensive cities in the world. This means the health expenses would be on the higher side too. Since most companies have a co-pay system for health insurance, you should know what you’re paying for.

Think from this perspective: What coverage are you getting? What coverage might you conceivably need? These questions will help you to find out if the insurance coverage is that which suits you. Once you know what you need, see if you get an affirmative answer for the following questions.

Coverage for dependents: Do they provide it? What about pregnancy and child birth? Can the company include this coverage for you provided you pay for it from your salary?

How much is the coverage? If it is around $ 20000 not much will be covered.

How much do you have to pay from your salary for the insurance? Your employers might be providing a comprehensive coverage but if it takes a significant chunk from your salary, see if it is worth it.

Do they cover government as well as private hospitals?

Do they cover the treatment as well as doctor visit prior to hospitalization?

Do you have to pay the hospital bills upfront and then claim from the insurance company or will they pay for it upfront?

Do clarify all your questions from your employers beforehand. If dependents are travelling with you see if you can get their coverage included for a minimum cost. A good foreign worker medical insurance policy will make your life smooth in Singapore. So choose to work for a company who provides a good policy.

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