One of the benefits of being an expat in Singapore is that a lot of the time, your company will provide you with insurance. This, know as Corporate Insurance or a Group Policy is a great relief for many expats- the company will reimburse for any hospital costs, and they don’t have to worry about navigating the somewhat complex insurance/medical landscape of Singapore.
But is this insurance sufficient for you? Let’s delve further…
Whilst company coverage has its strong points, like GP & Specialist reimbursement, sometimes it really lacks in certain areas. Generally, most basic group insurance packages come with quite low hospital coverage. You will also want to check if this covers private as well as government hospitals. Turnaround time at private hospitals tend to be very fast in comparison to government, so it would be good to have that option.
Personal hospital policies tend to have very high coverage in comparison. Moreover, you can tailor coverage such as death, critical illness and disability, based on your exact needs and budget.
With most group insurance, in order to claim you must either contact your HR or upload your claim to an app and wait for an approval. A lot of the time the insurance agent will not be at your beck and call, as they service every claim in the company, not just yours. And if your company has gone through a broker, it can be even more difficult to make direct contact with your insurance company. Sometimes, if your company has gone for an international insurer, you may be stuck calling an overseas hotline.
In contrast, if you choose your personal advisor wisely, they will be more than happy to help you with all of these admin chores, from filing claims, to booking appointments, to contacting the insurance company directly on your behalf.
This is very dependent on how long you think you will stay in the current company you work for. If you think you’ll stay with one company your whole time in Singapore, then great, you can rely on their coverage. But, what if you want to switch, and the new company doesn’t offer insurance benefits? Or maybe they do, but it isn’t as comprehensive, or they don’t include dependents? You may be in a bit of a tough spot, particularly if you have had pre-existing conditions, or if you’ve claimed in the past. This may rule you out from getting a personal plan.
Bumps In The Road
Building on my last point, there may be a lot of issues you could face, that you wouldn’t from a personal policy. Your company may decide to change provider, in order to minimise costs, which may lead to discrepancies in your coverage, especially if you are already going through a claim or have a surgery planned. With a personal plan, so long as you keep up with your payments, you cannot get excluded from any coverage after purchasing. It’s always best to plan your insurance whilst you’re healthy and able to purchase; so relying on your corporate insurance may mean that you delay this crucial planning.
I always say to my clients that Corporate Insurance is a great base of coverage; it’s a good safety net and it’s a wonderful benefit for your company to provide. However, I always encourage expats to get personal coverage, to ensure that their protection is in their own hands, and not the hands of a company that may switch or drop coverage in the long run.