By Jennifer Ornstein, Insurance Professional for Expat Insurance
 
Singapore is acknowledged as having one of the most successful healthcare systems in the world, in terms of both
efficiency and the results achieved in community health outcomes. This is quite an achievement compared to most other
developed countries.
 
But for Canadian Expats living in Singapore, especially those who have denounced their Canadian residencies for tax
purposes; this service comes with a cost.
 
According to the Ministry of Health, the number-one reason for hospital admittance is accidents. Unplanned-for treatment
doesn’t come cheap. A private hospital stay in Singapore can cost upwards of $500 a night. Should you be admitted to the
ICU, costs are upwards of $700-$1,000 a night for the room alone. Dental treatment for crowns, wisdom teeth and root
canals can cost hundreds or even thousands of dollars.
 
Most expats in Singapore are between the ages of 31 and 55. This is also the age bracket during which serious health issues
can emerge. The number-two reason for hospital admittance in Singapore is cancer. Others include heart disease, heart
attack, stroke and lung disease (www.moh.gov.sg), all of which can affect people aged 31 to 55. The treatment costs for
these unpredictable diseases can be exorbitant. This is the reason we have medical insurance: to protect ourselves from
the financial burden of a hefty hospital bill when life throws a curve ball. You need to know if you are adequately protected
should you be diagnosed with a critical illness or require long-term treatment. If you are underinsured, once your expense
limits are exhausted, the bill will fall to you for payment.
 
As Canadian Expats, living far from our home countries, we are all concerned with safety and protection. Knowing
you have medical insurance that provides adequate coverage is one important factor that can help you feel at ease.
Unfortunately, complicated policy wording amounting to multiple hours of reading often deters people from understanding
their medical coverage in detail. Within the policy it is important to look for hidden exclusions that will leave you
vulnerable to large, uncovered medical expenses. The most common exclusion is for pre-existing conditions. Depending on
the type of condition and severity, insurers may offer to include your condition by charging additional premium or loading.
In many cases, the loading rate is less than if you were to bear the costs of your condition out-of-pocket. With seemingly
endless products in the insurance market, it’s important to first identify the companies that offer the unique coverage
most Expats require. You quickly find there are fewer options than you would think when it comes to international health
plans. I’m not advocating self-medication, but do prescribe yourself a medical plan that protects you and your family while
you are living abroad.
 
Top Tips for Medical Insurance
 
Local or Global Coverage?
Ensure your medical plan offers coverage wherever you need it whether it be in Singapore or abroad. If you
want to be treated in your home country for an illness, then you need to consider a global plan.
 
Government or Private?
Many plans require you to visit Government Hospitals and Public Clinics for treatment. Check if your plan
has this restriction or provides for Private Care. It is also important to know whether your coverage pays for private or shared/warded
accommodation.