Average Cost of Health Insurance

Whether you have medishield life or your company’s insurance, there are many different ways to supplement your current health coverage. if you are a singapore citizen or permanent resident, you have the option of supplementing your insurance with an integrated protection plan (ip) that is paid through your medisave account. If you are a foreigner living in Singapore or you are a Singaporean who spends a lot of time abroad, you can opt for an international health insurance plan. Whatever your situation, knowing the average cost of these plans and their benefits can help you determine the right coverage for your needs and budget.

average cost of integrated shield plans

the average cost of an integrated protection plan covering a b1 room for non-smoking men and women aged 45 in singapore is singapore s$132, not including medishield lifetime premiums and medisave contributions. because premiums change based on your age, this price could be as low as s$69 before medisave contributions for ages 25 and up. however, for seniors age 75, the price could increase to S$1,063 before medisave contributions (or S$60 after the additional maximum withdrawal limit is applied). In general, we find that premiums increase between 50% and 70% every 10 years of age.

Reading: How much does health insurance cost by age

ip premiums also change depending on the neighborhood you want. The average non-standard B1 room plan costs 132 Singapore dollars for a 45-year-old. In contrast, a standard b2 ward plan costs 20% less at S$104 for the same person, while a private hospital plan costs 380% more at S$638. furthermore, premiums changed similarly by conservatee, regardless of the age of the insured person.

average cost of the annexes of the integrated shield plan

the average cost of adding a rider to your ip plan is sg309 for a 45 year old non-smoker singapore. this price decreases by 35% to S$198 for a 25-year-old and increases by 370% to S$1,461 for a 75-year-old. the combination of the integrated protection plan and the rider costs on average S$671 for 45-year-olds, but can decrease by 70% to S$330 for 25-year-olds or increase by 460% to S$3,778 for 75-year-olds.

average benefits of integrated shield plans

while standard ip plans have an annual limit of S$150,000 and their coverage is completely standardized between insurers, non-standard integrated protection plans vary according to annual hospitalization limits, days of coverage before and after to hospitalization and various benefits. The average annual hospitalization limit is S$300,000 for the B1 Ward public hospital plan, which increases by 240% to S$1,025,000 for private hospital plans. pre- and post-hospital coverage for b1 ward plans is 120 and 180 days, respectively, but increases to 150 and 273 days, respectively, for private hospital plans. various benefits may include alternative treatment and final expense coverage.

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rider benefits typically include ambulance or taxi coverage, alternative treatment coverage, homestay coverage, and outpatient emergency coverage, among other benefits.

average cost of international health insurance for foreigners in singapore

The average cost of an international health insurance plan for a 45 year old expat living in Singapore is 3,227 Singapore dollars. premiums may vary based on age, gender, and coverage. for example, a 45-year-old foreign woman would pay slightly higher premiums of S$3,263 compared to S$3,191 for a man. Regarding age, those of 25 years pay less than 45 years in 40% and those of 65 years pay more than 45 years in 150%. After age 65, premiums start to rise much more dramatically: 75-year-olds pay 170% more than 65-year-olds, and their annual premiums skyrocket to more than S$20,000.

Finally, your premium will change based on your coverage needs. the most basic plans offered by insurers cost an average of S$2,046 for 45-year-olds, while maximum coverage plans cost 125% more at an average of S$5,386. we find that this price increase is similar regardless of age.

average cost of international health insurance for Singaporeans abroad

A 45-year-old Singaporean who considers himself a global citizen (ie those who frequently travel or work abroad) can expect to pay S$4,162 for worldwide coverage. Premiums for international health insurance plans change based on gender, age, location, and coverage. women pay 11% more on average than men, with 45-year-old women paying S$4,042 per year compared to S$3,643 per year for 45-year-old men. plus, an increase in age means an increase in premiums, with prices increasing 40% for every 10 years of increase in age.

In terms of geographic coverage, premiums can be 30% cheaper if you limit your coverage to the ASEAN region instead of global coverage. Plus, worldwide plans that exclude the US from their coverage cost an average of 75% less than plans that include it.

Finally, your premium changes based on the coverage you need. Tier-1 plans with high coverage limits cost an average of S$5,941 for 45-year-old men, 160% higher than the average cost of S$2,104 for the same person who buys a basic plan with higher benefit limits low. this change in price remains fairly constant regardless of age or gender. however, you can reduce a minimum of 10% to 20% of your annual premium if you choose to have a deductible, which makes higher-tier plans more affordable.

average international health insurance benefits

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The basic coverage of international health insurance plans is inpatient hospitalization coverage, which averages approximately s$2,029,054. the average coverage before and after hospitalization is 110 days. In addition, top-tier plans have an annual limit that is 66% higher than the industry average at S$3,386,364, while entry-level plans have an annual limit that is 53% lower at S$1,079,091. While most plans fully cover hospitalization, doctor visits, day surgery, ambulance transportation, cancer, and accidental dental treatment, you may also find insurer-exclusive benefits , as an alternative treatment and medical evacuation.

To supplement your coverage, you can purchase outpatient, dental/vision, and maternity add-ons. These add-ons can range in price from S$300 to over S$5,000 and provide outpatient and general care benefits, including dental checkups, vaccinations, childbirth, and prenatal and postnatal care.

Integrated Shield Plans vs. International Health Insurance: Which Should You Get?

Integrated Protection Plans are best for Singaporean citizens or permanent residents who want to supplement their MediShield life cover or stay in higher tier wards. Because Integrated Shield plans do not offer comprehensive international coverage, it is not recommended for Singaporeans who spend a significant amount of time abroad for work or split their lives between two locations.

Alternatively, expats in Singapore and Singaporeans who spend a lot of time traveling for work may benefit more from an international health insurance plan. For expats in Singapore, buying an international policy from a local insurer may be more convenient for claims and payments. Additionally, Singaporeans who frequently travel to a particular location or split time between two locations may benefit more from an international insurer that offers multi-currency payments.

methodology and considerations

To calculate the average premiums and benefits of health insurance plans offered to Singaporeans, we collected data on the premiums and benefits of all medishield-approved plans, international plans offered by local insurers, and insurance plans. international insurers that offer coverage for citizens of the world. and expats. then we collect premiums for a variety of ages for men and women who don’t smoke. To get a better idea of ​​the average cost of international plans, we look at price changes due not only to age and gender, but also to geographic boundaries.

It is important to note that quotes depicted are averages only and individual quotes may differ based on your specific medical history. therefore, the quotes displayed should only be used as a guide to help you figure out how health insurance policies fit into your budget.

See also: Canceling Your Life Insurance: What Happens To Your Money? (2022)

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