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With medical costs rising year-over-year, expats around the world, including those in Singapore, are actively seeking an ideal health insurance policy that is both effective and affordable to combat reduced purchasing power.

Health insurance is essential for protecting you from unexpected hefty treatment costs for illnesses and injuries. It also allows you to access top-notch medical facilities and world-class private healthcare services in Singapore.

Our friends at Pacific Prime CXA are here to give you five valuable tips for finding the perfect health insurance policy best suited for your medical needs and budget.

Tip #1: Don’t Decide Solely on Price

It might be tempting to choose the cheaper insurance policy, but there may be a better way to do this than opting for lower coverage and benefits offered. This is because you can always increase deductibles and copayments to lower the monthly premium, which could well be more money-effective than paying for medical coverage you don’t ever need, especially if your employer’s group health plan already provides basic coverage.

Tip #2: Beware of Suspiciously Cheap Plans

Online insurance sales have gained popularity in this digital age, thanks to the convenience of smartphones and the internet in managing insurance claims. This leaves space for scammers to bait consumers into purchasing an unreasonably cheap plan, which could lack even basic coverage for prescription drugs or annual checkups.

Tip #3: Check Reviews and Feedback

Whenever you come across an insurance provider or brokerage on the Internet or ads, it is always advisable to check reviews and feedback from customers on Google and their websites to help with your decision-making process.

Look for experienced, reputable insurance companies with a solid client base. Feel free to ask your friends and families for recommendations as well.

Tip #4: Coverage Levels

Always carefully assess your medical needs. It is possible to tailor plans to fit your unique needs by working with a reputable insurance provider or brokerage.

For example, if you are looking to relocate to Singapore with your family, you might want to look for child or maternity coverage; or if you’re just looking to head there for a month-long trip, you might consider short-term medical insurance with coverage for evacuation and repatriation, emergency inpatient care, and preventive care.

Tip #5: Understand Insurance Jargons

Health insurance is full of industry-specific vocabulary. The meanings of basics such as “benefits”, “coverage”, and “exclusions” are obvious, but some specific terms such as “deductible” or “moratorium” could be trickier to understand.

While some of these jargons may not appear in your insurance policy, it is still a good idea to study them just in case these terms pop up in additional plans you purchase later.

Secure Your Perfect Plan with Pacific Prime

Securing an ideal health insurance plan does not have to be difficult. Keep these tips in mind and reach out to Pacific Prime CXA! With over 20 years of experience in the insurance industry, they can help you compare and find the perfect plan across globally renowned insurance providers.