• Health Insurance Singapore

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    The world we live in gives us a millions reasons to get sick and medical expenses can skyrocket into thousands of dollars. Health insurance steps in to offer you a safety net to combat financial burdens that could occur in the wake of health issues.

    Health Insurance

    With our changing lifestyle, our deteriorating environment and the increased stress levels, our overall health is declining. Running into health issues as we get older seems inevitable. Whether it’s genetic problems, contagious diseases, the result of environmental harm, or just an unhealthy lifestyle, we need to be prepared to deal with health issues mentally, let alone worry about the financial part of it. Having a health insurance policy will reduce the mental stress of paying for treatment and lets you focus on getting better. It is wise to be prepared for medical contingencies instead of worrying about it at the worst possible time.

    What is health insurance?

    Health insurance is a plan provided by insurance companies that will cover you financially for expenses incurred in case you may experience health issues at any point in your life. It will cover the insured's medical and surgical expenses. You hope you never need to use it, but it’s always better to have it handy.


    Health insurance requires you to pay a premium for the term you choose. You may have to pay it monthly, quarterly, bi-annually or annually. Most policies can be renewed at your request.

    The Government of Singapore implemented a plan in 1984 known as the 4M framework which consists of Medisave, Medishield, Medifund and Medication Assistance Fund. To ensure that sufficient funds are saved to last a lifetime, limits are set and adjustments are made occasionally. This fund can be used to pay for hospital expenditure when needed by the individual. But in view of the increasing medical costs, people are seeking comprehensive insurance cover to be better protected. Many insurance plans available in Singapore are Medisave-approved and will enhance your coverage.

    Why do you need Health Insurance?

    If something unfortunate were to happen resulting in huge medical bills, without health insurance, you might have to sell off assets, borrow money from people, or be in debt that you can’t pay back. Health insurances provide a range of benefits to safeguard you from these situations. Depending on the policy you choose, some of the benefits you could avail of are listed below:

    • Cashless financial aid in case of hospitalization.
    • Reimbursement for hospital expenditure.
    • Financial cover for pre and post-hospitalization expenditure.
    • Financial cover for prolonged treatments like chemotherapy and dialysis.
    • Financial aid for emergency hospitalization.
    • Financial protection for your family’s medical expenses.
    • Medical check-ups.
    • Cover costs of medication.
    • Tax benefit.
    • Availing cash income during hospital stay.
    • Disability income.
    • Long-term care.
    • Financial aid in the case of critical illness.

    Types of Health Insurance

    Health insurance policies are available for self, family and groups which are employees of an organisation. Coverage offered depends on different insurance companies.

    Insurance companies usually offer two types of health insurances based on payout:

    • Direct/cashless insurance – Many hospitals require you to deposit a sum of money as assurance to cover the cost of your treatment, or leave a credit card with them in order to be treated. With certain insurance plans, the insurer will stand as guarantee and you will not be required to pay any money up front. You will be required to present your insurance ID, and a request for cashless hospitalization will be initiated. The insurance company will deal directly with the hospital for any bills and documentation required and approve the request for cashless hospitalization. The total medical bill at the end of your hospitalization will be taken care of by the insurance company. The bill paid by the insurance company will not include non-medical items that were used for your care, such as bed pads, surgical gloves and so on.
    • Reimbursement insurance – Under other health insurance policies, you are required to take care of all expenses incurred at the hospital. You can file a claim for insurance, providing all related bills and documentation required, at your own cost. The insurance company will process the claim, and on approval, will reimburse you.
    Types of health insurance plans available based on coverage are::
    • Hospitalisation & Surgical (H&S) Insurance – A basic insurance plan that will reimburse covered H&S costs incurred due to accidents and illnesses.
    • Catastrophic Medical Insurance – An insurance plan that covers major illnesses which usually has steep medical costs. This insurance usually covers prolonged treatment like dialysis, chemotherapy and radiation.
    • Supplemental Medical Expense Insurance – This is an additional insurance meant to enhance your coverage and supplement the main medical plan. Its coverage is more extensive range of medical-related issues.
    • Long Term Care Insurance – For cases where the insured is unable to perform the usual daily activities such as bathing, dressing, eating, using the toilet or simply moving around, a fixed monthly amount is disbursed for nursing treatment.
    • Critical Illness InsuranceAlso known as Dread Disease Plan, it disburses a lump sum if the insured is diagnosed with any of the critical illnesses covered.
    • Hospital Cash Insurance – In case of hospitalisation due to an accident or illness, a daily income is paid directly to the insured to help offset regular expenses in the time that he/she is unable to earn an income. This amount is usually fixed at the beginning of the policy for a limited number of days per hospitalization.
    • Disability Income Insurance – If the insured were to become totally or partially disabled and unable to work due to an accident or illness, a portion of the regular income is replaced.

    List of Agencies/Companies providing health insurance in Singapore

    A number of companies provide health insurance with different options to suit your needs and abilities. A few companies are listed below.

    FAQs – Health Insurance

    1. What expenses are covered by the insurance policy during hospitalization?

      The insurance generally covers full or partial room or boarding expenses, nursing expenses, fees of the surgeon, physician, anesthetist, consultants and specialists. It will also cover operation theater charges, medicines used, blood, oxygen, X-rays and similar expenses.

    2. What expenses are not covered by insurance companies?

      Expenses covered depends on the policy you have taken and differs from company to company. Generally, during hospitalization, only non-medical expenses will have to be paid by the insured, such absorbent bed pads, surgical gloves, administrative charges of the hospital, toiletries and utility charges, etc. Your policy may not cover expenses for pre-existing conditions, consultation fees and treatment for specific diseases. Please read the offer document carefully. 

    3. Why is it so important to have a health insurance policy?

      When we are healthy we tend to ignore the future. Medical issues can arise at any point in time and the cost of being ill can be extremely high. It is wise to seek out a health insurance policy that you will benefit from in your time of need

    4. How does cashless hospitalization work?

      The insurance company will have a tie-up with a network of hospitals. The insured will have to present the insurance ID and the hospital will communicate directly with the insurance company for all payments and procedures. You may be required to pay a minimum amount for admission charge and non-medical items.

    5. My insurance doesn’t cover pre-existing conditions. What is a pre-existing condition? Do I need coverage for it?

      A pre-existing condition is a medical condition that occurred before the health insurance policy went into effect. Common pre-existing illnesses are asthma, BP, and diabetes, but it could be any issue you faced before taking the policy. Some policies do not cover pre-existing conditions but many companies offer insurance that covers them. If you are young and healthy, you don’t have anything to worry about it and can take a policy that doesn’t cover pre-existing conditions. But if you have had previous medical problems, it is better to seek a comprehensive cover which protects you against illnesses you already have.

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    News About Health Insurance Singapore

    • MAS Outlines New Insurance Policy Changes

      The Monetary Authority of Singapore (MAS) has decided to go ahead with changes that would provide greater insurance coverage to depositors and better protection to owners of private rental cars, after it received support from its board.

      The financial regulator has informed that the new changes will be implemented from 1 April 2019. This new development follows the decision by MAS to initiate a public consultation on the matter.

      After the changes come into effect, the value of the Singapore Deposit Insurance Corporation (SDIC)-administered insurance coverage for Singapore-dollar deposits will shoot up to S$75,000 per depositor from the current S$50,000.

      The new rules would benefit at least 90% of the depositors.

      According to the new MAS announcement, SDIC will have to increase the size of the corpus that supports this deposit scheme between 2020 and 2028 to comply with this latest change in deposit insurance rules.

      MAS has also revealed that it plans to charge higher premium rates to lenders in order to create this fund. Premium rates could increase anywhere between 0.5 and 1 basis point.

      The new rules would also apply to the Policy owner’s Protection Scheme that protects people who use their private assets like homes and cars for commercial purposes.

      21 May 2018

    • AIA Becomes First Insurer in Singapore to Provide Personal Medical Case Management

      AIA Singapore has got into an exclusive alliance with Medix, a globally recognised medical case service provider, to offer personalised medical case management services to its clients.

      This move is expected to take medical healthcare and associated support available to the critically ill to a whole new level. It has the potential to make the medical journey for patients less bumpy.

      Experts believe that this new arrangement will help medical practitioners make more accurate diagnoses, and provide precise treatments to patients with debilitating conditions. In addition, constant emotional support and care will speed up recovery.

      Under this arrangement, holders of Max Essential A and A Saver policies can use personalised medical services and insights from Medix to manage their health conditions and recovery in a more effective manner.

      Customers will have access to high-quality medical treatment provided by the 300 in-house doctors and more than 3,000 leading empanelled medical experts of Medix. Medical assistance will be provided for a minimum of 3 months and will be available anytime the customer needs during the medical journey.

      AIA Singapore CEO Patrick Teow said the strategic partnership aims to empower customers and help them live longer and healthier.

      18 May 2018

    • Great Eastern’s 2017 Profit Skyrockets on Insurance Business

      The strong performance marked by Great Eastern last year was driven by a sharp rise in profit from its insurance business. According to the company, its profit grew by 96% year-on-year from S$589.3 million to S$1.16 billion in 2017.

      As per Great Eastern’s financial statement, this growth was registered because of better performance from its insurance business, which rose by 72% year-on-year to S$899.9 million.

      The growth was also enhanced by additions from investments sales because of positive market circumstances, and fluctuations in fair value. Earnings from shareholders’ fund’s investments also grew to S$434.7 million, which was driven by investments sales in comparison to the year before.

      In addition, the company’s outlays rose by 14% year-on-year to S$117.2 million, from S$103.2 million in the year before. At the same time, fees, and other income also increased to S$88.5 million.

      13th Februaryy 2018

    • Insurance and Finance Sectors Register 6.3% Growth in Q4

      The Ministry of Trade and Industry (MTI) said that the finance and insurance sector in Singapore registered a 6.3% year-on-year growth in Q4 last year. The reason behind such an expansion is the robust growth in the fund management segment along with a continuous growth in the financial intermediation and insurance segments.

      Last year, the economy grew 3.6% due to the strong expansion of the manufacturing sector and wholesale and retail trade. The finance and insurance sector grew by 4.8% in all quarters, contributing to the 2.8% growth in the services producing industries.

      The GDP in the final 3 months of 2017 expanded by 3.6% from 2016. On quarter-on-quarter basis, Singapore’s economy grew by 2.1% in Q4.

      MTI predicted that Singapore’s economy will have a moderate yet firm growth in 2018. Growth in the country’s key demand markets like Eurozone, Japan, and ASEAN-5 was estimated to remain unchanged next year.

      The domestically-oriented services sectors such as food and retail services are expected to increase in 2018. The transportation sector and storage and wholesale trade are also projected to benefit from external demand.

      20th February 2018

    • Chubb Offers Additional Benefits on Work Injury Compensation Insurance

      Chubb has announced enhancements to Chubb Work Guard, its work injury compensation insurance policy for Singapore businesses. Among other things, the enhanced policy now offers increased medical expense coverage and a common law limit.

      18th January 2018

    • Seniors to Benefit from Scaling up of Wellness Schemes

      The Singapore government, in order to provide a smooth experience to patients when they receive treatment from different caregivers, has decided to expand and merge various healthcare programmes. This will mainly benefit the elderly people who need out-of-hospital care.

      11th January 2018

       
    • Improved Market Conditions Expected to Boost Life Insurers’ 2017 Reserve Ratios

      Singapore life insurers are expecting strong global equity market sentiments and improved economic outlook will continue to help them improve their reserve ratio in 2017. They believe better reserve ratio will help pay out non-guaranteed benefits.

      22nd December 2017

       
    • AIA Singapore won the Innovator of the Year Award

      AIA Singapore won the Innovator of the Year award at the Management Excellence Awards, organised by Singapore Business Review. AIA won this award for its Diabetes Care plan, which eased the process of underinsurance for patients suffering from diabetes.

      22nd December 2017

       
    • Significant boost for online health insurance in Singapore

      Eduardo Saverin, co-founder of Facebook Inc. is lending a helping hand to boost a Singapore-based health insurance company that operates online. His company B Capital Group will be taking up this venture that is valued at $100 million.

      EDBI which is the government of Singapore's investment vehicle led the $25 million round along with Saverin's company for CXA Group. Other investors like a unit of Reinsurance Group of America Inc., RGAx and Royal Philip NV along with BioVeda Capital joined in. From data management to insurance, CXA has been striving to create a marketplace online for services related health. It is one of the many startups who are trying to make this a reality.

      CXA was founded by Rosaline Koo, the Chief Executive Officer. The group now earns a revenue of $10 million ($7 million) annually.

      20th February 2017

       
    • Singapore pressurised to raise tax deduction on medical expenses

      Many residents of Singapore are starting to grow older and are leading unhealthy lifestyles. One in four Singaporeans above 40 years old is suffering from at least one chronic diseases. The high costs of medical treatment are restricting individuals from getting good healthcare. Deloitte Singapore holds that this should force companies to give higher health benefits to their employees.

      Deloitte suggests that companies should raise the cap on tax deduction for medical expenditures. The firm said that expenditures related to preventive health screenings should be completely deductible as this move will help individuals in tackling chronic health diseases.

      It also mentioned that the government should reconsider its cap on medical expenses and analyse if the current cap is actually helping employees because the medical expenses these days are much higher than the incomes of most individuals. The firm also recommended that the government should introduce double tax deduction for employees who have crossed the retirement age.

      13th January 2017

       
    • Union Cabinet passes Surrogacy Bill

      The Union Cabinet recently passed a draft bill that is supposed to safeguard the rights of surrogate mothers and make parentage of the children borne by them legal. The bill was recently cleared by a Group of Ministers (GOM) and sent to the Union Cabinet for final approval.The Government recently stated that the absence of a statutory mechanism to control commissioning of surrogacy has created a lot of problems in rural and tribal areas including exploitation of women. The bill has been drafted to prohibit foreigners from commissioning surrogacy in the country and prevent exploitation of women.

      05th September 2016

       
    • New Health Insurance Premiums Up By 25%

      New premiums for health insurance to $106 million in the first half of the year, up by 25% from the previous year. According to Life Insurance Association (LIA) Singapore, much of this rise can be attributed to integrated shield plans (IPs) and riders within a policy. New business premiums also went up by 20% to $844.9 million for the quarter ending June this year, while weighted single-premium product sales during the period were at $282.1 million, higher by 54%.

      This indicates a shift of the Singaporean public from choosing a health insurance for the sake of buying the mandatory MediShield Life policy, towards adding value to the policies. MediShield Life offers basic hospitalisation insurance, while IPs allow the insured person more benefits on health-related expenses.

      Premiums for private integrated shield plans consist of a portion towards the MediShield plan and another portion for the extra features. Premiums were steady for a year from June 2015-2016, but higher medical costs and insurance claims are affecting the companies’s costs. This is likely to increase the premium amounts in the next 6 months.

      18th August 2016

       
    • AXA Becomes the Sixth IP Insurer in Singapore

      AXA Life, one of the leading French Insurers joined the IP (Integrated Shield Plan) and the rider market in May after seeking approval from the Health Ministry to become the sixth IP provider in Singapore. AXA has been approved to provide 3 new IPs that have been approved by Medisave and will offer cover for private hospitals, public hospitals Class A and Class B wards. This new addition to the insurance sphere will offer Singaporeans with a wider range of choices in insurance plans.

      The annual claim limits for both private hospitals as well as public hospitals Class A wards cover have been set at S$1 million and S$550,000 respectively. These limits are currently the highest in the market. The usual cover that other IP insurers in the market are presently offering are annual claim limit range between S$600,000 and S$700,000 for up to 180 days post hospitalization.

      In addition to offering the highest annual claim limits, AXA is also the first insurer on the island to provide a home care rider which will cover home visits by home nurses, general practitioners and other medical service providers at home including physiotherapy etc. to patients’ homes.

      12th July 2016

       
    • New Health Premiums Down by 13% but Weighted New Business Premiums Grows by 8%

      New Health Premiums that totaled to an amount of SGD 231 in the year 2015 has seen a drop of 13% when compared to 2014 as reported by the LIA Singapore (Life Insurance Association). However, even with this drop, the overall industry still managed to grow by 8% year on year, thanks to weighted new business premiums that totaled to SGD 3 billion in 2015 even with tighter regulatory standards being implemented by the FAIR (Financial Advisory Industry Review) and with the introduction of MediShield Life.

      Weighted annual premium products grew by 7% totaling to SGD 2 billion and weighted single premium products grew by 9% totaling to SGD 940.8 million. Of these weighted single premium products, 16% consisted of policies funded by CPF.

      The debut of DPI products (Direct Purchase Insurance) in the month of April 2015, bagged almost SGD 550, 000 worth of weighted new premiums. DPI products are basic life insurance plans which are sold without any financial advice and can be purchased directly from websites or customer service centres of different life insurance companies within Singapore.

      The life insurance industry in 2015 paid out a total of SGD 5.97 billion to policyholders and beneficiaries.

      16th February 2016

       
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