Compare International Health Insurance |MoneySmart Singapore

What is International Health Insurance

#1What Is It

So, what is international health insurance and how does it work? Do I buy it before I go on an overseas holiday or business trip so I can have access to doctors and hospitals in case I fall sick? No, do not mistake international health insurance for travel insurance. You don’t buy international health insurance for your upcoming holiday to Seoul or Tokyo. People who buy international health insurance are planning to, or already have relocated overseas to work or study for a longer period of time.

#2Coverage

Just like your Integrated Shield Plans in Singapore, you can’t seek medical treatment in any hospital when you fall ill. You will need to find hospitals that your insurance company has pre-approved and recognised. Since you are living abroad as a foreigner, you will most likely be directed to a private hospital – which means the medical bills will be expensive… which means your international health insurance premiums will be very expensive too.

#3Riders and Options

Insurance companies offering international health insurance plans will often offer you optional riders and options to match your personal lifestyle needs – think vision care, dental, health screenings, vaccinations, pregnancy, and General Practitioners (GP) riders. If you choose to take up any of these additional riders and options to further boost your international health insurance plan, do note that you will need to pay more in premiums.

Who Is International Health Insurance For

In a nutshell, travel insurance is for your short holidays and business trips abroad up to 6 months while international health insurance is for people who are relocating overseas to work or study for a couple of years. So, who should buy international health insurance?

Singaporean

If you are a Singaporean who is relocating abroad to work, you have your local health insurance (aka Integrated Shield Plan) for healthcare coverage while living in Singapore. Likewise, you may want a similar health and hospitalisation plan while living abroad – an international health insurance.

Foreigner

Vice versa, if you are a foreigner – aka not a Singaporean or Permanent Resident (PR) – moving to Singapore for study or work as an expat, you may want to consider getting yourself (and your family) international health insurance. In fact, some countries require you to have international health insurance before issuing you a visa.

Best International Health Insurance

Insurance Company	International Health Insurance	Maximum Coverage
FWD	FWD International Health Insurance	S$3 million
AXA	AXA International Exclusive Plan C	S$$2.5 million
MSIG	MSIG Prestige Healthcare Elite	S$900,000
Cigna	Cigna Silver Plan	S$1 million
Liberty	Liberty MyHealth International Essential	S$2 million

International Health Insurance Coverage

You can’t bring your friendly family doctor or GP along when you relocate. Now that you are living overseas, buying the cheapest health insurance policy available is not always the best choice. Here’s what you should look out for in a policy to decide if it suits your lifestyle needs and if it’s good value for money.

#1Hospitalisation

This is typically known as inpatient benefits, or hospitalisation and surgical coverage. As the name suggests, you will only be covered when you are hospitalised or require surgery. It provides reimbursement for medical expenses during your hospital stay, including the room, surgery, medicine and diagnostic tests.

#2Outpatient

Outpatient basically means you visit the hospital for medical treatments but were not warded (you didn’t get a bed to stay overnight). Outpatient benefits usually offer you coverage for medical treatment outside the hospital or for medical visits that do not require you to stay overnight in hospital, for example, when you see a GP, a specialist or a therapist.

#3Travel Emergency

Always look out for an overseas medical emergency benefit to cover emergency medical evacuation (helicopter ambulance and planes with doctors and nurses on board), and repatriation of your body in case you pass on. Do not overlook this – an air ambulance ride easily starts from US$300,000 upwards. Having full emergency medical coverage allows you to have peace of mind should anything happen during your holidays.

#4Dental

Unlike our Integrated Shield Plans, many international health insurance plans include dental coverage – including check-ups, simple fillings, and sometimes more complicated dental treatment if you have gum disease or need braces.

#5Wellness & Vision

While browsing through international health insurance policies, you may also come across “well-being”, which basically refers to routine procedures such as annual check-ups, pap-smears or mammograms. For those of us who need a little help to see clearly, vision or optical benefits can cover eye examinations, corrective glasses and contact lenses.

#6Pregnancy

This coverage typically covers you for the costs of routine pregnancy and childbirth. Health insurance companies can also cover you for newborn care, complications and pre- and post-natal check-ups with your obstetrician. Health insurance plans sometimes have a waiting period of up to 24 months, so if you’re planning on having a baby in the future, it could save you a heap of money if you are already insured and have passed the waiting period.

How To Make An International Health Insurance Claim

The process for specific types of claims may differ from insurance company to company. However, international health insurance plans offered by popular insurers such as AXA, MSIG, or AIG generally have similar claims procedures. Here are some things that you should take note of when making an insurance claim.

Call Your Agent

Inform your insurance agent or advisor immediately should you need to make a claim. For full assurance of claims, it’s best to call the insurer's dedicated claims concierge hotline or your broker to get peace of mind for your medical treatment. Some insurers also have online claims applications to make it hassle-free.

Keep Your Receipts

Whatever you are making a claim for, you have to be able to prove its authenticity. This means producing original documents for the following: your attending physician's statements, medical certificates, accident reports, clinic or hospital invoices

Claims Form

Your insurance agent or advisor should be able to assist you to fill up the claims form. Otherwise, look for your insurance company’s claims concierge for help with completing the claims form. Most insurance companies have a claims turnaround payout time of around 5 to14 working days.

International Health Insurance Tips

Buying your first international health insurance? First things first, which country are you going? Next, what are your lifestyle and medical needs? Finally, international health insurance plans are known to be expensive and have high premiums – but fret not, there is a way to lower your annual premiums if you are generally in good health.

Choose Your Country

There are different areas of coverage for International Health Plans. You can usually opt for "worldwide" or "worldwide (excluding US)" plans, but some insurers provide plans for coverage in Asia too. For instance, AXA International Exclusive and the FWD International Health Insurance both offer Asia-only plans.

Get It Customised

Buy the plan which suits you best. As International Health Plans provide a myriad of benefits, don't be fooled into thinking you have to buy a standard packaged plan. There are some insurers which provide customisable plans, allowing you to pay for what you need. Cigna Health, for instance, allows you to purchase only benefits that you need.

Lower Your Premiums

You have the option of lowering your premium with what is called a “high deductible option”. Most insurers allow you to increase the deductibles and co-insurance you pay in cash, thereby lowering your international health insurance’s annual premiums.

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Commonly Asked Questions

What is International Health Insurance and how does it help me?: An International Health Insurance policy provides the choice of seeking medical treatment overseas (outside Singapore). It is available for expatriates of all nationalities and it allows for the flexibility of a wide range of medical benefits all around the world.
What is the difference between International Health insurance, travel insurance and local health insurance?: While all these policies do have some overlapping benefits, its important to know the key differences and only purchase what's important to you and your family. International Health Insurance - Covers for Hospitalisation and Surgery in country of your choice outside Singapore. Allows for optional benefits like travel, regular doctor visits, dental, optical, health screenings and maternity. Travel Insurance - Even though an International Health Insurance policy may have travel benefits, it doesnt come close to a stand-alone Travel Insurance plan. A typical Travel Insurance plan covers medical expenses incurred overseas, comprehensive travel inconvenience benefits like flight delay and baggage delay, as well as emergencies during your trip. Local Health Insurance - As the name suggests, it only covers for Hospitalisation and Surgery locally (in Singapore). It doesnt allow for many of the optional benefits thats available only to International Health Plans.
I already have a health insurance plan in my country of origin, do i need another one in Singapore?: It really depends on the nature of your health insurance plan in your country of origin. The most important factor to consider is whether it allows you to cover for areas outside your country of origin - if it doesn't, it's probably important to start looking for a suitable plan in Singapore.
What if i already have a corporate medical plan?: It's great that you have a corporate medical plan! Do check out the level of benefits and coverage as corporate medical plans are typically not very comprehensive in nature. Also, its important to note that most corporate plans are not portable, which means that when your retire, you will not be insured any more. Hence its probably good to have a solid personal Health Insurance Plan, and treat your corporate plan as additional coverage.
How do I compare International Health insurance policies?: First, consider the geographical area of coverage that you require. Second, compare the benefits which are important to you across a few International Health Insurance providers. Next, check out the option of changing deductible and co-insurance to make your premiums more affordable. Compare International Health Insurance Plans on MoneySmart to find the one with the best price and coverage level for you!

Best International Health Insurance Plans in Singapore 2021

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S$2,336

FWD International Health Insurance

S$5,015

AXA International Exclusive Plan C

S$2,183

Cigna Silver Plan (International Health Plan)

S$920

MSIG Prestige Healthcare Elite

S$3,786

Liberty MyHealth International Insurance Essential