With its vibrant economy, world-class healthcare, and high quality of life, Singapore has become a popular destination for expats and foreign residents seeking new opportunities and experiences. As a foreign resident in Singapore, having the right insurance coverage is key when living in the bustling city-state. In this article, we explore the most important insurance considerations for foreign residents in Singapore, providing valuable insights into how to protect your health, assets, and well-being.
Health insurance
Public health insurance in Singapore
Private health insurance in Singapore
Property insurance
Home contents insurance
Maid or domestic helper insurance
Personal liability insurance
Motor insurance
Travel insurance
Health insurance
One of the primary concerns for foreign residents in Singapore is health insurance. The country boasts an excellent healthcare system, but it can be expensive. Singaporeans are covered by the national health insurance scheme known as Medisave, which is not applicable to foreigners unless they are permanent residents. Therefore, most expats and foreign residents need private health insurance coverage to save you from incurring high out-of-pocket medical expenses.
Public health insurance in Singapore
Singapore's public healthcare system for permanent residents and Singaporean citizens comprises of:
MediShield Life: Mandatory for citizens and permanent residents, it offers protection against substantial medical expenses and specific outpatient treatments.
MediSave: A national savings scheme funded by personal and employer contributions, helping citizens and permanent residents cover healthcare costs while being tax-exempt.
MediFund: Established by the Singapore government, MediFund acts as a financial safety cushion for individuals who face difficulties in settling their outstanding medical expenses after receiving government subsidies and claiming from MediShield Life and MediSave.
Private health insurance in Singapore
Foreign residents in Singapore require private health insurance as public health coverage is limited. Without it, you would face significant expenses for medical treatments. Alternatively, some employers provide group health insurance for their foreign employees. Often this coverage is only basic though, and may need supplementing with a private plan, so it's essential to understand what is covered, including inpatient and outpatient services, maternity benefits, and dental care.
International health insurance for Expats
International health insurance is an ideal choice for expats, especially those who travel frequently. These plans provide extensive coverage worldwide, including inpatient and outpatient options, offering comprehensive protection for international Singapore residents against various medical needs, and is flexible in terms of coverage, depending on their requirements.
Property insurance
For foreign residents living in Singapore, protecting your home and belongings is also important. Property insurance can help safeguard your assets and provide peace of mind in the event of unexpected circumstances.
Home contents insurance
This type of insurance covers damage or loss of personal property within your residence, including furniture, appliances, and personal belongings. It also includes protection against fire, natural disasters, and theft.
Maid or domestic helper insurance
Many foreign residents in Singapore hire domestic helpers. It's a legal requirement to provide personal accident insurance for your domestic helpers though, ensuring their well-being and medical expenses are covered.
Personal liability insurance
Personal liability insurance is often overlooked but is a useful option for foreign residents in Singapore. It provides coverage in situations where you might be held responsible for accidents or damages to others. Personal liability is often included in home contents insurance policies.
Motor insurance
If you’re going to drive in Singapore, you’ll need motor insurance. This is a legal requirement and covers you if you are involved in a car accident or accidentally injure someone while driving, protecting you from legal and financial consequences.
Travel insurance
Travel insurance is essential for foreign residents in Singapore who might travel frequently, preventing financial or legal consequences of unforeseen cancelations or losses when traveling. Various options are available including single or family annual plans.
Final thoughts
Living as a foreign resident in Singapore offers exciting opportunities, but it also comes with its share of uncertainties. Having the right insurance coverage in place ensures that you are well-protected against unexpected events that could disrupt your life or financial stability. By making informed choices and seeking the assistance of insurance experts, you can enjoy your time in Singapore with confidence and peace of mind.