Health Insurance Singapore

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Health Insurance

Have you heard of a saying:

In Singapore, you can die, but you cannot fall sick!

It’s true, ain’t it?

But, what does that really mean?

They are trying to say that it is just too costly to fall sick in Singapore.

Don’t you agree?

We share your sentiments and we promise to give you a good solution to address your concerns.


If you have a comprehensive health or medical insurance in place (before contracting any pre-existing illness), your cost to pay for medical bills can be well managed!

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What Is Health Or Medical Insurance?

Health insurance are insurance policies that cover for medical expenses incurred due to health issues or problems.

For example, when a person is diagnosed with a critical illness, he/she would require to visit the hospital or healthcare institution for treatment. The treatment or medical costs involve can be covered by a health or medical insurance.

One type of health insurance is hospitalisation insurance.

Policy owners will have a comprehensive health protection that covers for hospitalisation expenses and medical expenses incurred due to a health issue.

Why Is Health Or Medical Insurance Important?

Have you heard before that health or medical insurance is the most important and the most basic insurance policy that anybody should have?

Why is it essential?

Well, it is because, our health will deteriorate as we age and it is almost sure that anybody will require to see a doctor for health issues somewhere in our lifetime. It may be something that is unpredictable (e.g. an accident event) or see a specialist to do certain procedure (e.g. a surgery).

And therefore, it is essential to have a health insurance to cover for these unexpected health issues that may arise as we age.

In addition, with the high cost of living and rising healthcare cost in Singapore, it is paramount important that anybody should have a health insurance in place.

Lastly, it is also important that you purchase these policies when your healthy.

And I mean, really healthy.

Not even doing any procedure or surgery.

Because, if you have any pre-exisiting condition or any procedure/surgery done, you need to declare them upon application of your health or medical insurance.

Some insurer that is prudent might exclude your condition or even decline your application depending on the severity of the condition or procedure done.

Therefore, it is important that you have your health or medical coverage in place before at a young age and when you are healthy.

What If I Don’t Purchase A Health Or Medical Insurance?

The concept of have an insurance coverage is so that you transfer the financial risk of paying for healthcare or medical costs, be it huge or small amount, to the insurer.

Without purchasing a health or medical coverage, you bare the risk of paying for the high medical bills incurred because of a health issue.

The medical bill might be small (e.g. doing a day surgery) or can be big (e.g. cancer treatment).

Are you ready to take this financial risk or would you want to have an insurance policy to cover both small and big amount and have a total peace of mind?


Are There Medical Or Health Insurance For Foreigners?

Yes, there are various types of medical and health insurance policies that caters to foreigners that are residing in Singapore.

For foreigners that is holding on to a valid work pass (e.g. S-Pass or Employment Pass holder), they can purchase hospitalisation insurance with cash that pays monthly or annual premiums.

If the foreigner is holding on to a Long Term Visit Pass, they may purchase the hospitalisation insurance under their Singaporean or Permanent Resident (PR) dependent. The premium may be deducted via the Singaporean or PR dependent’s Central Provident Fund (CPF) Medisave account.

If the foreigner is holding on to a Student Pass, they are able to purchase the hospitalisation insurance with cash that pays monthly or annual premiums.

My Employer/Company Has Medical Insurance Coverage For Me, Why Should I Still Purchase Myself?

No matter whether you are a foreigner that is working in Singapore or Singaporean/PR, when you are employed under a company/employer, there is a basic mandatory that your employer/company have to fulfil to provide medical coverage for their foreign employee and locals.

However, the requirements are basic and it really depends on individual organisation/company/employer whether they would like to have a more comprehensive coverage for you as long as they meet the minimum requirement.

So, the question is:

Do you know how comprehensive for company covers you? Is it 100%? Is there a limit? Are you sure that you can claim everything?

These are important questions that you should ask your human resource department colleagues.

Just another thought:

Now, you are employed under your organisation/company. What if you leave the organisation? Who is covering you then?

Have a deeper thought about it.

Is Health Insurance Expensive?

Health or medical insurance policies are generally affordable and renewed on an annual basis.

However, as you age, the premium will usually be higher because the assured is more prone to health issues and chances of claiming is much higher.

How Do I Purchase A Health Insurance?

Our friendly and competent financial planner will meet up with you to understand more about your needs and concern (e.g. health insurance needs, personal accidental needs or critical illnesses needs).

After understanding your needs, the financial planner will recommend a suitable insurance product to meet your worries and concerns.

Therefore, we strongly encourage you to leave your contact details below so that we can get in touch with you to understand more about your concerns and worries.

About Financialogy 

We are a group of certified and licensed financial planner that specialises in financial planning in Singapore. We are equipped with industry knowledge and tools to assist you in all your health or medical insurance coverage queries.

As we have address earlier, the health/medical insurance is the most basic insurance coverage that anybody in Singapore should have to curb with the very high healthcare cost in Singapore and Financialogy strive to educate the public on the importance of this essential protection in your financial portfolio.



Want To Know More About Health Insurance?

If you would like to know more about health or medical insurance, you may contact us at (+65) 9380 2839 or you can click on the button below to enquire about the different financial services that we provide.

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About Us

We are a licensed and certified Financialogist in Singapore that provides a comprehensive financial planning solutions to meet all your financial and insurance protection needs.

Contact Information

Address: 47 Scotts Road, Goldbell Towers, Singapore 228233

Contact Number: +65 9380 2839 

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