Health Insurance costs in Singapore

Prompted by a tweet I thought I should document clearly how much my nuclear family in Singapore pay.

Note that these private hospital plans, I think are for permanent residents only. There are cheaper government options, but they (allegedly) lack convenience.

1. AIA HealthShield Gold Max A
2. Aviva MyShield Plan 1
3. AXA Shield Plan A
4. Great Eastern Supreme Health P Plus
5. Income Enhanced IncomeShield Preferred
6. Income IncomeShield Plan P*
7. Prudential PruShield A Premier
8. Raffles Shield Private

Note these costs go up every year, as much as 68%!

The aforementioned plans are also increasingly difficult to compare, despite the Singapore government defining a MediShield moniker some years ago.

The level of care we are insured for, is basically for emergencies, where hospital treatment is required. When visiting the doctor GP, this fee (usually ~20SGD) is paid out of pocket, same goes for Dentist or Optician. Insurance doesn't help with costs of drugs etc.

I refuse to furnish ongoing health information (my steps or Strava activity) with Insurer's apps for discounts. I think it's far too much of a slippery slope and privacy concern.

AIA HealthShield

I am on a "AIA HSG MAX A" policy which costs me about 22.5SGD a month, but with a 52SGD rider, which means I do not need to pay for any deductables / top up / excess fees when I go for treatment. We pay annually with the bulk coming from our governemnt mandated savings: CPF.

My 6 month old baby girl costs about 68SGD a month. My 3 year son is on "AIA HealthShield Gold Max" 25SGD policy, with a 43SGD rider PLUS a Star protector for extras which amounts for 27SGD. So about 95SGD a month.

My wife was quoted about 94SGD to get the same cover as me, which costs more than me because of the way insurance works. She is currently insured via her workplace, and we have no visibility to that cost.

Summary

So our PR nuclear family's monthly health insurance costs amount to about 333SGD a month. About 10% of our rent.

We are super healthy and yet to use any of the services. Unlike say South Africa there is no "medicard" system (i.e. no cash / upfront payment required), and AFAICT the process to claim is very bureaucratic. You basically have to pay out of pocket until a claim can be made (hence the rider fee feels a bit pointless). Furthermore most private hospitals require a "Letter of Guarantee" (LOG), though that process is alleged to be simpler, but you need to go an office before getting any treatment. Assuming the private hospital has that office open etc. etc.

My hope is that this blog will help highlight options to me for better and more importantly convenient medical care in Singapore, whilst I live and work here. Retiring in Singapore is another kettle of fish which I won't get into now, but do look at the chart I made earlier, which should make you wary.