Average Health Insurance Cost for Family of 5
Whether yous are on Medishield Life or on your company'southward insurance, in that location are many different means to supplement your current health coverage. If y'all are a Singaporean citizen or permanent resident, you lot take the option of supplementing your insurance with an Integrated Shield Plan (IP) that is payable through your Medisave account. If yous are a foreigner living in Singapore or you are a Singaporean who spends a lot of time overseas, you can opt for an international health insurance plan. Whatsoever your situation is, knowing the boilerplate cost of these plans and their benefits can help you decide the right coverage for your needs and budget.
Boilerplate Price of Integrated Shield Plans
The boilerplate cost of an Integrated Shield Plan covering a B1 ward for non-smoking 45-twelvemonth-old men and women in Singapore is Southward$132—not including Medishield Life premiums or Medisave contributions. Considering premiums change depending on your age, this cost could be every bit low as S$69 before Medisave contributions for 25-year-olds. For 75-yr-olds, however, the price could increment to S$1,063 before Medisave contributions (or Southward$lx after the maximum Additional Withdrawal Limit is practical). Generally, we institute that premiums increase by about 50-70% for every ten years of age.
Premiums for IP's also change depending on the ward you desire. The boilerplate non-Standard B1 ward program costs S$132 for a 45-year-old. In contrast, a B2 Standard ward program costs 20% less at Southward$104 for the aforementioned person, while a private hospital plan costs 380% more than at South$638. Furthermore, premiums changed in a similar mode depending on the ward regardless of the insured person'southward age.
Average Cost of Integrated Shield Plan Riders
The average price of adding a passenger to your IP plan is South$309 for a 45-year former not-smoking Singaporean. This toll decreases by 35% to S$198 for a 25 yr old and increases by 370% to South$1,461 for a 75-year sometime. The combination of Integrated Shield Plan and rider costs S$671 for 45-year-olds on average, but tin subtract by seventy% to S$330 for a 25-year olds or increase by 460% to South$iii,778 for 75-year olds.
Average Benefits of Integrated Shield Plans
While standard IP plans accept an annual limit of S$150,000 and are completely standardised in coverage beyond insurers, non-Standard Integrated Shield Plans plans vary past annual hospitalisation limits, pre and post-hospitalisation days of coverage and miscellaneous benefits. The average almanac hospitalisation limit is S$300,000 for public hospital B1 ward plan, which increases past 240% to S$ane,025,000 for private hospital plans. Pre and post-hospitalisation coverage for B1 ward plans is 120 and 180 days respectively, simply increases to 150 and 273 days, respectively, for private hospital plans. Miscellaneous benefits can include alternative treatment and concluding expense coverage.
| Average Benefits | Standard Programme | Ward B1 | Ward A | Private Hosp. |
|---|---|---|---|---|
| Annual Limit | S$150,000 | S$300,000 | S$550,000 | Due south$1,025,000 |
| Cancer Treatment | Southward$5,200/session | Every bit Charged | As Charged | Every bit Charged |
| Kidney Dialysis | S$2,750/month | Every bit Charged | As Charged | As Charged |
| Inpatient Psychiatric | Southward$17,500 | Due south$x,200 | Due south$91,643 | S$174,167 |
| Daily Ward Treatment | Southward$ane,700/solar day | As Charged | As Charged | As Charged |
| Pre-Hospitalisation Benefits (Days) | N/A | ninety | 120 | 150 |
| Post-Hospitalisation Benefits (Days) | N/A | 90 | 180 | 273 |
Rider benefits usually include ambulance or taxi coverage, culling handling coverage, family unit adaptation coverage and emergency outpatient coverage among other benefits.
| Rider Benefits | Amount |
|---|---|
| Parental Accommodation in Ward | South$630 |
| Ambulance/Taxi Coverage | S$147 |
| Alternative Treatment | Southward$5,521 |
| Emergency Outpatient | S$1,650 |
Average Cost of International Health Insurance for Foreigners in Singapore
The boilerplate toll of international wellness insurance plan for a 45 twelvemonth old expat living in Singapore is S$iii,227. Premiums can vary depending on age, gender and coverage. For example, a 45 year old female foreigner would pay slightly higher premiums at S$iii,263 compared to Southward$3,191 for a male. In terms of historic period, 25-yr olds pay less than 45-twelvemonth olds past 40% and 65-year olds pay more than 45-yr olds by 150%. After the age of 65, premiums beginning to increment much more drastically: 75-twelvemonth olds pay 170% more than 65-twelvemonth olds, with their annual premiums skyrocketing to upwards of Southward$20,000.
Lastly, your premium will modify depending on your coverage needs. The most basic plans offered by insurers toll an average of Southward$2,046 for 45-year olds, while maximum coverage plans costs 125% more for an boilerplate of Southward$five,386. We found that this price increment is similar regardless of age.
Boilerplate Toll of International Health Insurance for Singaporeans Abroad
A 45-twelvemonth former Singaporean who is considered a global citizen (i.due east. those who travel often or work abroad) can expect to pay S$iv,162 for worldwide coverage. Premiums for international health insurance plans change depending on gender, historic period, location and coverage. Females pay eleven% more on average than males, with 45-year old females paying S$four,042 per year compared to Southward$3,643 per year for 45-twelvemonth old males. Additionally, an increment in age means an increase in premiums, with prices increasing 40% for every ten year increment in age.
In terms of geographical coverage, premiums can exist 30% cheaper if y'all limit your coverage to the Association of southeast asian nations region instead of worldwide coverage. Additionally, worldwide plans that exclude the United States in their coverage cost on average 75% less than plans that include it.
Lastly, your premium changes depending on how much coverage you demand. Top-tier plans with loftier coverage limits cost an average of South$5,941 for 45-year old males—160% higher the average price of Southward$2,104 for the same person buying a basic programme with lower benefit limits. This change in pricing remains adequately constant regardless of age or gender. However, you tin can shave a minimum of 10%-20% off your annual premium if you opt to have a deductible, making college tiered plans more affordable.
Boilerplate Benefits of International Health Insurance
The base coverage for International wellness insurance plans is inpatient hospitalisation coverage, which is virtually S$2,029,054 on average. The average pre and post-hospitalisation coverage is 110 days. Also, top-tier plans have an annual limit that is 66% higher the industry average at S$three,386,364, while the basic-tier plans take an annual limit that is 53% lower at S$1,079,091. While virtually plans fully comprehend hospitalisation, doc consultations, outpatient twenty-four hour period surgeries, ambulance transportation, cancer and accidental dental treatment, you tin also detect insurer-unique benefits such as alternative treatment and medical evacuation.
| Benefit | Manufacture Boilerplate |
|---|---|
| Annual Limit | two,029,054 |
| Hospitalisation Charges | As Charged |
| ICU | As Charged |
| Physician Consultation | Every bit Charged |
| Cancer Treatment | As Charged |
| Daily Hospital Cash | S$191 |
| Pregnancy Complications | S$1,788,549 |
| Inpatient Psych Treatment | 1,020,944 |
To supplement your coverage, you tin can buy outpatient, dental/vision and maternity add-ons. These add-ons can vary in price from Southward$300 to over Due south$v,000 and provide outpatient and general intendance benefits including dental checkups, vaccinations, childbirth and pre and mail service-natal care.
Integrated Shield Plans vs. International Wellness Insurance: Which 1 Should You lot Get?
Integrated Shield Plans are best for Singaporean citizens or permanent residents who want to supplement their MediShield Life coverage or stay at college level wards. Considering Integrated Shield Plans do not offering comprehensive international coverage, it is not recommended for Singaporeans who spend a considerable amount of fourth dimension abroad for work or dissever their lives between 2 locations.
Alternatively, foreigners in Singapore and Singaporeans who spend a lot of time travelling for work may benefit nigh from an international wellness insurance plan. For expats in Singapore, purchasing an international policy from a local insurer may be more user-friendly for claims and payments. Besides, Singaporeans who travel oftentimes to a item location or divide fourth dimension between two places may benefit more from an international insurer that offers payments in multiple currencies.
Methodology and Considerations
To summate the boilerplate premiums and benefits of the health insurance plans offered to Singaporeans, we gathered data on premiums and benefits from all the MediShield approved plans, international plans offered by local insurers and plans from international insurers who offer coverage for global citizens and expats. We and then gathered premiums for a variety of ages for a non-smoking males and females. To farther get an thought of the average toll of international plans, we looked at changes in pricing due to not only age and gender but geographical limits too.
It is important to note that the quotes represented are averages only and that individual quotes may differ based on your specific medical history. Thus the quotes shown should only exist used as a guide to help detect out how health insurance policies fit within your budget.
Source: https://www.valuechampion.sg/average-cost-and-benefits-health-insurance
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