How To Alleviate Financial Risk As An Expat!
As an expat living and working overseas good health and well-being is important to you and your family. The expatriate life is full of challenges and opportunities alike: the chance to develop one’s career, assimilate new cultures and see new and exciting places are all part of this journey. Whether you are flying solo or have your family in tow, securing the right health insurance cover and at the right price are consequential in securing peace of mind to alleviate the financial burden associated with the high cost of medical care in Singapore.
The Singaporean government does not subsidize healthcare for expatriates. In addition, most expatriate Medical Insurance plans offered by employers provide little or no cover for critical illness and can leave you financially vulnerable to out of pocket expenses due to costly hospital bills including post-operative care if needed while living and working in Singapore. For example, critical illness costs for a condition such as early stage cancer can run into figures above and beyond $150,000.
Comprehensive Medical Insurance protects you from financial losses much in the same way that home or car insurance does. Even if you are in good health you never know when you might have an accident or fall ill. This is what your insurance is for – the unexpected. Comprehensive Health Insurance for expatriates is a must; Investing in expatriate medical insurance ensures you, your spouse or your family will be taken care of, should the unforeseen occur.
There are literally thousands of products and multiple combinations of insurance cover available for expatriates. It’s not uncommon to speak to clients whom have found themselves more confused after self-quoting on aggregation quote engines online. This is why it’s important for our advisors to take the time to understand your circumstances and to advise on the best and most appropriate cover available in the local and global markets, within your budget and provided by insurers licensed by the Monetary Authority of Singapore (MAS).
Article Kindly Sponsored by Expat Insurance