Choosing the right insurance, especially health insurance, can be a deeply personal and often daunting experience. The health insurance market in Singapore—and globally—offers an overwhelming array of options, each with unique features, costs, and terms.
It’s easy to end up with a product that doesn’t quite meet your needs. Even working in the insurance industry or conducting extensive research doesn’t guarantee all the answers. However, through experience, we can uncover insights about how these products work, what different providers offer, and how claims unfold in real-world scenarios.
Let me share some reflections to help answer the timeless question:
“Which health insurance should I buy?”
What is the Best Health Insurance for Me?
The operative words here are “for me.” Health insurance, particularly international health insurance, has come a long way over the last two decades.
Many past pitfalls—failed claims or surprise exclusions—have been addressed, making today’s products more reliable. Still, it’s crucial to consider: “Who am I?” and “What are my needs?” These questions are the foundation of finding a policy that works for you.
To explain, let me take you back to a recent experience that captures the essence of choosing insurance.
A Metaphor on the Road
Not long ago, my father and I found ourselves on a snowy road with a flat tire. This wasn’t entirely unexpected—the road was notorious for causing vehicle damage. Armed with a jack and tire iron, we set to work, only to find the wheel stubbornly stuck. Calls to the vehicle insurer revealed a gap in our coverage: accidents were covered, breakdowns were not. Our roadside rescue required an extra service call at a steep cost.
As we worked, a passing motorist offered a tip: “Wiggle the wheel.” His advice worked, and we managed to replace the tire, though not before he shared his own horror story—a $5,100 repair on the same treacherous road.
Returning home, my parents reflected: next time, they’d avoid the risky road, ensure coverage for breakdowns, and invest in a reliable roadside assistance plan.
This anecdote highlights the essence of insurance decisions. Like our flat tire, you often don’t realize what you need until you’re in the thick of it. And, like my parents, you may want to reconsider the “roads” you take—or, in the case of health insurance, the risks you face.
Timeless Insurance Lessons
• You don’t need insurance—until you do.
• Risks are inevitable; avoiding them entirely isn’t realistic.
• Value matters: whether it’s bread or medical insurance, no one wants to overpay.
• Preparedness is key: understanding your needs and potential risks makes all the difference.
In health insurance, this translates to having a policy that covers the big risks—a serious illness, costly medications, or rehabilitation.
Saving on premiums is possible by opting for essentials:
• Choose a mid-tier plan (e.g., Silver instead of Gold).
• Opt for semi-private accommodations if sharing is acceptable.
• Add deductibles if you can handle the upfront cost during claims.
What Makes Good Service?
When the unexpected happens, service quality can make or break your experience. Here’s what you should expect from a good health insurance provider:
• 24/7 Accessibility: Supportive, non-confrontational customer service available anytime.
• Ease of Use: Simple processes for renewals, claims, and payments.
• Proactive Assistance: Coordination with medical facilities so you don’t have to.
• Modern Tools: Apps for seamless claims and advice, but with human help readily available.
Service goes beyond promises on a website. Whether you’re at home, on holiday, or on a business trip, your insurer should be ready to support you wherever you are.
A Global Perspective
As a consumer in Singapore or the Asia-Pacific, you’ll find that many international insurers now offer regional service centers or “centers of excellence.” While proximity is valuable, don’t overlook the importance of a provider’s familiarity with global medical systems. Life has a way of taking us to unexpected places—your insurer should be ready to follow.
How to Choose the Right Health Insurance Plan
Let’s return to the core question: “Who am I, and what is the best health insurance for me?”
By now, you should aim for a policy that:
1. Covers catastrophic risks like major illnesses and accidents.
2. Ensures reliable, proactive service during emergencies.
3. Offers flexibility to add benefits for convenience or peace of mind.
For example, outpatient coverage can be a game-changer. While not essential for everyone, it can save you from unexpected expenses like costly injections or ongoing therapy.
As medicine evolves, treatments often move out of hospitals and into clinics, making outpatient benefits worth considering.
What About Everyday Needs?
Health insurance expectations have changed. Gone are the days of mailing receipts and waiting for reimbursement. Today’s consumers expect cashless, seamless GP visits and convenience for routine medical care. Ask yourself:
• Does my plan align with these expectations?
• Do I value ease of use for day-to-day health needs as much as catastrophic coverage?
Final Thoughts: Making an Informed Decision
Choosing the best health insurance isn’t about perfection—it’s about finding what fits you best. Focus on:
• Comprehensive emergency cover for major risks.
• Optional benefits that align with your lifestyle and priorities.
• Service quality that provides peace of mind when it matters most.
Health begins with the mind, and reducing risk is always the best strategy. Whether it’s avoiding a treacherous road or safeguarding against financial ruin, the goal is the same: balance preparedness with practicality.
So, rest well, enjoy the small things, and choose a plan that supports you when the unexpected arises.
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About the Author:
William used creative skills and drive plus in-depth analysis to help grow a Hong Kong international medical provider to a respected regional brand.
He is interested in the next generation of medical insurance propositions, with a focus on service and client experience. He enjoys sailing, hiking and photography and thinks a good day is when people work together to achieve constructive goals – big or small.
linkedin.com/in/william-borthwick-hk-insurance