Hospitalisation Risks of being a Foreigner in Singapore
Being able to work in Singapore is, no doubt, a great experience. Given the country's booming economy and it's status as "The most expensive city in the world", the cost of living here has significantly increased.
Medical costs is no exception. As foreign professionals in Singapore, there are almost no government grants or subsidies assigned to help. Having said this, there have been many cases of foreign professionals in Singapore who do not have adequate coverage, and had to liquidate many of their assets to pay for the sky-high emergency medical bills during an emergency. Because of this, it is heavily recommended that foreign professionals in Singapore are adequately covered.
For foreign professionals residing in Singapore for the long term, it is advisable to purchase an insurance plan from an insurance firm in Singapore. If insurance is not your cup of tea, the next thing would be to purchase an endowment or savings plan which will accumulate interest over the period of the plan. If you are applying for permanent residence in Singapore, having an insurance or investment plan adds commitment and assurance to your profile because of the life of the plan. Note that not all of the commercial insurance companies offer plans for expats and foreign professionals.
