How does health insurance work in Singapore?
Singapore's public healthcare is funded by taxes, which only cover about one-fourth of Singapore's total health costs. Individuals and their employers pay for the rest in the form of mandatory life insurance schemes and deductions from the compulsory savings plan or the Central Provident Fund (CPF).
How expensive is health insurance in Singapore?
How much does health insurance cost in Singapore? On average, an individual and family in Singapore will need to fork out US$6,265 and US$17,803 for premiums, respectively, according to Pacific Prime's latest Cost of Health Insurance Report 2021-22 (COHI).
Why is health insurance so expensive in Singapore?
As you might have understood so far, health care is costly for expatriates in Singapore. This is partially due to the fact that medical facilities are outfitted with top-notch equipment and some of the most advanced technologies available in medicine.
How much should you pay for health insurance?
A good rule of thumb for how much you spend on health insurance is 10% of your annual income. However, there are many factors to consider when deciding how much to spend on health insurance, including your income, age, health status, and eligibility restrictions.