Should I postpone buying personal hospitalisation insurance in Singapore if I will be overseas for few (5-7) years?

Firstly, it will be good to have a full understanding on the insurance scheme that is offered by your company. Thereafter, it will give you a clearer picture on what you are covered for exactly, and whether it is sufficient for you in the short term.

By and large, most corporate insurance scheme cover you for the basics in terms of healthcare. As a result, all my clients will have their own private healthcare insurance that they can comfortably fall back on.

More Details: Integrated Shield Plan Singapore: A Starter's Guide

Regardless of when you intend to move overseas, it is almost a fact that you are likely to be inadquately covered today. Moreover, no one knows for sure that you will always be in the same pink of health. Therefore, it will definitely make sense to get your own insurance coverage as early as possible.

On the other hand, one of the downside is your ability to use your local healthcare insurance while you are overseas. In this situation, there is a possiblity of paying for the insurance policy without any chance to use it. This is when we need to have a proper discussion to understand your long-term plans. After which, it will become clear on the best move.

I share quality content on estate planning and financial planning here.

Hi,

Regardless of whether you will be overseas or not, I will still recommend you to buy a personal plan now because hospitalisation plan requires medical underwritings. Eventually, you will still leave your company one day and hence the coverage will ceased. No one knows what will happen to us a few years down the road, an illness may suddenly strike and hence makes one uninsurable. Furthermore, there is still an option for you to seek treatment back in Singapore, closer to your family, if anything were to happen.

Feel free to contact me (email at bio) if you are interested to find out about Great Eastern's hospitalisation plan.

Cheers.