Private vs Public Healthcare Insurance in Singapore

There is still an ongoing debate on public vs private medical care. In fact, you must be debating whether to opt for better and more expensive healthcare insurance or to opt for the affordable option with good coverage. Regardless, there is no conclusive response on the right decision. Either way, it depends on the needs and requirements of the individual. To help you understand better, we will state some of the differences between public and private medical insurance in Singapore so you can make your choice based on that.

Accessibility:

Everyone wants what's best for them and their loved ones when it comes to healthcare insurance. Private medical insurance can unlock a lot of doors and help you provide the best medical treatments. Here, you have the option to select the best private hospital and medical care without having to wait for a long time. However, the cost of the insurance itself is something that not a lot of people can afford. Public healthcare insurance on the other hand is affordable and easily accessible to the public. However, public hospitals have a longer wait time than those in private hospitals. Meaning you will probably have to wait in the waiting room for a few hours before you are taken in to take care of your medical issue.

 Premiums:

At the very least, you will need to pay the price for the healthcare insurance coverage that you have opted for. Generally, the more coverage you add to your healthcare policy the more expensive your premium can get. You should also note that the annual premium cost can increase with the policyholder's age. With public healthcare insurance, a standard integrated shield plan can cost an individual anything between S$438 to S$1,216 depending on the person's age. With private medical insurance, a standard integrated shield plan can cost the policyholder anything between S$535 to S$1,598, again depending on the age of the policyholder. Even though the premiums increase with the age of the policyholder, the amount one needs to pay is a concern. Not paying the premiums on time can result in you losing your coverage.

 Quality:

The staff at public hospitals in Singapore are very well trained and up to the medical care standards. However, one thing you will notice is that some of the doctors in public hospitals are new to medicine. Although these doctors are well trained in their fields, some people may prefer having a doctor who has more experience.

Doctors at private hospitals on the other hand are more experienced. These doctors also follow an appointment-based system that can help lighten their workload and also gives them more time to spend with their patients.

 Private vs Public healthcare insurance:

All things considered, you can evaluate public vs private healthcare insurance based on three factors; cost, quality, and accessibility. If you want your healthcare to be the best and easily accessible, then it is likely to cost you more. On the other hand, if you want your medical care to be cheap as well as good then you have to prepare yourself for it not being fast. Your decision will solely depend on which of these factors to you the most.

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