International Group Insurance Products with Full Description:

Who helps you today to navigate international risk management and global benefits for expatriates, TCNs, foreign nationals and global travelers?

The 3 most important reasons to team with us for international group insurance needs are outlined below:

There is no cost to have McKinley International on "retainer" and we share advice with clients every day with no consulting fees.

If you employ expatriates and other international assignees, you never know what may cross your desk and you need a partner that can navigate ANY issue that may come your way.

Your current broker or consultant may lack international experience (99% do), and there is no conflict because we do NO U.S. domestic benefits.

 

Expatriate insurance in Singapore, one of the most international cities in the world, a gateway to the East, and full of expatriates, is mostly about a good international medical insurance scheme. Medical evacuation and repatriation is NOT necessary for most becasue local hospitals are very good.

If you have expatriates in Singapore or anywhere in the region other than North Korea which we can't insure due to strict US Governent sanction, please call us for a free insurance review.

Expatriate Insurance in North Korea is impossible unless you use a Canadian broker. A U.S. broker is prohibited from being involved in the transaction.

Expatriate Insurance Singapore

McKinley International Risk Management works with employers and individuals that need to provide medical insurance in Singapore for expatriate employees, for travelers to Singapore, and local nationals of Singapore. Singapore is a microstate like Vatican City, both a city and a country in and of itself. About 99% of the U.S. population does not understand this.

Please contact us for a free insurance and general international risk management consultation that will design a strategy that goes beyond global health insurance based on your exact international exposures throughout Singapore and the region (where people are traveling and for how long.) Did we mention this is a free service, something the international consultants will charge you over $5,000 to do.

Whether you are working full time there and need global health insurance in Singapore, or just traveling for two weeks on vacation, anyone traveling or working abroad needs the right international medical insurance scheme, security program, and other insurance protection such as international life, disability, foreign workers compensation insurance, and medical evacuation. In addition to the proper expatriate health insurance for those living full time in Singapore, here is a list of useful information for anyone working or traveling to the region.

Health care in Singapore is mainly under the responsibility of the Singapore Government's Ministry of Health. Singapore generally has an efficient and widespread system of health care. It implements a universal healthcare system, and co-exists with private healthcare system.Infant mortality rate – a standard in determining the overall efficiency of healthcare. In 2006 the crude birth rate stood at 10.1 per 1000, a very low level attributed to birth control policies of the 1960s-70s, and the crude death rate was also one of the lowest in the world at 4.3 per 1000. In 2006, the total fertility rate was only 1.26 children per woman, the 3rd lowest in the world and well below the 2.10 needed to replace the population. Singapore was ranked 6th in the World Health Organization's ranking of the world's health systems in the year 2000.

Expatriates in Singapore are free to choose any expatriate health insurance program available in the market or from their home country without penalty.

Singapore has a national health care system where government ensures affordability, largely through compulsory savings and price controls, while the private sector provides most care. Overall spending on health care amounts to 3% of annual GDP.  Singapore currently has the lowest infant mortality rate in the world (equaled only by Iceland) and among the highest life expectancies from birth, according to the World Health Organization. Singapore has "one of the most successful healthcare systems in the world, in terms of both efficiency in financing and the results achieved in community health outcomes,"

Singapore's system uses a combination of compulsory savings from payroll deductions (funded by both employers and workers) a nationalized catastrophic health insurance plan, and government subsidies, as well as "actively regulating the supply and prices of healthcare services in the country" to keep costs in check; the specific features have been described as potentially a "very difficult system to replicate in many other countries." Many Singaporeans also have supplemental private health insurance (often provided by employers) for services not covered by the government's programs.

MediShield is the local individual catastrophic illness (medical) insurance plan that can work in conjunction with the MediSave account. Both are operated by the Central Provident Fund (CPF), Singapore's comprehensive social security savings plan for local nationals of Singapore that consists of several accounts to which contributions are allocated to provide for retirement savings, health care, and other social welfare benefits.

Singapore local nationals and permanent residents are automatically enrolled in MediShield, a plan that provides coverage for expenses arising from major or prolonged illnesses not covered under MediSave (mandatory savings account under the CPF). MediShield only covers treatment and care provided in Singapore. Local nationals can opt out of MediShield under some circumstances.

Expatriate Insurance Singapore Needs Chart (1 to 10 with 10 being a critical need) Looks at the need for expatriate insurance vs. what can be obtained in the local market or what many not even be needed for an expatriate assignment in Singapore. Expatriates living in Singapore should purchase an expatraite health insurance plan that pays doctors and hospitals in Singapore but can also provide care and treatment in the home country.

Expatriate Medical Insurance in Singapore a necessity? 10
International Medical Evacuation in Singapore (with assistance) 3
Expatriate Life Insurance in Singapore 7
Expatriate Disability Insurance in Singapore 7
Cross Cultural Training in Singapore for U.S. expats 7
International EAP in Singapore for U.S. expats in Singapore 5
International Workers Compensation Insurance Singapore 9
Expatriate Property Insurance in Singapore 9
Expatriate Liability Insurance in Singapore 9
Kidnap and Ransom Insurance Singapore 4
Emergency Security Planning / Evacuation Plan 2
Local Admitted Coverage Needed for Expatriates residing in Singapore No
Place Singapore Nationals under an offshore or U.S. expat plan Possibly**
Singapore health insurance works for local nationals of Singapore in the United States No
Repatriation of Remains Singapore for Expatriates (insurance to return remains) 6

** Singapore broadly permits unauthorized insurance. See Part IIA of the Singapore Insurance Act (Chap. 142).

Singapore nationals use a scheme called Medisave and Medishield. Medisave is a national healthcare savings scheme that allocates a portion of Central Provident Fund's savings to build up a fund for a citizen's healthcare. Singapore citizens can use their Medisavings money to pay for MediShield premiums and other approved plans.

In 2012 Singapore’s Ministry of Health (MOH) announced that it will reduce healthcare subsidies for permanent residents of Singapore. Singapore provides subsidies for citizens and permanent residents, including expatriates in some situations, towards the cost of obtaining healthcare coverage. The amount of the healthcare subsidy varies based on the individual's income and the type of medical treatment they are seeking. Residents receive subsidies ranging between 45% to 58% of the cost for medical treatment at public hospitals and at national health centers. After the proposed cuts in the healthcare subsidies in Singapore are fully implemented, the subsidy rate will range from 32.5 to about 54%.

McKinley International Risk Management can help employers with a variety of issues surrounding expatriate assignments in Singapore.