International Travel Insurance vs Health Insurance (2024)
When it comes to travelling overseas, especially for long-haul getaways, business events or even education purposes, getting covered for your health and safety will often be one of the top priorities as you prepare for your trip. Travel insurance is probably the first thing that comes to mind, but there’s also international health insurance that can offer you assurance.
While the two may appear to be similar, the coverage provided by each of them differ in many ways. If you’re a little confused about deciding which is better for you and your travel companion, let’s break down the differences here and find out how to choose the most suitable option.
Comparing International Health Insurance and Travel Insurance
How to pick between International Health Insurance and Travel Insurance
There are a couple of factors to consider as we think of the two different categories of insurance, and these include:
Think of the purpose of your trip
If you're planning a long vacation or relocating for work or education, international healthcare insurance offers more comprehensive coverage for trips longer than 90 days. For shorter trips under 90 days, travel insurance may be sufficient, as the coverage needed is less extensive.
Consider the main location throughout the year
Spending more time abroad requires comprehensive health coverage, making international healthcare insurance a better option than travel insurance. As an expat traveling frequently between Singapore and your home country, you'll likely need more than the 90-day emergency coverage provided by travel insuranc
Get the right amount of coverage needed
Too much coverage wastes money, while too little leaves you vulnerable. It's important to balance your needs. If you spend most of your time in Singapore with a local health plan, travel insurance should suffice for short trips. However, for extended stays abroad, an international healthcare plan is a better option for comprehensive coverage.
Align your insurance plan to your budget
International healthcare insurance is more expensive than travel insurance because it offers more comprehensive coverage and protection across borders for the entire duration of the plan. If you can afford it and need the coverage, having both international healthcare and travel insurance is beneficial. However, if it's beyond your budget, it's wiser to opt for travel insurance for your trips rather than struggling to afford the more expensive plan.
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Best International Health Insurance Plans
This is one of the more affordable international health insurance plans around in Singapore, as this tier is the lowest tier in their Prestige Healthcare series of plans. For a higher coverage, you can go for the Deluxe or Platinum plans. With coverage for hospitalisation and related services that is up to $900,000, this is considered slightly lower than the other plans like those offered by Cigna, AXA and Liberty.
However, you get an additional $300,000 of international cover when you travel outside your country of residence, on top of emergency medical evacuation and repatriation coverage and an optional add-on for maternity benefits.
With coverage for inpatient and outpatient costs worldwide, Cigna’s Silver Plan offers you the privilege of staying in a private room, as well as the option to adjust your deductible and cost sharing based on the premiums you are willing to pay.
Several optional add-ons are available for you to supplement your basic coverage, and these include full cancer and newborn care cover, international evacuation and crisis assurance, international outpatient cover, international health and wellbeing and international vision and dental.
Known for their No-Claim Bonus, FWD lets you double your annual limit when you do not make any hospitalisation claims for two years. You’ll also be able to customise your plan with an annual limit ranging from $100,000 to $3 million, and the flexibility of adjusting your deductible to be anywhere from $0 to $10,000.
On top of that, your annual limit is also automatically reloaded if you have used it and need to pay for accidental hospitalisation incidents. Optional add-ons include outpatient, dental, vision and maternity benefits.
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Frequently Asked Questions
Is it better to get international health insurance?
Yes and no, this will depend on several factors such as the frequency of your travel, the purpose of your travel, whether you’re relocating to a new country, your budget, etc. An international health insurance will come in handy as you can be covered against any risks and excessive health expenses.
Moreover, you will receive medical coverage 24/7 wherever you fly to, have access to a dedicated personal health insurance advisor via a 24-hour hotline that is available anytime you may need assistance.
If I have travel insurance, do I still need to get international health insurance?
- Yes and no. If you’re a frequent traveller, and need routine healthcare, then a more comprehensive plan like international health insurance would be better than just the travel insurance alone.
Should I use local or global health insurance providers?
- This really depends on your needs and preferences. Be it a plan by a local or global health insurance provider, the type of insurance policy that is ideal for you will greatly depend on your current health situation, the cost and quality of the local health care system and hospitals, if you are settled in your country of residence or move frequently, how often you travel, and many other factors.