A lot of Malaysians work in Singapore and enjoy earning in SGD at 3.5 times the exchange rate of MYR, but many forget one crucial thing: insurance. After speaking with over 100 Malaysian clients (and reflecting on my own experience as a Malaysian living in Singapore), I’ve noticed a few common questions that always pop up.
Here’s a breakdown of the FAQs I’ve encountered, along with answers I wish I had when I first moved to Singapore. Hope this helps you too!
1. Do I still need hospitalisation insurance in Singapore if I already have a Malaysian medical card?
Hospitalisation insurance is designed to cover big hospital bills when you’re admitted for treatment in the country where you reside.
If you’re working or living in Singapore and suddenly fall sick or get injured, you might not have the luxury of driving or flying back to Malaysia for treatment. Having a Singapore medical insurance plan ensures you don’t have to worry about high local hospital bills.
You might be thinking, “But I can just claim from my Malaysian medical card, right?”
The answer is yes and no.
NO – you cannot claim Singapore hospital bill from your Malaysian medical card (if you don’t fulfil their Terms & Conditions).
YES – If you’re treated in Singapore, most Malaysian insurers will only reimburse you based on the cost of similar treatment in Malaysia, and the payout will be in MYR (if you fulfilled their Terms & Conditions).
For example, if your hospital bill in Singapore is SGD 60,000 (~RM210,000), your Malaysian insurance might only cover RM60,000. That’s just a third of the cost, leaving the rest for you to pay out of pocket.
(And honestly, that could eat up all the savings you worked so hard to build in Singapore. Totally defeats the purpose of working here, right?)
2. Can Malaysians with work passes or student passes buy insurance in Singapore?
Yes! As long as you have a valid pass (e.g., EP, S-Pass, or student pass) and a Singapore bank account, you can buy hospitalisation insurance.
If you’re looking for life insurance with critical illness coverage, some policies are even available for those without a valid pass, provided you meet certain conditions.
3. Are there differences in insurance options for Singapore Citizens, PRs, and work pass holders?
The main types of insurance are the same for everyone, but Singapore Citizens and PRs benefit from government schemes like CPF Medisave, which helps subsidise part of their hospitalisation insurance premiums.
For more on Medisave and CPF-related schemes, click to read this article.
4. Will my Singapore insurance policy still be valid if I move back to Malaysia?
Yes, as long as you continue paying your premiums, your policy will remain active.
However, hospitalisation insurance might have restrictions on overseas claims, so it’s best to clarify this with your insurance advisor as each policy has different terms and conditions.
5. What’s the difference between Malaysian and Singapore insurance?
Malaysian insurance is often like a combo meal, while Singapore insurance is more of an à la carte menu.
In Malaysia, many insurance plans combine:
- Critical illness and life insurance
- Hospitalisation insurance (medical card)
- Personal accident insurance
- Death benefit
- Investment
These “5-in-1” plans require lifelong premiums. You can use the policy’s cash value to offset payments after a certain period, but you’ll still need to keep paying.
In Singapore, insurance is more tailored to your needs, and you can choose policies with specific payment terms (e.g., pay for 10-20 years but enjoy lifetime coverage).
6. Can Malaysians without a valid pass buy Singapore insurance? How do I pay the premiums?
Yes, Malaysians without valid passes can still buy certain types of insurance in Singapore. Premiums can be paid through Singapore bank accounts, Malaysian credit cards, or even online banking and telegraphic transfers.
Different insurance companies have different rules, so be sure to clarify payment methods before signing up.
7. How can I learn more about Singapore insurance policies?
Feel free to reach out to me!
- WhatsApp: +65 86802340
- WeChat: lidwinabq
I’ll guide you through the options and help you customise a plan that suits your needs.
8. I have insurance in both Malaysia and Singapore but don’t fully understand my policies. Should I cancel one?
Don’t cancel anything just yet! I offer free policy reviews to help you organise your coverage and provide unbiased advice (a.k.a. a second opinion). Let’s make sure you’re covered where it matters most!
