Singapore is consistently ranked as one of the most expensive countries to live and work in. It makes sense, therefore, that healthcare is no exception.
Let’s take a look at the cost of treating a common illness: Heart Disease. Heart disease is one of the most common killers in Singapore and was cited as a cause of death 30% of deaths in 2017. A conventional heart bypass surgery in an unsubsidised public hospital can cost you up to S$36,682.
However should you wish to seek treatment at a private hospital, that cost might even be doubled. In 2017, a man was billed S$78,000 for his treatment at a private hospital instead, when he wasn't able to secure a room in a public one.
Despite being one of the most significant expenses in Singapore, healthcare is the one that people are the least prepared for. Most Singaporeans just don’t have enough in savings to see them through a difficult health crisis.
Investing in an insurance product will literally cost you pennies compared to paying the full price of a ‘staycation’ in a hospital.