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Are you overpaying for health insurance?
Lately, I have been doing a little reading up on health insurance in Singapore. The interest was ignited by online personal finance articles pertaining to health insurance cost in the US.
From my analysis, the typical health insurance cost a 41-year old typical Singaporean would pay is approx. SGD1,700/annum while the average 41-year old American will pay USD4,740/annum.
Read on for more details.
US health insurance cost getting out of hand?
According to Financial Samurai in his article: The Average Cost of Family Health Insurance is Now Outrageously High, he cited the data from Kaiser Family Foundation survey that the average cost of family health insurance offered by companies is now at c.USD$20,576/annum or USD$1,715/month!
The average premium for single workers was USD$7,188/annum or USD$600/month. That is a whole lot of money to be paying for health