36% of Singaporeans opt for extra coverage beyond work insurance

However, 90% of Singaporeans already own medical insurance.

Singaporeans prioritise health in their financial planning, with 23% of respondents planning to increase their health budgets in 2025, according to a survey by MDRi.

Amongst middle-income individuals, this figure rises to 31%, indicating a strong focus on medical preparedness.

It found that 90% of Singaporeans have medical insurance, with 49% holding personal coverage.

Additionally, 36% of respondents have opted for supplementary insurance beyond their employer-provided plans. Only 10% remain uninsured, significantly lower than in Hong Kong.

Whilst 24% of Singaporeans intend to purchase additional medical insurance in 2025, the motivation is primarily financial risk mitigation (43%), broader coverage options (39%), and managing rising medical costs (37%).

Amongst those without insurance, 52% cited high costs as the main deterrent.

MDRi CEO Simon Tye noted that Singapore's insurance market is largely mature, with most individuals already covered.

However, he emphasised that insurers could still appeal to those without coverage by offering cost-effective solutions that address financial risk concerns.

The survey, conducted between 31 December 2024 and 6 January 2025, gathered insights from 500 respondents in Singapore.

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