Singapore medical insurance terms
Medical / Health Insurance
Understanding Medical / Health Insurance Terms
Co-insurance: The amount you are required to pay for medical care in a fee-for-service plan after you have met your deductible. The coinsurance rate is usually expressed as a percentage. For example, if the insurance company pays 80 percent of the claim, you pay 20 percent.
Coordination of Benefits: A system to eliminate duplication of benefits when you are covered under more than one group plan. Benefits under the two plans usually are limited to no more than 100 percent of the claim.
Co-payment: Another way of sharing medical costs. You pay a flat fee every time you receive a medical service (for example, $5 for every visit to the doctor). The insurance company pays the rest.
Deductible: The amount of money you must pay each year to cover your medical care expenses before your insurance policy starts paying.
Exclusions: Specific conditions or circumstances for which the policy will not provide benefits.
Non-cancellable Policy (renewal guaranteed policy): A policy that guarantees you can receive insurance, as long as you pay the premium. It is also called a guaranteed renewable policy.
Pre-existing Condition: A health problem that existed before the date your insurance became effective.
Premium: The amount you or your employer pays in exchange for insurance coverage.
