Health insurance terms you need to know about
Health insurance can appear pretty complex, particularly for a first time buyer. There are dozens of term which you want to know before you could completely understand how a plan works? Keeping this in mind, we’ve defined five of the often used jargons in health insurance. This will help you make sense of all those policy brochures and make better buying decisions.
1. Premium: This is commonly used term in health insurance. The premium of a plan is its price tag. It is the amount you need to pay to experience the safety of health insurance coverage. 2. Inclusions & exclusions: Not all hospitals & medical charges are covered by your health insurance plan. The ones which are covered are called inclusions, while those that aren’t are called exclusions. However, the exclusions can range from insurance provider to the next. So don't forget to verify this with the financial adviser while buying the plan. 3. Deductibles & co-insurance: Deductible is the amount of your medical charges before than your health insurance company covers the rest of the costs. Coinsurance is a percent of the medical charges you need to cover after paying the deductible. 4. Policy riders: Health insurance riders are optional advantages that enhance the coverage of your plan. Most riders assist you lessen the deductible & coinsurance of your plan. Some will cover as much as 95% of your deductible and as much as 1/2 of of your coinsurance, leaving you to pay as low as 5% of the overall fee for your own. 5. Free-look period: When you order something online, you're allowed some days to determine in case you need to hold the product or not. If it longer meets your wishes, you can return the product within a stipulated amount of time and get your
Health insurance plans have a similar trial period and it is referred as a free-look period. This is a period in which you're allowed to study the plan and test if it fits your wishes and requirements. If you feel that it doesn’t, you can write to the insurance company asking for them to cancel the plan. With an integrated shield plan, the free-look period is typically 21 days, beginning from the day you claim the policy document. Cancel the plan within this period and you get a complete refund, minus any charges which have already incurred. You can even visit our Social sites: Facebook:- https://www.facebook.com/PrudentialSingapore/ LinkedIn:- https://www.linkedin.com/company/prudential-assurance-company-singapore/ YouTube:- https://www.youtube.com/channel/UCWs_Qg2Rahok4kORir5w4eQ Instagram:- https://www.instagram.com/prudentialsingapore/?hl=en
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