general
Health Insurance Terms: Know What You’re Paying For
Understanding health insurance costs: deductibles, co-insurance, premiums, and coverage limits in Singapore.
Key Health Insurance Costs You Should Know
Health insurance seldom covers 100% of your medical costs. Understanding the terms used in your policy can help you plan for out-of-pocket expenses.
What is a Deductible?
A deductible is the initial amount you have to pay for your medical expenses before your health insurance makes a payout.
Co-insurance: Sharing the Cost
Co-insurance is how much you have to co-pay or split the cost with the insurer after you pay the deductible. For example, if you have a co-insurance of 10%, you will pay 10% of the cost after the deductible.
Premiums Can Change Over Time
Premiums for health insurance usually increase with age, are not guaranteed and subject to change. This means the amount you pay for coverage may rise as you get older.
Pre-existing Conditions May Not Be Covered
Health insurance policies do not usually cover pre-existing conditions when you sign up for them. If you have a medical condition before purchasing a policy, it may be excluded from coverage.
Frequently Asked Questions
Does health insurance cover all my medical bills?
Health insurance seldom covers 100% of your medical costs. You are typically responsible for deductibles, co-insurance, and any non-covered services.
What happens after I pay the deductible?
After you pay the deductible, co-insurance applies. This is how much you have to co-pay or split the cost with the insurer.
Can my health insurance premium increase?
Premiums for health insurance usually increase with age, are not guaranteed and subject to change. Your insurer may adjust rates over time.
Are pre-existing conditions covered?
Health insurance policies do not usually cover pre-existing conditions when you sign up for them.