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| Home | Glossary | Contact Us | 07/01/2009 4:18:11 PM (GMT+08:00) |
Health |
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With life expectancy on the rise, there is a likelihood of incurring more medical expenses. Why not enjoy peace of mind with a health plan?What is a Health plan?A Health plan can be generally categorized under one of these types. They are:
A hospitalisation and surgical plan is a reimbursement plan that provides benefits for medical costs that result from injuries and sicknesses. The insured will pay for the medical expenses incurred and thereafter recover the amount from the insurance company (subject to limits stated in the policy contract). Some companies offer optional deductibles and co-insurance. A hospitalization income benefit plan pays regular benefits for each hospitalisation stay. The benefits can be either daily, weekly or monthly payments. * Deductible is the amount of claimable medical expense that the insured needs to pay on his own. ** Co-insurance is a percentage of the claimable amount (in excess of the deductible) that the insured needs to pay on his own. Uses of Health plansHealth plans are useful in meeting the following need:
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