Terms You Should Know Before You Buy a Health Insurance Plan

 


Singapore is a place where the medical cost is quite high. According to an article published by Smart Wealth, the cost of healthcare increased by 57.46% from 2000 to 2020.  Nonetheless, with the right health insurance plan, you can mitigate the cost.  If you initiate a search for health insurance in Singapore, you will come across an array of options and you can avoid exorbitant medical bills with a better understanding of health insurance. It is imperative that at the time of buying an insurance plan, you keep yourself abreast with insurance-related terms so that you understand what you are paying for. Let us take a look at the essential terms to decode the quick ways of buying and renewing health insurance. 

  1. Premium

The term ‘Premium’ is probably the most commonly used term when it comes to buying or renewing your health insurance. In simple words, premium is the amount of money that a person pays to the insurance company to keep his/her insurance valid. These premiums could be a single premium in the form of a lump sum or regular premiums which you would need to pay on a monthly, quarterly, half-yearly or on a yearly basis...

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