Medical insurance is also the health insurance and it’s explained as the insurance that covers the whole or part of the risk for the person who is incurring the medical expenses, it spreads the risk over to large number of persons. They do an estimate overall risk of health care and healthcare systems. The insurer can decide to pay on a routine basis like monthly or payroll basis
It can also explain as the coverage that provides for the payments of benefits due to sickness or injury.it may include insurance for loses from accidents, medical expenses, individual .disability or a death.
A travel and health insurance policy is a contract that is an agreement between an insurer provider and an individual .This contract can also be renewable maybe monthly or a anually. it could also be a life long the case of private insurance or when its compulsory for all citizens in case of a national plan. The amount of money to pay and the type of the insurance cover should be done so in writing. The one who has been insured may have several obligations and may take several forms
Premium-this is usually the amount the AXA SG policy holder that could be your employer has to pay to health plan so as to be able to purchase the health coverage.
Deductible-this is the amount you as the insurer is supposed to pay out of your pockets before the insurance provider pays its own share.it might take several visits to the doctor or many prescriptions before you reach the deductible and the insurance company starts to pay for care. You should know that many policies do not apply for when you’re visiting the doctor or having some prescriptions.
Coinsurance-in addition to you paying fixed amount before.co insurance is the percentage of the total cost that you have pay. For example you might pay 20%of the surgery over and above the copayment whereas the insurer pays the remaining 80%.
Exclusions-you should be aware that not all bills are covered by the insurance company. You are expected to pay for all those services which have not been covered out from your own pockets as sometimes the new Singapore travel promotions insurance company could a have a maximum
Coverage limits-you will notice that some insurance companies’ pays for health careup to a certain amount then the rest excesses charges you are supposed to pay from your pockets. Some insurance have an annual maximum of what they should pay and will stop payment once they reach such maximum