Health Insurance Terms: Know What You're Paying For
A deductible is the initial amount you pay for medical expenses before your health insurance makes a payout, and you may still have to pay co-insurance after.
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.
What happens after the deductible?
After paying your deductible, you may still have to pay for co-insurance or co-payment. For example, if you have a co-insurance of 10%, you will pay 10% of the cost after the deductible.
You can use MediSave up to prevailing limits to pay for the deductible and co-insurance not paid by your insurance policy.
Health insurance policies do not usually cover pre-existing conditions when you sign up for them.
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FAQ
Q1: Do I only need to pay the deductible before my insurance covers the rest?
No. After paying your deductible, you may still have to pay for co-insurance or co-payment.
Q2: Can I use MediSave for the deductible and co-insurance?
Yes, you can use MediSave up to prevailing limits to pay for the deductible and co-insurance not paid by your insurance policy.