Deductible is the basic sum you must contribute to your bill before you make your claim. This is a fixed maximum sum, and if the bill is less than the deductible, the patient pays the full bill.
The co-insurance is a percentage that is calculated on the total bill size. This means that for every bill, the patient must pay a percentage of the bill and the insurance pays the balance.
Co-payment is an additional component that a patient may have to pay. For riders, the co-payment is calculated as a percentage of the total bill size.
Typically, the co-payment for most co-pay riders is 5% of the bill.
Depending on your rider plan, most insurers have a co-payment cap. If the co-payment amount exceeds the co-payment cap, the patient only needs to pay up to the co-payment cap amount. The balance amount is covered by the insurer.
There are 2 types of limits for Integrated Shield Plans:
- Lifetime limit – the maximum amount you can claim throughout your life
- Policy year limit – the maximum amount, you can claim per policy year
Insurers have their preferred doctors whom they have selected to be on their panel. Patients who visit panel doctors may enjoy enhanced coverage and higher claim limits. Icon Cancer Centre Singapore is on the panel for all six major Integrated Shield Plans.