Page 28 - MEDICAL AND HEALTH INSURANCE
P. 28
MEDICAL AND HEALTH INSURANCE
Some insurers may also impose differing premiums between genders as
well as offer a family discount for more family members. A family discount
may be given for a family of four members or more, within the same policy
ranging from 5% to 15%. Very few insurers offer a family plan with
unlimited number of children; generally, there is a cap on the number of
children, and one has to pay additional premiums to insure additional
children. Most individual PMI providers do not offer standalone child
policies and it is mandatory for the child to be insured together with either
one of the parents.
Individual PMI product features offered are fixed and cannot be varied.
The types of individual PMI products may range from basic to
comprehensive cover, subject to premium variations. A basic product
covers normal hospitalisation and surgical treatment whilst a
comprehensive product may extend cover for ambulatory or long-term
care. The product offered by the insurer can be on a 'first dollar' basis or
with a 'deductible' or 'co-payment' option. The option is with the customer
depending on affordability.
An individual health declaration is required for underwriting
considerations and payment of premium is cash before cover.
Renewal of individual PMI products is either 'yearly renewable' or
'guaranteed renewable', subject to the age coverage and the limits
stipulated but premium cannot be guaranteed as per regulatory
guidelines.
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