Singapore Insurance

So what is the difference between coinsurance and deductible? These two terms will probably pop up when you are thinking of buying a hospitalisation insurance plan (or termed as health insurance in some countries) or what is also known as an integrated shield plan in Singapore. Well, a simple way to understand it is to treat the coinsurance and deductible as money that you will have to pay for your medical bills even though you have insurance coverage. The reasons coinsurance and deductible exists is probably to keep the cost of insurance low and affordable while preventing individuals from exploiting the medical system and the insurance coverage they enjoy. A deductible is similar to what is the known add excess in motor insurance. This basically means the amount of money you will have to pay FIRST before the insurance company allows for any claims. For example, if the deductible is stated as $2000, and your hospital bill is also $2000, you don't get to claim any money since y...