Singapore Insurance

Below is the Straits Times Article on NTUC clearing the air on why they paid the amount they paid for a certain case. Many times, people have no idea what they purchase from the insurance companies because of ignorance and also complicated rules and jargon used by the insurance industry. It is time that the government starts a compulsory education for all in Singapore. I REFER to Mr Ong Kok Lam's Forum Online letter last Wednesday, "Puzzled by insurer's payout for medical claim". Mr Ong wrote that his wife could claim only $240 of her $7,995.15 hospitalisation bill under her IncomeShield MA Plan, and inquired why the payout was not higher. Generally, the amount that a policyholder can claim depends on the type of insurance plan that he is covered under. All shield plans currently available on the market have a "deductible" and a "co-insurance" feature. A "deductible" is the amount a policyholder has to pay before the insurance benefit i...