A lot of people do health insurance for their benefit. It has given a type of security for the person as well as family. It reduces the burden of the costly bills and treatments from the family’s head. There are also other benefits that the insurance serves. It also serves as an indirect mode of savings for the future. Many people do this because it helps them to have an asset in the future.
Banks also provide health insurance to their customers and even others but not all banks for this. This also operates in the same manner as other insurances. There are different plans which you can select and avail of the benefits mentioned under it. Selecting the plan that you think gives the benefit you want will help you further.
After reading further in the article, you will be able to understand how you can use your policy as savings, and the benefits that are covered under the Singapore outpatient insurance.
How can you use your insurance policy as the savings type? And is it effective?
Many people are using their policy as a type of savings. But the amount of the deposit or the premium amount that you get is not in full. But during the period it will get accumulated as a large amount.
When you create an insurance policy, you are explained the terms and conditions of the policy. In that, you will notice that if you want to cancel a policy or even use the money from it for the treatments you must at least wait for a period of 2 to 4 years based on the plan and the company you are applying in. This is known as the coverage period of the policy. Every type of policy has this period
So you cannot take out the deposit until the coverage period is over. After that, you can use the money for the treatment to pay the bills or you can also cancel the plan.
After canceling the plan you will get the amount. This amount will be refunded by the insurer to your respective bank account.
Do I get all the benefits in the outpatient policy?
Outpatient benefit gives you benefits like doctors consultation, free checkups, pharmacy medication payment, as well as some diagnosis costs.
Not all the benefits are covered under this policy, like staying overnight or longer. This is covered under the policy type called inpatient insurance. Singapore outpatient insurance is one type and you can also apply for Singapore inpatient insurance.