What is the difference between premium and benefits

Question: 
I have asked for a quotation for individual plan.

Question : Can you please tell me what is the difference between “premium” and “benifits” in the option of your application form?

Thanks & regards.

Answer: 
An
insurance premium is the fee paid by the policy holder to the health
insurance provider, which entitles them to the benefits under the
health insurance policy. The insurance premium is usually paid once
per year, but it can also be paid per month or per day, depending on
the agreement between the insurer and policy holder.

The
insurance premium is normally calculated by the age and residential
location of the policyholder. Other factors can influence a premium
amount, such as the medical benefits desired
by the policy holder or premium saving
benefits such as deductibles.

The
health insurance policy is a contract between the insurer and the
policy holder. The health insurance policy will include a list of
benefits that the policy
holder is entitled to. Typical
benefits
of a health insurance policy will include inpatient and
outpatient cover. Other types of benefits can be included on a health
insurance plan, such as maternity, dental, member and premium saving
benefits.

Inpatient
Benefits:

Ambulance

Hospital
Accommodation
Intensive
Care

Nursing

Surgery
Rehabilitation

Outpatient
Benefits:

Doctor
Consultation
Health
Check up
Diagnostic
Tests
Vaccinations
Prescription
Medications
Rehabilitation

Maternity
Benefits:

Prenatal
and Postnatal Care
Normal
Delivery
Birth
with complications
Cesarian
Section
Midwife
Home
Birth

Dental
Benefits:

Routine
Check up
Scale
and Polish
Dental
Accident

Restorative
Dental (Fillings, Root Canal)
Major
Dental (Braces, Crown, Bridge)
Orthodontic
(Braces)

Member
Benefits

Health
and Well Being services
Medical,
Security and Legal Advice

Second
Opinion Medical Service
Comprehensive
Health Screening Checks
Discounts
on health care services
Emergency
Helplines
Claims
and Customer Service Helplines

Premium
Saving Benefits:

Deductibles
– policy holder pays for their medical treatment up to a certain
amount, before receiving reimbursement from the insurance company.
Geographic
Area of Coverage – exclusion of medical cover in certain
geographic regions such as the United States can reduce the price
of a premium.

For
more information on the definitions of insurance terms or any other
health insurance inquiry, please
contact us today.