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SchemeBook · Jargon

Late-joiner penalty

A permanent extra premium loading for joining a scheme later in life.

If you join a medical scheme for the first time after age 35 without continuous prior cover, schemes may apply a late-joiner penalty — an extra percentage added to your premium, for as long as you remain a scheme member. It rewards continuous cover rather than only joining once you need it.

More jargon

Open scheme · Restricted scheme · PMB (Prescribed Minimum Benefits) · CDL (Chronic Disease List) · DTP (Diagnosis Treatment Pair) · Co-payment · Designated Service Provider (DSP) · Waiting period · Savings account / above-threshold benefit

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