Medical Insurance

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    Deductibles/Excesses

    A deductible, or co-pay, is the amount of money that a policyholder must pay towards the total cost of any treatment that they receive. A deductible is the fixed amount that the policyholder pays out-of-pocket for medical treatment before insurance plan benefits begin, while a co-insurance is a fixed percentage the policyholder must pay towards medical treatment received.

    International health insurance policies often include deductibles and co-insurance as means to help lower the annual premium of your international health insurance plan. Insurance companies use deductibles as a way to reduce their exposure to risk and eliminate small claims. Below we have outlined the deductibles that are most commonly found in international medical insurance plan.

    Per-Year

    Per-year deductibles are fixed amounts agreed upon by the policyholder and insurance company during the application process. With a per-year deductible, the policyholder will pay the predetermined amount for medical treatment received before the insurance company begins cover.

    For instance, if a policy has a $100 per-year deductible, the policyholder will pay $100 towards medical treatment during the policy year. After paying the $100 deductible, the health insurance company will then cover any further medical treatment expenses as provided by the health insurance policy.

    Per-Condition

    Per-condition deductibles require the policyholder to pay a fixed amount, as agreed upon in the application, toward the expenses relating to treatment of a particular condition. For example, if a policy has a $50 per-condition deductible and receives $100 of medical treatment for a certain condition, then the policyholder pays $50 and the insurance company will pay the remaining $50.

    Co-Insurance/Co-Pay

    Co-insurance is a fixed percentage the policyholder pays toward medical treatment. If the co-insurance set in the policy is 10%, and the total cost of treatment for a condition is $200, then the policyholder would pay $20. Co-insurance is most often found in coverage for dental and maternity related treatments.

    When you are choosing your international health insurance plan, knowledge of deductibles and co-insurance will help you make a more informed decision. You can use deductibles and co-insurance to help reduce your annual premiums while keeping the same level of comprehensive cover. Contact Kwiksure today to learn more about the international health insurance options available to you.