How does co-insurance and deductible work?

USA medical policies have lots of different terminology, and we understand this can sometimes be a little confusing!

A couple of these terms important to know are deductible & co-insurance!

Deductible

A deductible is the first part of any claims costs that you are responsible for before the insurance policy starts to pay.

Co-Insurance

Co-insurance is a percentage of remaining costs (after the deductible) that you are responsible for.

We offer 4 different policies for medical insurance and each of these have different levels of deductible and co-insurance, it is very important that you understand what you could potentially have to pay in the event of required medical treatment. You should choose a policy that you are happy with in terms of the initial cost, the cover afforded by the policy and also what you could have to pay in the event of a claim.

Below are examples of what you may have to pay in the event of claims for different amounts in claims costs. These claims costs are not relating to claims for intercollegiate sports, as they have lower cover amounts and you need to make sure you have adequate secondary insurance - we will cover this in our next blog!