facebookFor health insurance, is co-insurance equivalent to co-payment? - Seedly

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Anonymous

18 Apr 2019

Insurance

For health insurance, is co-insurance equivalent to co-payment?

Discussion (3)

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Loh Tat Tian

06 Dec 2018

Founder at PolicyWoke (We Buy Insurance Policies)

Based on the definitions.
This is mentioned by the government on the $3,000 amount by 2022 (even after buying full riders). Co-payment (fixed amount to be paid).
This is similar to deductible.

Co-insurance a percentage of the total bill to be paid by your kind self. Its is a percentage of the bill after minus deductible.

E.g hospital bill $20,000, no rider
Deductible = $3,500
Co-insurance = 10% of (20,000 - 3,500) = $1,650.

If you bought rider, there is nothing extra to pay. $20,000 is paid by Insurance

New regulation (with full rider)
Copayment- = $3,000 (paid by you)
Insurance settles $17,000

New regulation (no rider) is the same as no rider example

Kenneth Lou

06 Dec 2018

Co-founder at Seedly

I've only heard of co-payment... not really co-insurance. But maybe the rest who are agents can help answer?

Yes, if i remember correctly!

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