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Loh Tat Tian
06 Dec 2018
Founder at PolicyWoke (We Buy Insurance Policies)
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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?
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Yes, if i remember correctly!
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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