One of the most important decisions you have with regards to your Vietnam Health Insurance policy is whether or not to include a Deductible and, if you’ve selected Outpatient Cover, a Co-insurance.
Deductibles and Co-Insurance are an excellent tool with which you are able to control the costs of your Vietnam Health Insurance policy, while still ensuring that you are able to access the most comprehensive cover available.
Simply put, a Deductible is a set amount of money that you will contribute towards the costs of your own healthcare. Any healthcare costs you experience in excess of the deductible will be covered up to the policy limits by the insurance company.
This means that you must first cover your own personal healthcare contributions before receiving coverage under your Vietnam Health Insurance plan.
Deductibles are applied on an annual basis, re-setting each time you renew your policy. This means that each policy year, you will need to cover the costs of your own healthcare to the deductible limit, before being able to receive coverage under the policy.
Deductibles on Vietnam health insurance plans are applied only to the inpatient coverage benefit and only effect inpatient treatment.
Annual Inpatient Health Insurance deductible options are:
With the number of options available you are able to control how much of your own medical treatment you will be responsible for, and you are able to reduce your overall premium while ensuring access to optional coverage benefits.
You choose a policy with a $0 annual deductible. You are admitted to the hospital.
The insurance will cover the full cost of your treatment up to your chose policy limit.
You choose a policy with a $1,000 annual deductible. You are admitted to the hospital for a procedure with a total hospitalization cost of US$8,000.
As a deductible exists on the policy, you are responsible for paying US$ 1,000 of the bill from your own pocket, with the insurance covering the remaining US$ 7,000.
Any remaining inpatient treatment you receive over the course of the policy year will be covered by the insurance up to the stated policy limit.
You choose a policy with a $10,000 annual deductible. You are admitted to the hospital for a procedure with a total hospitalization cost of US$8,000.
As a US$ 10,000 annual deductible exists, you would be responsible for paying the full cost of this treatment.
However, you are admitted to hospital for a second medical condition later in the policy year, and the treatment for this hospitalization will cost US$ 5,000. As you have already covered US$ 8,000 of your deductible burden with your first hospitalization, you would be responsible for paying US$ 2,000 of the second hospitalization bill, with the insurance covering the remainder up to the stated policy limit.
Any subsequent care during the same policy year would then be covered up to the policy limit.
Similar to a deductible, a co-insurance is also an amount of money that you will contribute towards the costs of your healthcare – in this case a co-insurance is specifically offered to Outpatient Medical treatment and benefits.
Unlike a deductible, a co-insurance is a percentage of the bill that you will contribute, rather than a fixed amount.
In the case of Vietnam Health Insurance, you have the option of choosing no co-insurance, or a 20 percent co-insurance.
You choose to place a 20 percent co-insurance on your outpatient coverage benefit.
You go to see the doctor for some cold symptom. The cost of your visit comes to US$ 100. Due to the co-insurance, you are responsible for paying 20 percent of the total bill, or US$ 20. The insurance company will cover the remaining balance.
If you would like to know more about deductibles on Vietnam health insurance plans and how they can impact both your policy utility and premium, or if you would to discuss the health insurance options that best meet your needs, please Contact Us to speak with an expert health insurance advisor today.