When searching for an international health insurance plan it is important to know what you will be expected to pay for after you have already paid your premium. One obvious way to get familiar with your insurance plan is to review the benefits of the plan to see what is included in your coverage. Another way to gain great insight into what a plan has to offer is by looking over any exclusions to see what won’t be covered. From the benefits and exclusions you will be able to get a good idea on whether the plan in consideration includes everything you are looking for.
After you have found a plan that has the type of coverage you are searching for, you will want to research the out of pocket expenses that will be expected of you. Plans often have a deductible or coinsurance that you will be responsible for if you utilize the insurance.
For those wondering what exactly a deductible and coinsurance are, here is some insight that might help you out:
Deductible: The deductible is the amount you are required to pay out of pocket before your insurance company will pay on any eligible expenses. Some plans have a deductible that is already established while other plans allow you to choose your deductible. Depending on the plan, certain benefits might be exempt from a deductible.
Coinsurance: The coinsurance is what you pay along with the insurance company and can vary greatly from plan to plan. The coinsurance is broken down by percentage such as 20/80 meaning you would be responsible for 20 percent of the eligible expenses while the insurance company would be responsible for 80 percent. The coinsurance will continue to a pre-determined cap, and then usually the insurance company will cover the remaining expenses up to the policy maximum. Depending on the plan, benefit and circumstance of usage, the coinsurance is sometimes waived.
In order to know what you can expect regarding out of pocket expenses, it is important to know your international health insurance plan’s deductible and coinsurance. If you would like assistance in finding a plan that has a deductible and coinsurance that fit your needs feel free to contact one of our agents today.