Health Insurance Terms: Deductible and Co-insurance Explained
Understand what a deductible and co-insurance mean for your medical bills before your health insurance pays out.
Deductible: The Initial Amount You Pay
A deductible is the initial amount you have to pay for your medical expenses before your health insurance makes a payout. After paying your deductible, you may still have to pay for co-insurance or co-payment. You can use MediSave up to prevailing limits to pay for the deductible and co-insurance not paid by your insurance policy.
Co-insurance: Sharing the Remaining Cost
If you have a co-insurance of 10%, you will pay 10% of the cost after the deductible. Health insurance policies do not usually cover pre-existing conditions when you sign up for them.
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FAQ
Q1: What is a deductible in health insurance?
A deductible is the initial amount you have to pay for your medical expenses before your health insurance makes a payout.
Q2: How does co-insurance work after I pay the deductible?
If you have a co-insurance of 10%, you will pay 10% of the cost after the deductible.