Co-insurance refers to the sharing of certain medical expenses by the insured, at a percentage, when applying for a claim, to jointly bear the risk of insurance.
To give a simple example, suppose that the item you are claiming needs to bear 20% co-insurance, and the medical cost is $120,000:
Compensation provided by the insurance company = $120,000 X 80% = $96,000
Your fee = $120,000 X 20% = $24,000
In the Bowtie VHIS Standard or Flexi plans, there are two coverage items with co-insurance:
- Prescribed diagnostic imaging tests: including computerized tomography (CT) scan, magnetic resonance imaging (MRI) and positron emission tomography (PET), the insured must share 30% of the co-insurance costs.
- Supplementary Major Medical (SMM) : The Bowtie VHIS Flexi Plan includes "Supplementary