Overview

Health Insurance Deductibles and Excesses

Deductibles, also known as Excesses, can be quite a confusing subject.

Basically, a deductible is the total amount of your healthcare expenses that you will pay, with your global health insurance plan covering the remainder of the bill. While it is not mandatory to have a deductible on your global medical insurance plan, choosing to include one can have a significant number of benefits including a drastic reduction in the overall policy premium.

Common Types of Deductibles and how they Work

Per Condition Deductibles

If your global health insurance policy includes a deductible which occurs on a Per-Condition basis then this will be the amount of money which you will be required to contribute to the bill for each separate medical condition which you may require treatment for.

For example, if your Global Health Insurance plan included a $100 Per Condition Deductible, and you had to go see the doctor because you have the flu, then you would be required to cover the first $100 of your treatment costs, with the insurance covering the rest. If you had to go back to the doctor because of the same case Flu, then you would not need to pay a further deductible as you have already contributed towards the costs of treatment for that condition. However, if you returned to the doctor because you had a sinus infection, then you would have to pay the deductible again as the condition being treated will have changed.

Per Year or Annual Deductibles

If your global health insurance policy includes a deductible which occurs on a per-year, or annual basis, then this is the total amount you must have contributed towards the costs associated with your healthcare over the course of an entire year before the policy will cover the remaining expenses.

A per-year deductible works as follows:

Your international health insurance plan includes a $500 per-year deductible. If you get sick and have to visit the doctor and the cost of that visit was $100 then you would have to cover the expense of that doctor’s visit out of your own pocket.

Later on in the year you might have an accident leaving you with a broken leg. The cost of treatment for that broken leg is $600. Because your Per-Year deductible is $500 and you have already contributed $100 with your previous doctors visit, you will have to contribute $400 towards the treatment of your broken leg, with the insurance company covering the remaining $200 in expenses.

However, because you have now reached your deductible, and have contributed $500 towards the cost of your healthcare, the insurance company will cover all remaining expenses for the remainder of the policy year. When you renew your policy the deductible will then reset and you will again be responsible for covering $500 of your own healthcare costs.

Co-Insurance and Co-Pays

Typically found on global health insurance plans offered by American health insurance companies, a co-pay, or co-insurance, is a percentage of the total medical bill which you will be required to pay for. Often occurring on a per-condition basis, a Co-pay will require that you pay for a specific percentage of the costs of your treatment for any given medical condition.

For example, if your global medical insurance plan has a Co-Pay of 20% and your visit to the doctor cost $100, then you would be required to pay for the first $20 in costs with the insurance company covering the remaining $80.

Obviously this can be very effective if the treatment being received is relatively minor, however more intensive treatments can have an extremely high price tag in which case a normal person may struggle to cope with covering 20% of the overall bill.

Quotation

More Deductible Information and Free Quote Comparisons

CCW Global can provide free quotation comparisons for a range of global health insurance plans, enabling you to easily compare the premiums of policies which include deductibles against those which don’t. If you would like to receive a free quote for a global health insurance plan which includes a deductible, please complete this short form.

You can also speak to an expert CCW Global Health Insurance broker to discuss all the deductible options on offer by Contacting Us Today.

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