Deductible and Co-insurance are terms normally found in hospitalization insurance programs. These are important concepts to understand in order to prevent misunderstandings during claims.
Deductible
If you look at your insurance quotation, you are likely to realise that there are different deductible amount for different hospital wards. For example, Ward A will generally attract a $3,000 deductible.
It means you have to bear the cost of the first $3,000. A lower ward will usually attract a lower deductible.
Co-insurance
One of the most important thing that I’ve learnt in my work as an insurance agent is Rule of 72.
