Russia Health Insurance Deductibles
One of the most common misunderstandings with health insurance in Russia is with regards to Deductibles.
A Deductible, also known as an Excess, is the amount which the policyholder agrees to contribute towards the cost of their own healthcare, with the insurance company covering any remaining fees. Essentially, should your Russian health insurance plan include a deductible, then you will have to pay for at least some of the costs associated with your healthcare out-of-pocket.
For instance; if your purchased Russia medical insurance plan includes a $100 deductible and the medical treatment is worth $300, you would be responsible for paying $100 of the bill with the insurer covering the remaining $200.
While deductibles may not seem like a great idea, due to the fact that you will have to pay for some of the costs associated with your healthcare, they can be an extremely valuable tool to lower a policy’s overall annual premium – in many cases the higher the deductible you choose to include in your Russian healthcare cover the lower your premium will be.
Deductible options tend to be offered by most Russian insurance providers. However, it is often left up to the insured party to look into the details and find the most cost effective option that suits their needs best. If you feel that you would like to have a higher or lower deductible than the one which is proposed to you, you should always ask and see if there are alternatives.
Types of Russia Health Insurance Deductibles
Typically the insurance providers can offer a variety of different deductible options. It is important to understand what each of these options imply. Below we present several widely used deductible options:
Per condition deductible option implies that you would have to pay the predetermined amount for each medical condition that you undergo a treatment for. If the fee for the treatment exceeds the amount of the deductible, then the remaining amount is covered by your insurance provider.
For better comprehension let us assume that the per-condition deductible under your health insurance policy is $100. If you break your leg and seek treatment that is worth $500, your insurer will cover $400 while you will be responsible for deductible amount of $100. Any further treatment for the broken leg in question will be covered by your insurer. However if you break your arm you would have to pay first $100 of the treatment yourself again. The remaining costs will be covered by your medical insurance plan.
A Per Year deductible option assumes the predetermined amount that you would be responsible for on the accumulative basis throughout the policy year. In this instance if you chose a medical insurance plan that has a $100 per year deductible option the first $100 spent on medical treatment fees will be coming out of your pocket, while subsequent costs will be covered by your insurance provider.
In this case whether your medical bills are $100, $2000 or $50 000 per year your out of the pocket expenditures are $100, if this was the Deductible selected on the Russian Medial Insurance plan. A per-year deductible is re-set each year after the policy renewal; this means that once you renew the policy you would again be responsible for covering the costs of your medical treatment out-of-pocket until the deductible level has been reached.
Co-Insurance and Co-Pays
Should you choose to go with a Co-Insurance, or Co-Pay option for your medical insurance plan the deductible amount will be determined on the basis of a predetermined percentage of all the incurred medical costs.
In this case, let’s say you purchase a Russia medical insurance plan with a 25% Co-insurance on the policy, and your medical expenditures for a particular treatment amount to $100. You would have to contribute 25% of $100 ($25) while your insurance plan will cover the rest. For each subsequent treatment you will have to pay 25% of the overall cost of the treatment.
Russia Health Insurance Quote
If you want to get more information about various deductible options, the basis for their calculation or know how deductibles affect annual premiums please contact us. You can also request additional details by completing the informational request form at the top of this page. At Russia Health Insurance our expert advisors can help you find all the information you need before purchasing your voluntary health insurance plan.