Co-insurance is the percentage that the insured must pay before the insurance company begins to pay benefits in addition to the deductible the insured is already paying.
The insurance company pays the remaining percentage of covered medical expenses after the deductible and the co-insurance benefit is met.
An example of this is a 20% co-insurance benefit. After the deductible is met, the insured will be responsible for the first 20% of the medical expenses and then the insurance company will pay the remaining 80% of that benefit.
This is just one of the features that impacts a group plan’s pricing.
Other variables could be the type of company, how long they have been in business. if they have benefits now, past claim experience, maximum limits and optional features, such as complimentary extended health services and Critical Illness coverage.
For more details on group insurance in Canada, please contact us at 1-866-899-4849 or visit our Group Benefits Online Quote Page.
