What is a deductible in Oyen Pet Insurance?

Note: This is only relevant if you have the conventional pet insurance policy (by MSIG Insurance).

What is a deductible?

A deductible is the initial amount you're responsible for covering before Oyen's insurance coverage begins. It influences your premium – higher deductibles mean lower premiums, and vice versa. Removing deductibles increases premium costs.

How do deductibles work now?

This depends on the starting date of your policy.

• From May 3, 2024 (version 3.0), deductibles shall apply on a per-bill basis in a claim.
• Between January 3, 2024 to May 2, 2024 (version 2.0), deductibles shall apply on a per-claim basis.‍
• Before January 3, 2024 (version 1.0) deductibles shall apply on a per-condition basis.

For example, let's say that your policy has a RM100 deductible and 10% co-payment. Below are how your final claim payout is calculated, depending on which version your policy belongs to.

Version 3.0

This applies if your policy starts on and after May 3, 2024.

• Deductibles apply on a per-bill basis.
• Each vet bill must reach the minimum deductible amount, in order for you to submit a claim.

Scenario #1: 

• Bill amount = RM800
• You pay = RM80 (co-payment) + RM100 (deductible)
• Final claim payout amount = RM620 (RM800 - RM80 - RM100)

Scenario #2:

• Bill A amount = RM400
• Bill B amount = RM300
• You pay = RM70 (co-payment) + RM200 (RM100 x 2 bills)
• Final claim payout amount = RM430 (RM400 + RM300 - RM70 - RM200)

Scenario #3:

• Bill A amount = RM500
• Bill B amount = RM80
• You pay = RM50 (co-payment on Bill A only) + RM100 (deductible on Bill A only) + RM80 (full for Bill B)
• Final claim payout amount = RM350 (RM500 - RM50 - RM100)

Version 2.0

This applies if your policy starts from January 3, 2024 to May 2, 2024.

• Deductibles apply on a per-claim basis.
• Your total vet bills must reach the minimum deductible amount, in order for you to submit a claim.

Scenario #1: 

• Bill amount = RM800
• You pay = RM80 (co-payment) + RM100 (deductible)
• Final claim payout amount = RM620 (RM800 - RM80 - RM100)

Scenario #2:

• Bill A amount = RM400
• Bill B amount = RM100
• You pay = RM50 (co-payment) + RM100 (deductible)
• Final claim payout amount = RM350

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Version 1.0

This applies if your policy starts before January 3, 2024.

• Deductibles apply on a per-condition basis.