§ 27-8-10-4 — Policies; deductible and coinsurance requirements; limitations

(a) Subject to the limitation provided in
subsection (c), an association policy offered in accordance with this
chapter must impose a five hundred dollar ($500) deductible on a per
person per policy year basis. The deductible must be applied to the first
five hundred dollars ($500) of eligible expenses incurred by the
covered person.
(b) Subject to the limitation provided in subsection (c), a mandatory
coinsurance requirement shall be imposed at the rate of twenty percent
(20%) of eligible expenses in excess of the mandatory deductible.
(c) The maximum aggregate out-of-pocket payments for eligible
expenses by the insured in the form of deductibles and coinsurance
may not exceed one thousand five hundred dollars ($1,500) per
individual or two thousand five hundred dollars ($2,500) per family,
per policy year.
As added by Acts 1981, P.L.249, SEC.1. Amended by
P.L.253-1989, SEC.4.