Vietnam's private sector bank Techcombank, has launched the country's first comprehensive co-payment health insurance product, which will integrate banking, wealth management and insurance across its digital platform, reported finews.asia.
The bank’s non-life insurance company, Techcom Insurance, has launched Song An Health Insurance, a product designed to complement Vietnam’s national health insurance system by covering eligible medical expenses not included under the public scheme. This is the first comprehensive health insurance product in Vietnam based on a co-payment model linked to the country’s public health insurance system. Rather than covering the entire treatment process at correspondingly higher premiums, Song An will focus on out-of-pocket expenses incurred by patients, including certain hospital accommodation costs, branded medicines and advanced medical procedures.
Song An is integrated into Techcombank’s digital ecosystem, allowing underwriting, policy issuance and claims processing to be handled online. The bank’s 18m customers can also use direct billing at participating public hospitals or submit claims digitally. According to the company, eligible claims can be processed within two working days once the required documentation has been received.The new product targets a potentially significant gap in Vietnam’s healthcare financing system.
According to Vietnam Social Security statistics, public health insurance covers around 9% of the population but they still face substantial out-of-pocket expenses for treatments and services not fully covered by the public system.