Higher deductible means lower premium payment.Features of Deductibles in health insurance This is a certain amount that you have to pay towards your medical bills before your policy kicks into action. What do you Mean by Deductibles in Health Insurance?ĭeductibles are a fixed amount of money that you have to pay before your policy kicks in to take charge of your medical treatment. Co-payment amount/percentage is always fixed according to the service you are availing.The lower the copay, the higher is the insurance premium.Features of Co-payment in Health Insurance
If you have a copay health insurance of 10% then you will have to pay Rs.1500, while the company will bear the expense of Rs.13500. This can be a pre-decided amount or a percentage of the total cost of treatment depending on the policy you choose. What is the Meaning of Co-pay in Health Insurance?Ĭopay or Co-payment refers to a fixed amount of money you need to pay for certain types of treatment when the rest balance amount will be paid to the insurer. In the following article, we will explain the meaning of copay, coinsurance and deductible. We will see what they mean together and how they are different. Terms such as copay, coinsurance and deductible, can be confusing for someone with limited knowledge to understand. Though it is quite confusing when it comes to buying insurance, for health insurance there is a set of certain terms that are hard to understand.
When it comes to availing health care insurances and schemes, it is difficult to understand all the terms and their impact on the policy.
Cashless Health Insurance Plans in India.
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