You’ll pay more each month, but your health plan will start sharing the costs sooner because you’ll reach your deductible faster. The lower a health plan’s deductible, the higher the premium. It can make your expenses less predictable, since you never know when you might end up with a lot of medical bills. Some people would rather have a smaller premium, and pay more up front for care as they go. ![]() When you’re willing to pay more up front when you need care, you save on what you pay each month. In most cases, the higher a health plan’s deductible, the lower the premium. How many people are on your plan, the type of health plan and network size all lower or raise your premium. That’s the amount you pay each month to maintain your health care coverage. Once you have met the ceiling of the medical expenses in accordance with your health insurance deductible, you can use your health insurance plan without having to account for deductibles for every claim.Ĭopayment is usually included in specific types of health insurance policies, for instance, Senior Citizen Health Insurance Plans and Critical Illness Insurance Plans.Ī health insurance deductible is usually a part of most health insurance policies to add a layer of protection for the health insurance provider against claims that are of very small amounts.Different things affect your premium. CriteriaĬopayment is the amount of your health insurance claim that you have to bear from your own pocket.Ī deductible in health insurance is the fixed amount of money that your medical expenses must exceed in order for your health insurance plan to be usable.Ĭopayment can be in the form of a fixed amount or as a percentage of the sum insured under your health insurance policy.ĭeductibles in health insurance are usually in the form of a fixed sum.Ĭopayment has to be paid every time you use your health insurance policy for availing of cashless insurance or filing a reimbursement claim.Ī health insurance deductible is counted for an entire policy year. Here are the major differences between copay and deductible in a health insurance policy. If you are wondering which is better - copay or deductible, then it is important to understand that they are two different concepts and have varying impacts on your health insurance policy. ![]() For instance, if the health insurance claim is for ₹50,000, then Aalekh shall copay it to the tune of ₹5,000, and the insurer will pay the remaining amount, that is, ₹45,000. Whilst filing a health insurance claim on the above policy, 10 per cent of the total claim amount shall have to be borne by Aalekh whilst the remaining 90 per cent shall be paid by the insurer. Mr Aalekh has a health insurance policy with a sum insured amounting to ₹1,00,000 and a copay of 10 per cent. ![]() Let us understand the concept of copay in health insurance with the help of an example. The copay aspect of your health insurance policy can be either in the form of a fixed sum or a fixed percentage of the sum insured under the plan. ![]() The notion of copayment finds its genesis in the sharing of the burden of health insurance payments between the insurer and the insured. As is evident from its name, a copay in health insurance is the amount of your health insurance claim that you have to pay. Copay is another term frequently used in the context of a health insurance policy.
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