ECONOMICS

Detailed explanation-1: -What is co-payment in health insurance? Co-pay in health insurance is a clause, wherein the insured agrees to bear a specific portion of the incurred medical expenses. It is usually a fixed percentage of the claim amount, which the policyholder pays at the time of a claim.

Detailed explanation-2: -Definition: In life insurance, the beneficiary is the person or entity entitled to receive the claim amount and other benefits upon the death of the benefactor or on the maturity of the policy. Description: Generally, a beneficiary is a person who receives benefit from a particular entity (say trust) or a person.

Detailed explanation-3: -Deductibles. The amount a patient pays before the insurance plan pays anything. In most cases, deductibles apply per person per calendar year. With preferred provider organizations (PPOs), deductibles usually apply to all services, including lab tests, hospital stays and clinic or doctor’s office visits.

Detailed explanation-4: -A deductible is the set amount of money you pay out of pocket for covered services per plan year before your insurance plan starts to pay. A copay is also a set amount of money, but it’s the fixed fee attached to certain covered services.