ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A deductible is a set amount that you must meet for healthcare benefits before your health insurance company starts to pay for your care. Co-pays are typically charged after a deductible has already been met.

Detailed explanation-2: -(… PAH-kit …) In medicine, the amount of money a patient pays for medical expenses that are not covered by a health insurance plan. Out-of-pocket costs include deductibles, coinsurance, copayments, and costs for non-covered healthcare services.

Detailed explanation-3: -Deductible in health insurance is the amount you have to pay before the health insurance company begins paying up the claim amount.

Detailed explanation-4: -What Are Deductibles? Insurance deductible meaning: It is the amount a policyholder must pay before the insurance company begins to compensate them. In other words, the insurance company is only responsible for paying the claim if it exceeds the deductible in health insurance.

Detailed explanation-5: -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.