ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Coinsurance refers to the percentage of treatment costs that you have to bear after paying the deductibles. This amount is generally offered as a fixed percentage.

Detailed explanation-2: -Copay is a financial contribution that the insured needs to make towards a medical expense. This contribution may either be a fixed sum or a percentage of the medical bill. The rest will be paid by the insurer. Coinsurance is a fixed percentage of a medical bill that needs to be paid by the insured.

Detailed explanation-3: -A deductible is the amount of money that you are responsible for paying toward an insured loss. When a disaster strikes your home or you have a car accident, the deductible is subtracted, or “deducted, ” from what your insurance pays toward a claim.

Detailed explanation-4: -Deductible is the amount that a policy holder has to pay before the insurance company starts paying up. In other words, the insurance company is liable to pay the claim amount only when it exceeds the deductible.

Detailed explanation-5: -The percentage of costs of a covered health care service you pay (20%, for example) after you’ve paid your deductible.