ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the amount paid out of pocket before your insurance coverage kicks in
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paid by the insurance company
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applied on an annual basis
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a fixed amount of money you pay each time you visit the doctor
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Detailed explanation-1: -Copay is the fixed portion that policyholders have to pay towards their treatment expenses while the rest is borne by insurance providers. It can be given as a fixed amount or a fixed percentage of the treatment expense.
Detailed explanation-2: -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-3: -Copay also known as Copayment in health insurance refers to a fixed amount or percentage of an approved medical bill that needs to be paid by the insured. The remaining amount will be settled by the insurer. Example: Let’s say you are availing of medical treatment worth Rs. 50, 000.
Detailed explanation-4: -Copay means you bear a certain portion of the admissible claim amount with your insurer. In case there is a copay clause, you are sharing this risk with your insurer. Hence, the premium is lower than compared to policies without a copay clause.
Detailed explanation-5: -In health insurance, copay is a clause that you make with the insurer to pay a certain part of the hospitalisation bill. It is after you pay this amount on your hospitalisation bill that your insurance will kick in and pay the remaining amount for you.