MANAGEMENT

Detailed explanation-1: -Copayment in health insurance is a predetermined amount that you need to pay every time you avail medical care services and raise a claim for the same with the insurance company. It is that percentage of the claim amount that the insured/policyholder agrees to pay.

Detailed explanation-2: -What are deductibles? 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-3: -A deductible is the amount that you have to pay per claim before the insurer pays for the rest. So, if you file a claim for Rs 10, 000 and the deductible is Rs 1, 000 – the insurer will only pay Rs 9, 000 and you will have to pay the rest out of your pocket.

Detailed explanation-4: -There are two types of deductibles that are available in India on a health insurance plan, these are compulsory and voluntary deductible. In international markets, there are a few more which are also mentioned below. Compulsory Deductible: These deductibles are mandatory and are governed by the insurer.

Detailed explanation-5: -Deductible or excess is the amount you are willing to pay from your own pocket at the time of claim.