MANAGEMENT

Detailed explanation-1: -A fixed amount ($20, for example) you pay for a covered health care service after you’ve paid your deductible. Let’s say your health insurance plan’s. allowable cost. The maximum amount a plan will pay for a covered health care service.

Detailed explanation-2: -This amount is generally offered as a fixed percentage. It is similar to the copayment provision under health insurance. For example, if your coinsurance is 20%, then you will be liable to bear 20% of the treatment cost while the rest 80% will be borne by your insurance provider.

Detailed explanation-3: -For instance, if the insured individual bears a medical bill of Rs. 50, 000 and has an option of 10% co-payment, the insured will have to bear Rs. 5, 000 from their own pocket while their health insurance company will pay the remaining Rs. 45, 000.

Detailed explanation-4: -Health insurance co-pay refers to an arrangement in which the policyholder will need to pay a portion of the medical expenses on their own and the insurance company will pay the remaining amount. It is carried out with co-pay clauses.