BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Coordination of benefits
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Portion of the cost of service to be paid by the insured (a set dollar amount)
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Term of conditions not covered by the insurance company
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Provider bill for service
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Detailed explanation-1: -Co-pay is a vital clause and fundamental terminology in health insurance that refers to a fixed percentage of the claim amount that has to be paid by the policyholder. The percentage of claims under the co-payment system generally varies between 10% to 30%.
Detailed explanation-2: -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.
Detailed explanation-3: -: a relatively small fixed fee that a health insurer (such as an HMO) requires the patient to pay upon incurring a medical expense (as for a routine office visit, surgical procedure, or prescription drug) covered by the health insurer.
Detailed explanation-4: -Copay Example For example: If the policy comes with a clause of 10% copay, you will pay 10% of the claim amount while your insurer (say ACKO) will pay the remaining 90%. Meaning if the claim amount is Rs. 50, 000, you will pay Rs. 5, 000, and ACKO will pay the remaining Rs.
Detailed explanation-5: -Co-pay (co-payment) in health insurance is the percentage of the claim amount that the policyholder has to pay from their own pocket under a health insurance policy. The rest of the amount is paid by the. Read More.