In a co-insurance contract, both the insurer and insured enter into an agreement where each party agrees to pay a fixed percentage of the medical bill. In India, the terms copay insurance and co-insurance are used interchangeably. Ensure that you compare a policy with a co-pay with other general health insurance policies and see how the premiums vary. Premiums: Most policies with a co-pay clause will have lower premiums.For example, if the insured individual incurs a medical bill of INR 50,000 and the co-payment clause is 10%, then the insured is expected to pay INR 5,000 while the insurance company will pay the remaining balance of INR 45,000. Copay percentage: This will be the percentage of the cost that the policyholder will have to bear.Here are some of the factors that you must consider when you go for a policy with copay: How to Select a Health Policy with Copay? A 10% copay clause means that the company is directly saving 10% of all payments. Mitigates the risk for insurance companies, as these companies operate on huge profits and losses.
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