The amount paid towards coinsurance varies according to the expenses borne towards treatment.Īs far as liabilities are considered, coinsurance bears more risk because you will have to bear a particular percentage of the treatment expenses. You will again be required to pay the deductible next year. The payment towards deductibles for one year ends after you have paid the stipulated amount. It is a fixed percentage of expenses incurred towards treating a disease that policyholders have to bear while the rest is covered by their insurance provider.ĭeductible refers to the fixed amount that insurance holders have to pay to cover medical treatment expenses before their insurance policy starts contributing.Ĭoinsurance is paid every time you raise a claim against your insurance policy. This percentage adheres to the out-of-pocket maximum that you can pay for a year before your insurance policy pays the rest of it.The percentage of coinsurance remains fixed.Policyholders are required to pay their deductible amount before their coinsurance plan comes into play.It helps to protect insurers against large claims.This amount is generally calculated after you have paid your deductibles.įollowing are a few features of coinsurance plans: 8000 will be covered by your insurance policy. That is, if your expenses towards treating a certain disease are Rs. It is similar to the copayment provision under health insurance.įor 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. This amount is generally offered as a fixed percentage. No copayment means that the entire sum of treatment expense incurred is borne by the insurance provider.ĭigit Insurance provides health insurance policies with 0% copayment and covers the entire treatment costs incurred by an individual.Ĭoinsurance refers to the percentage of treatment costs that you have to bear after paying the deductibles. These are more popular in metropolitan cities where the cost of treatment is higher.These clauses are levied mostly on health insurance policies for senior citizens.A lower copayment amount means higher premium payment.The copay amount is fixed according to the medical service availed.With the copay clause, insurance providers bear the majority of the claim while the policyholder is required to cover a certain fixed part.The features of copayment under insurance policies can be listed as follows: 8000 will be covered by the insurer.Īgain, if the copay clause requires you to cover 10% of the total cost incurred, you will be required to pay Rs. 2000 towards your treatment, while the rest of Rs.
2000 of your treatment expenses and the treatment costs you Rs. This can either be as a fixed amount or a fixed percentage of the treatment costs.įor example, if your insurance policy comes with a copay clause of Rs. What Does Copay in Health Insurance Mean?Ĭopay refers to when policyholders have to bear a fixed part of their expenses towards medical treatment while the rest is borne by the insurer.
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