What is Co-payment? | FYI: Face your Insurance by Digit |🧐

A consumer awareness initiative by Digit Insurance.
.
. While looking to buy health insurance, you must have heard the terms copayment or deductible.
Wondering what they mean? Don’t worry, We'll simplify.
Co-pay is when you and your insurer work side by side. When you are buying your policy, you would agree to pay a specific percentage of your bills, while your insurance company covers the rest.
For example: If your hospital bill comes up to Rs. 10,000 and the percentage of co-pay is 10%, then your insurer will pay Rs. 9000 and you would have to pay the remaining 1k out of pocket. It’s like you’re splitting the bill.
This percentage can vary so be sure to check your policy. (Pro tip: some insurance companies offer 0% copayment, and they cover the entire treatment costs!)
Now a deductible is like a fixed amount you must pay before you can avail your health insurance benefits. For eg: if your deductible amount is Rs. 10,000 and the claim is of Rs. 35,000, your insurer will pay only Rs.25,000.
Rs. 10,000 will be paid from your pocket because it is your deductible amount. Or if your claim is Rs. 15,000 and your plan’s deductible amount is Rs. 20,000, your insurance company will pay nothing since the claim amount is below the deductible limit.
Easy right? Follow us for more complicated insurance terms simplified.
or check out our link below : www.godigit.co.... #InsuranceAwareness #InsuranceAwareness

[@bipashaparashar3691]

Informative 👍

[@DigitInsurance]

Glad it was helpful!

[@user-xbbsjsjsbna777]

In star health they say 30 as copayment depends on policy which means 30%. Beware..

[@pankajwp]

Then how is it different from Deductible ?

[@AmanVerma018]

What is 100% copay

[@mohsinalimustafai223]

😂😂 co-payment is not a percentage amount you are taking about coinsurance

[@sridharvemplur1296]

Yes😂😂😂