Given the growing healthcare costs, unexpected hospitalization can create chaos with anyone’s planned budget. Under such situation, buying a health insurance in India has become very important.
Many people are afraid of purchasing mediclaim policies because of high-priced premium rates. Policyholders can decrease current health insurance costs while ensuring enough health coverage, with deductible and co-payment options.
It helps to control costs by making sure responsible health insurance use. The clause of co-payment under group health insurance in India is becoming a well-known risk control way by employers because it leads in direct saving by decreasing the claim value.
Ensure responsible use of the insurance benefits to control the claims expenses. As co-payments was more prevalent under group plans and hence, it is now also used in individual plans to make a policy more affordable.
In a co-payment plan, a certain percentage of the claim amount should be borne by the policyholder. After that the insurance companies in India take control and settle the claim as per the limits mentioned in the plan.
Generally, it is more common with family health insurance, where an insurance company offers coverage for employees and their loved ones.
In some situations, employers opt for co-payments for parents of employees, since hospitalization chances are more for senior citizens. The treatment cost for senior citizens can be more and the clause of co-payment makes sure at least some part of expenses is paid by the insurer.
Choosing the right option based on the co-payment o deductible level applied, the sum insured chosen and the policy type availed, some broad parameters can be looked at when selecting between the choices.
A high co-pay ratio keeps the premium lower and it is suitable for healthy clients, who would be able to prevent incurring the co-pay levy most of the time. As treatment cost can be high for a senior citizen and hence, co-payment proves more beneficial.
In co-payment, since the policyholder has a stake by way of certain part of the costs, so probability of fraudulent claims will be low. Also, it could bring down instances of unwanted check-ups that hospitals suggest. Online health insurance comparison is also a good idea to lower premiums.