We all are aware of the fact that there is huge inflation in the market, even medical things are becoming expensive. Even we have realized that min the pandemic that medical emergency the family can arise any time, so better to be prepared for this in advance. Having the right health insurance policy is very important for people. But some people also take unnecessary advantage of medical insurance policies by making fraudulent claims. So the health insurance companies have to come up with the copayment clause in the policy.
Many people might not be aware of the co-pay clause. In simple words, the co-pay clause is something that will state a portion of the claim borne by the insurer and insured person. Both the parties will share their respective claim percentages and these percentages will be mentioned in the agreement along with the terms and conditions to the health insurance.
There was a huge need for this clause in the health insurance policy because many people used to claim fake damages. So this concept was introduced in health insurance to bring up different advantages. Let’s have a look at them.
- In the policy type of policyholders need to pay some portion of fees of medical treatment. This will discourage all types of fake claims made by the people for their medical treatment.
- This clause will discourage people from seeking medical treatment is very expensive hospitals as the insured person also needs to pay some of the portions of medical expenditure from their pocket.
- Payment of some portions of the treatment will make people aware of the expenses that are being taken up by the people. This will bring up a sense of ownership among people.
There might be many health insurance policies that will be coming up with the co-pau clause. Here are certain factors that will help in selecting the best insurance policy. Let’s have a look at them.
- Premiums: It is very important to know about the premium of the health insurance policy. Compare the premiums of the different health insurance policies and accordingly check different facilities provided in the health insurance policy.
- Co-pay percentage: The person needs to know the copay percentage that the policyholder needs to bear. This will clear the amount of money that needs to be paid by the insurance company and the policyholder. According to this ratio, the person can pick the best health insurance policy.
Many people might doubt the two terms i.e. Copay and deductibles. Deductible in a health insurance plan is something when the individual has to pay a certain fixed amount of term to the insurance company before covering the expenses. Once the person pays the deductible, he is liable to get all the damages of the medical expenses borne by them. For example, a person opts for the insurance policy that [provides cover for Rs. 5 lakh. Here the deductible will be Rs. 10,000 that needs to be paid at first by the person for getting the claim of Rs. 50,000. The insurer will pay Rs. 40,000 as the medical claim.
But on the other hand in the copay option, both the parties mention the ratio in which medical; expenditure will be done. This ratio is mentioned in the insurance agreement. For all types of claims, both parties will bring up the same ratio.
Many health insurance policies are coming up with the co-pay clause. Out of which the person needs to get the best policy for themselves so that they can get the best returns at the right time. medical emergencies are something that can arise any time and any place that too at any person, if you want to be on the safe side along with your family, so it will be better to invest in the right health insurance policy. Nowadays the medical treatments are becoming very expensive. In such a time, medical insurance policies are something that will provide a good back to the person. The health insurance companies will contribute a major chunk of the medical bills. Even the person can get the tax benefits under section 80D of the Income Tax Act.
If you are planning to get health insurance for yourself, it will be great to get it from Care Insurance. It is one of the leading online platforms that will provide the best medical insurance policies. The person can easily select the best insurance policy and get the benefits from it at the right time. the team of experts is always available to take up the queries of their clients and guide them with the best knowledge. Once you have the right medical insurance it will back you always in the hard times. So without any doubt, just get the best health insurance policy for yourself and your family.