A consumer awareness initiative by Digit Insurance.
.
. When it comes to availingof health insurance, you should be clear on specific terms, which might often be confusing.
Particularly, when it comes to terms like copay and deductible, someone without proper information can become befuddled pretty fast.
Don’t worry, we have got you covered!
Here, we will explain deductible and copay meanings, and their implications on a health insurance policy.
Let’s take a look!
Copay refers to when policyholders have to bear a fixed part of their expenses towards medical treatment while the rest is borne by the insurer. This can either be as a fixed amount or a fixed percentage of the treatment costs.
Deductibles are a fixed sum of money that policyholders must pay before their insurance policy starts contributing to their medical treatment. The term for paying deductibles is decided by the insurance provider – whether it is per year or per treatment.
To know in detail, check out: https://www.godigit.com/health-insurance/difference-between-copay-coinsurance-and-deductible#:~:text=No%20copayment%20means%20that%20the,costs%20incurred%20by%20an%20individual.
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