Say NO to Copayment

#copayment #healthinsurance #outofpocket
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What is Co-payment I Copay in Health Insurance
Co-payment famously known as Co-pay is a voluntarily deduction of the claim that the insured agrees to pay from his/her pocket irrespective of the claim amount.

Generally, a copayment in health insurance is;

- Around 10% -30% of the hospital bills.
- Insisted to be opted for senior citizens.
- It’s a fixed percentage of the claim amount that needs to be paid by the insured.
- You should always refer to the policy documents to determine the percentage of co-payment applicable at the time of purchasing the policy.
- Premium cover for health insurance slashes down if opted for Copayment.

Why you shouldn’t opt for Copayment?

Now that you’ve understand what Co-payment is in health insurance policy. The reason why we don’t suggest the copay option for our customers is NOT because we want more premium to be paid by customer. But the fact is when a customer opts for Copayment, they are liable to pay for a fixed percentage voluntarily to the hospital for getting an insurance claim. Most of the customers avail for copayment, without understanding the real meaning of it and thinks that they are gob smacked by the insurance companies. But the fact is, they have given their written consent that they will pay 10 – 30% of the hospital bills.

We personally suggest people to go for full premium than saving few bucks from the premium by opting for Co-pay. In this way, you’re not liable to pay a single penny from your pocket.
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