health insurance, both deductible and co-payment refer to the share of money you pay from your pocket before the policy comes into effect, but these differ in terms of execution. Both make for financially useful tools as these help reduce the premium, but remember that it is beneficial only as long as you don’t make a claim since you end up increasing your out-of-pocket expenses while paying the bill.
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It’s important to check the health plans for these features because some policies have these as inbuilt features and it might come as a shock to you at the time of bill payment.
Opt for these features depending on your health condition. If you are young and in good health, you can choose a higher deductible or co-pay, but if you are elderly and your medical condition is not too good, it’s best to keep this amount low or not have it at all.
Here’s how the two features differ from each other.
What is deductible?
Deductible is the amount you pay for your hospitalisation before making a claim. At the time of buying a policy, you agree to pay a predefined amount and show proof of the same before the health insurer can step in to pay the bill in excess of this amount.
There are two types of deductibles available in India: compulsory and voluntary. The compulsory one has an inbuilt deductible feature in the plan. The insured doesn’t have a choice but to accept it and the