Benefit From Health Insurance Co-Payment & Deductibles

This video will discuss about deductibles and co-payment features in health insurance plans Apart from protection from high medical costs, people buy health insurance plans to get tax deductions under Section 80D Hospitalisation costs can create havoc on the family finances Health insurance premium depends on the age of the person In case of a family floater health insurance plan, any of the members can take the sum insured available, say, of Rs 5 lakh The premium is charged on the basis of the age of the eldest member of the family There are age bands for health insurance premiums like 20-25 years, 25-30 years and so on As you cross age bands, the premiums go up The premium increases at a greater rate in the bands above age 45 To reduce the premium and have adequate coverage you have the options of co-payment and deductibles You can opt for a deductible which means that from a claim amount the deductible amount opted for by the insured person is subtracted Due to this your premium will be lesser compared to the premium without a deductible Some insurance companies also call it as co-pay Depending on the company, it is on the basis of a percentage of the insured amount and some times it is on the basis of an amount of money In India, it is fixed amount for deductible that is prevalent Should one opt for a deductible? Here,

one has to see what is the health condition If health condition is fine of all the family members in a floater health insurance plan, one can go for a deductible

Source: Youtube

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