💡 Deductibles vs. Copayments: Know the Difference
Understanding deductibles and copayments is crucial when choosing health insurance. Confusion around these terms could lead to unexpected costs. Here’s a breakdown:
🧾 Know Your DEDUCTIBLE
➡️ Pay First, Then Insurance Kicks In
- What it is: The amount you must pay out of pocket for medical expenses before your insurance starts covering the costs.
- 💰 Example: If your deductible is ₹10,000, you pay the first ₹10,000 of medical bills. Once you hit this amount, your insurance steps in.
- ✅ Key Point: After meeting the deductible, your policy covers expenses as per its terms.
💸 Know Your COPAYMENT
➡️ Your Share of the Bill
- What it is: A fixed percentage of the total claim amount that you must pay.
- 💵 Example: If your copayment is 10% and the claim is ₹50,000, you pay ₹5,000, and the insurer covers ₹45,000.
- ✅ Key Point: Copayment is your ongoing share of medical expenses.
🏥 Why It Matters
Understanding these terms helps you:
- Choose a policy that matches your financial comfort.
- Plan for out-of-pocket expenses ahead of time.
- Avoid surprises during claims!
🔑 Master these terms to make the smartest health insurance choice for your needs! ✅