Copayment
Copayment or copay refers to a clause in insurance which requires policyholders to pay a fixed percentage of each claim out-of-pocket. The insurance company covers the remaining costs.
For instance, a 20% copay in health insurance means that you have to pay 20% of each claim amount. The remaining 80% is covered by your insurance company. The percentage of copay varies depending on the plan.
Some health insurance policies in India come with a copayment clause. Health insurance plans designed for high-risk individuals such as senior citizens or people with comorbidities might impose a mandatory copay.
A copay increases out-of-pocket expenses during each claim. Choose your copayment wisely to reduce your financial burden during stressful times.
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