In case of a cashless payment option, the insurer will directly settle your expenses with the hospital. There are two types of claims with any health insurance, namely, cashless health insurance claims and reimbursement for the expenses incurred. 3,00,000 out of your own pocket and the insurer, i.e., the insurance company will cover the rest of the Rs. Well, now that you know what the concept of the copay is, you might be able to connect with the concept more when you understand what is copay in health insurance with example.įor instance, If your insurance policy includes the copay clause of 20 percent and your medical expenses amount to Rs. What is Copay in Health Insurance with example? The copay percentage agreed upon by the insured varies from 10-30%. ![]() The clause states that the insured will have to bear a part or a percentage of the claim amount out of their own pockets and the rest of the claim will be borne by the insurance company. Copay is a concept that is agreed upon while signing the insurance contract. Insurance companies have come up with the concept of Copay in order to dissuade an insured from committing fraud.Ĭopay meaning is simple to explain. Nowadays, there are a lot of fraudulent activities related to health insurance. It is important to understand what is copay in health insurance in order to opt for the right policy. This is why it is necessary for people to get health insurance by paying their respective agreed-upon premiums in order to avail financial assistance in case of an accident or any other medical emergencies. These days it is almost impossible for the middle income and the lower-middle-income group to bear the cost of healthcare expenses on their own. ![]() ![]() According to WHO, almost 70% of the Indians spend a huge chunk of their income on healthcare and medicine expenses.
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