Zee Money Tip: How to save big on your Insurance premium

Copay & deductibles are two such situations that are overlooked while purchasing a policy. An informed decision is afterall what saves you from paying the optimum amount and reap the benefits.

Health insurance policy is a safeguard that protects us from unaffordable medical care when it is needed the most. While the general assumption is that our insurance policy covers the bills, there are instances where we may have to bear a part of the bill. Copay & deductibles are two such situations that are overlooked while purchasing a policy. An informed decision is afterall what saves you from paying the a whopping amount and reap optimum policy benefits. (Also read: Looking to buy health insurance policy? First time buyers must check out 5 major tips) A copay is a cost-sharing clause that requires the insured to make a percentage payment of the allowable costs. It is also one of the most critical factors that need to be considered before purchasing a health insurance policy. Understanding the copay clause will help you avoid unnecessary financial stress at the time of hospitalization or illness. Another important aspect is that copayment is applicable on both cashless and reimbursement claims.