Benefit From Health Insurance Co-Payment & Deductibles
Date: 26-03-2018 Views: 859
This video will discuss about deductibles and co-payment features in health insurance plans
Edited highlights
0:35 This video will discuss about deductibles and co-payment features in health insurance plans
1:36 Apart from protection from high medical costs, people buy health insurance plans to get tax deductions under Section 80D
2:33 Hospitalisation costs can create havoc on the family finances
2:45 Health insurance premium depends on the age of the person
2:50 In case of a family floater health insurance plan, any of the members can take the sum insured available, say, of Rs 5 lakh
3:02 The premium is charged on the basis of the age of the eldest member of the family
3:12 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
3:30 The premium increases at a greater rate in the bands above age 45
3:34 To reduce the premium and have adequate coverage you have the options of co-payment and deductibles
3:51 You can opt for a deductible which means that from a claim amount the deductible amount opted for by the insured person is subtracted
4:02 Due to this your premium will be lesser compared to the premium without a deductible
4:08 Some insurance companies also call it as co-pay
4:16 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
4:26 In India, it is fixed amount for deductible that is prevalent
5:00 Should one opt for a deductible?
5:04 Here, one has to see what is the health condition
5:09 If health condition is fine of all the family members in a floater health insurance plan, one can go for a deductible
