HOW TO REDUCE HEALTH INSURANCE PREMIUM

By opting for the co-pay facility, you agree to bear a specific portion of your medical expenses and thereby reduce the premiums on health insurance

- Narayan Krishnamurthy

With increasing healthcare expenses, the cost of health insurance is also on the rise and can impact your finances even if you have health insurance. There are several aspects of health insurance that one needs to understand to utilise the policy to its fullest. One such key feature is the co-pay facility in medical insurance. Co-pay is a proportion of the allowable claim amount that you, as a policyholder, bear at the time of a health insurance claim settlement. Think of it as your contribution each time you face a health insurance claim. Co-payment varies depending on the health insurance plan and the type of services you receive as part of the policy you have.