Save premium with co-pay option

Policyholders can opt for it at the time of renewal

- SAIKAT NEOGI

WITH RISING HEALTH insurance premiums, opting for a co-pay is a smart option to make the cover affordable. It is especially beneficial for senior citizens as premiums are higher due to health risks and increase every two to three years based on claims.

In co-pay, the insured has to pay a part of the medical expenses, while the insurer covers the rest. For instance, if an insured opts for 20% co-payment and the hospital bill is ₹1 lakh, he will have to pay ₹20,000 and the insurer will pay the rest.

Higher savings The savings in premium can be substantial. For example, the annual premium for a 60-year-old in Star Health SuperStar policy is ₹26,332. With a 20% co-pay, he can save ₹5,266 a year. Similarly, he can save ₹9,305 with a 20% co-pay in Manipal Cigna Sarvah Param policy where the annual premium is ₹46,526. As co-pay helps lower the premium, policyholders must compare premium savings against potential out-of-pocket costs.