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This video will discuss about deductibles and co-payment features in health insurance plans
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Apart from protection from high medical costs, people buy health insurance plans to get tax deductions under Section 80D
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Hospitalisation costs can create havoc on the family finances
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Health insurance premium depends on the age of the person
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In case of a family floater health insurance plan, any of the members can take the sum insured available, say, of Rs 5 lakh
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The premium is charged on the basis of the age of the eldest member of the family
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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
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The premium increases at a greater rate in the bands above age 45
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To reduce the premium and have adequate coverage you have the options of co-payment and deductibles
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You can opt for a deductible which means that from a claim amount the deductible amount opted for by the insured person is subtracted
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Due to this your premium will be lesser compared to the premium without a deductible
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Some insurance companies also call it as co-pay
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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
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In India, it is fixed amount for deductible that is prevalent
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Should one opt for a deductible?
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Here,. one has to see what is the health condition
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If health condition is fine of all the family members in a floater health insurance plan, one can go for a deductible
