How your insurer can make you pay your own medical bill.
A thread...(1/8)
A thread...(1/8)
You’re about to buy health insurance. The agent pitches a policy with a cover totaling 5 Lakhs for a bargain price of just ₹7000 a year.
But then he sweetens the pot even further.
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But then he sweetens the pot even further.
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He promises to cut down the premium by 25% (roughly ₹1800/year) if only you agree to a 20% co-payment clause.
You think that’s amazing and you sign off on the agreement. Wow, you just saved ₹1800.
9 months later, you suffer an accident...
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You think that’s amazing and you sign off on the agreement. Wow, you just saved ₹1800.
9 months later, you suffer an accident...
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You’re hospitalized and you need extensive care. Thankfully you make a full recovery and the bill adds up to ₹2 Lakh.
No problem. You’ve got insurance. (4/8)
No problem. You’ve got insurance. (4/8)
However, the insurer only pays ₹1,60,000. They ask you to pay the remaining ₹40,000 out of pocket since you promised to co-pay 20% of the bill.
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(5/8)
You start doing the math. You saved ₹1,800 but you had to pay ₹40,000 because of the co-payment clause. It would take ~22 years worth of premium savings to make up for this fatal mistake.
Not something you want in your insurance policy
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Not something you want in your insurance policy
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Co-payments almost never make sense unless they are mandatory or you’re buying it for someone who’s old with pre-existing diseases.
In which case a co-payment clause can bring down premiums drastically.
(7/8)
In which case a co-payment clause can bring down premiums drastically.
(7/8)
If you need help shortlisting a good Health policy for you and your family, book a call on our hotline by visiting joinditto.in or text us on WhatsApp- bit.ly/2Tb2twI
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