#co-payment

Co-payment refers to the amount of claim that should be borne by the insured during the settlement of a claim. The co-payment amount depends on the co-payment clause mentioned in the policy. Irrespective of the claim amount, the insured has to settle their part before the insurance company makes the final payment. The co-payment could vary between 10% and 50% depending on the health insurance plan chosen by you and the insurer. Even group health insurance plans have a co-payment clause to reduce the overall payable premium. Co-payment is a way of making the insured behave as the insurer so that the insured absorbs a part of the risk. There are two types of co-payment: Mandatory and Voluntary. Mandatory co-payment is compulsory for every customer taking the health insurance plan.