Co-Insurance

Co-Insurance Co insurance is a term used when the insurance costs are shared between the insured and insurer. Usually the insurance company pays a certain percentage of your health care bills and the remaining is shared by you. The way it reduces your premium is that since you are paying some part, the insurance company thinks that the chances of fraud or using insurance without it being necessary is reduced. Therefore you are charged lower premiums for co-insurance policies .Before understanding the coinsurance and how it works there are other keywords which are linked with coinsurance. Co pays A co pay or a co payment is a flat amount that you pay to the doctor during  medication or medical service for example if  a doctor’s fees is Rs 250 and your co payment is Rs 150 you have to pay the amount from your pocket towards the consultation fee of the doctor each time you go for consultation. Deductible or Out of Pocket Expenses  A deductible is often called as “out of pocket expenses” is the flat amount you pay before you actually start availing the policy benefits. It can be also understood as the maximum out of pocket expenses…