In Health Insurance Difference Between Copay & Deductible is Important to Understand here are some points to understand in brief.

1. COPAY
1. IT IS A COST-SHARING REQUIREMENT
UNDER HEALTH INSURANCE IN WHICH
SPECIFIED PERCENTAGE IS TO BE BORNE
BY THE INSURED OF THE ADMISSIBLE
CLAIM.
2. COPAY SERVICES INCLUDE
*EMERGENCY ROOM VISIT
*SPECIALTY VISIT
3. IT IS PAID ONLY AT THE TIME WE UTILIZE
A SERVICE.
4. IT IS IN PERCENTAGE.
5. IT IS AN OUTPATIENT EXPENDITURE.
6. LARGER CO-PAY LOWER PREMIUM.
7. ALSO DEFINED AS INTERCHANGEABLY
WITH “CO-INSURANCE”.
8. EXAMPLE
20% COPAY FOR A SENIOR CITIZEN ON
CRITICAL ILLNESS BY UNITED INDIA
INSURANCE.
10% COPAY FOR PED NEW INDIA
ASSURANCE.
DEDUCTIBLE
1. IT IS A COST-SHARING REQUIREMENT
UNDER HEALTH INSURANCE IN WHICH
INSURER IS NOT LIABLE FOR A SPECIFIED
RUPEE AMOUNT OF COVERED EXPENSES
TO BE PAID BEFORE ANY BENEFITS ARE
PAYABLE BY THE INSURER.
2. IT IS THE ANNUAL CONTRIBUTION OF
THE POLICYHOLDER FOR ALL COVERED
OCCASION.
3. DEDUCTIBLE SERVICES INCLUDE
*X RAY
*LAB TESTING
*MRI’S
*HOSPITAL STAY
4. IT IS A RUPEE AMOUNT.
5. IT IS SOMETHINGWE PAY LIKE OR TAX
EVERY YEAR WHILE RENEWINGA
POLICY.
6. DEDUCTION IN HEATH IS DIFFERENT
FROM AUTO RATES BECAUSE YOU
WOULDN’T GET SERVICES IF YOU HAVE
NOT PAID DEDUCTIBLES.
7. SERVICES LIKE SCREENING,
IMMUNIZATIONS & OTHER PREVENTIVE
SERVICES ARE ALL MARKETPLACE
PLANS IN DEDUCTIBLE.
DIFFERENCE BETWEEN COPAY AND DEDUCTIBLE
PRATHAM SHARMA
PGDM- Insurance Business Management
Birla Institute of ManagementTechnology