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Occasional Contributor
Sushant Kamble
Posts: 17
Registered: ‎28-08-2017

What does deductible mean? Does this mean the amount will be paid by me?

What does deductible mean? Does this mean the amount will be paid by me?

2 REPLIES 2
Contributor
Upkar Singh
Posts: 38
Registered: ‎03-06-2017

Re: What does deductible mean? Does this mean the amount will be paid by me?

Deductible means that amount of a claim that has to be borne by the insured.

Contributor
arunragavendran
Posts: 31
Registered: ‎03-10-2017

Re: What does deductible mean? Does this mean the amount will be paid by me?

Deductible or Copayment (copay) is the flat deduction done by the insurance company at the time of claim. It may be flat or percentage on admissible claim amount that employee/insured has to bear.

 

Eg: - Claimed amount - Rs.50000

Payable amount - Rs. 45000

10% Deductible or Copay - Rs.4500 has to pay by the insured.

Note - Non medical expenses has to pay separately. 

 

Arun Ragavendran
Insurance consultant
Bangalore