What is co-payment in health insurance?

1. The portion of the medical expense that a policyholder needs to pay when he receives medical services is called co-payment. The remaining amount is paid by the insurance company.

2. Co-payment is fixed amount or percentage which is preset for various treatment and services.

3. It has to be paid each time the policyholder gets a health care service.

4. A co-payment clause in a policy lowers the premium amount for the policyholder.

5. Typically applicable to senior citizens in health insurance policies in India.

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Source: Economic Times