Deductible is the amount that is paid before your insurance plan starts to pay off on your behalf. For instance, in a health insurance plan of Rs. 5 lakhs if your deductible is Rs. 20,000. Then you have to shed this amount of Rs. 20,000 from your pocket before asking the insurance provider to do it.
After you pay your deductible you pay a copayment or coinsurance for services covered in the policy. The insurance company then pays for the rest.
● Check your cover details as many of them pay for certain services such as checkup or disease management programs before you pay your deductible.
● Many plans pay for the complete price of certain preventive benefits even before deductible is paid by you.
● While some plans keep separate deductibles for certain services such as prescription drugs.
● Deductibles for family plan can be either on individual or on family coverage depending what is applicable at that situation.
● There are two types of deductibles – voluntary (this amount is chosen by you) and involuntary (this amount is chosen by the insurance company).
● Deductibles in health plans offers unique benefits such as prescription drugs, doctor visits etc. It is recommended to check with your Relationship Manager before signing up for the plan.
Also Read: Vital Things To Know About Deductibles In The Health Insurance Marketplace
Most leading NBFCs offer various insurance plans with lucrative deductible benefits. Health plans usually include pre and post hospitalization, day-care procedures and health check-ups offering maximum timely protection to you and your loved ones, in times of emergency.
