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Types of Deductibles in Health Insurance
Claim Settlement Ratio (OND 2018)
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Understanding health insurance deductibles and types of deductibles in health insurance are extremely important so that an individual can plan his or her finances. That is, when buying health plans, it is essential to consider the costs of premium and deductibles.
A health insurance deductible is the money the insured person is required to pay to the insurer before he or she can start to make claims under medical insurance. This amount is a part of the claim and the rest is borne by the insurer, up to the policy limits and as per the terms and conditions.
Generally, the higher the premium amount, the lower is the amount of deductible the person is required to pay. In the case of lower monthly premium, there is a likelihood that the insured person may have to pay a higher health insurance deductible. Premium is the amount the insured person pays on a regular basis, monthly, quarterly or yearly, to the insurer for the health coverage he or she receives.
Let us understand health insurance deductible with an example.
>> Rahul purchased an individual health policy. He raised a claim amount of Rs 40,000. The health insurance deductible set by the insurer is Rs 10,000. In such a case, the amount of claim borne by the insurer would be Rs 40,000 – Rs 10,000 = Rs 30,000. The deductible is the expenses that must be borne by Rahul.
>> In another instance, he makes a claim worth Rs 10,000 and the deductible amount is Rs 15,000. Here, the insurer will not pay anything as it is liable to make payment only when the claim amount is higher than the deductible amount.
In India, health insurance deductibles are of two types namely:
When choosing cashless medical insurance, one should clearly assess the covers that include deductible payments, the covers that do not include deductible payments as well as the exact amount and time intervals for making these payments.
The amount of deductible the insured must pay is mentioned in the policy terms and conditions. In case, it is not clear to understand, he or she must contact the insurer.
Deductibles are applied to safeguard insurers from policyholders who do not make genuine health insurance claims or make claims of small amounts.
It is a disadvantage for the insured person in case the treatment expenses are lesser than the minimum deductible amount specified. Hence, the utmost care and thought should be given when buying a health plan.
A low deductible works best for those who need higher medical coverage especially in chronic ailments, frequent hospitalization, long-term treatment or therapies. However, those having an individual health cover with no dependants can opt for high-deductible. This is because health plans usually have preventive check-up features on cashless basis. Hence, there is no need to worry about deductible payments for blood pressure or cholesterol checks.
Get the best health cover by Religare Health Insurance at affordable premium and deductibles to minimize the cost burden of huge treatment costs.
Walk-in to the nearest Axis Bank branch to pay your Renewal Premium conveniently via Cheque/Demand Draft. Please ensure to keep the following in mind while opting for the same:
Please visit during banking hours and ask for ‘Easy Pay’ service counters at Axis Bank branch to deposit your premium.
Please mention your Policy(s)number and Contact number on the reverse of cheque. Instrument should be in favour of "Religare Health Insurance Company Limited"
Make sure to collect the acknowledgement slip before leaving bank’s service counter for any future correspondence.
Postdated/ Outstation/ Third Party cheques are not allowed.
Please ensure the cheque amount is equal to the amount mentioned in renewal invite.
It is advisable to carry a copy of Renewal invite while visiting to Axis Bank branch.
Please ensure to deposit the cheque at least 7 Days prior to the due date. Instrument deposition is not allowed after the policy expiry date.
In case of any modifications in the policy details at the time of renewal, please contact our branch and do not deposit the cheque in Axis Bank Branch.
Contact respective ‘Axis Bank branch manager’ in case of any difficulty/issue/clarification related to deposition of renewal premium. You may further contact our Customer Service team at 1800-102-4488/1800-102-6655
To locate nearest `Axis Bank` branches, please click here.
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