![]() ![]() This is usually recommended for those who do not raise claims regularly and want to pay a lower premium. For instance, if you opt for a voluntary deductible of Rs 1 lakh and the hospital bill is Rs 1.5 lakh, you have to pay Rs 1 lakh, and the insurance provider will pay the remaining. You can choose the deductible amount based on your affordability and medical expenses, as this amount has to be paid from your pocket each time you raise a claim. Voluntary Deductible:Īs the name suggests, this deductible is voluntary, and you can opt for it to reduce the premium. Since the deductible amount is fixed, there's no impact on the premium of your policy. For instance, if your health insurance has a compulsory deductible of Rs 10,000 and the hospitalisation expense is Rs 50,000, you have to pay Rs 10,000, and your insurer will pay the remaining. The compulsory deductible is fixed by the insurance company, and you have to compulsorily pay this amount whenever you file a claim. Let's look at the categories of deductibles in health insurance available both in India and the international market. During hospitalisation, if your medical expense is Rs 8 lakh, you won't have to pay anything as the first 5 lakhs will be covered by the base plan and the rest by the top-up plan. Suppose the sum insured of your base plan is Rs 5 lakh, the top-up plan is also 5 lakh, and the deductible is set at Rs 3 lakh. Deductibles in top-up plan health insurance imply your basic policy will also cover a part of your expenses the top-up plan will get activated only when the threshold limit is reached. The top-up plan kicks in only after the sum insured by your base plan gets exhausted. Top-up health insurance is an additional cover to your existing health plan. What is Deductible in Top-up Health Insurance? You cannot raise any claim because it is less than the deductible. Now, since this amount is less than the deductible amount of Rs 30,000, you have to bear the entire surgery cost, that is, Rs 20,000. Now, imagine you have to be hospitalised for an illness, and the bill comes to Rs 20,000. So, before raising a claim, you need to pay Rs 30,000 out of your pocket, and the insurer will pay the remaining Rs 20,000. You have to undergo surgery which will cost Rs 50,000. You have a health insurance policy with a sum insured of Rs 3 lakh and a deductible of Rs 30,000. Let us understand what exactly is a deductible with the help of an example. If the amount is less than the deductible, the insurer will pay nothing, and your claim will get denied. In other words, your insurer will pay only when the claim amount exceeds the deductible. This means the insurance company will pay the claim amount only after you have cleared the deductibles. What are deductibles?Ī health insurance deductible is the amount a policyholder must pay before filing a health insurance claim. Well, let's clarify your doubts by understanding what is a deductible in health insurance and the various types of deductibles in health insurance. For instance, most people wonder why insurers pitch the idea of deductibles. But the concept of a deductible is not very clear to many. One can raise the deductible amount to reduce the premium and bring it under the budget. But a health plan that offers comprehensive coverage comes at a premium that can leave policyholders high and dry, especially if they have a history of hospitalisation or have pre-existing diseases. When the risk of both accidents and ailments looms large, buying the best health insurance in India is a wise call to safeguard your finances during medical emergencies.
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