Rewrite Youâre about to buy health insuranceđĨ. The agent pitches a policy with a cover totaling 5 Lakhs for a bargain price of just âš7000 a year. But then he sweetens the pot even further. He promises to cut down the premium by 25% (roughly âš1800/year) if only you agree to a 20% co-payment clause. You think thatâs amazing and you sign off on the agreement. Wow, you just saved âš1800.
đ¸9 months later, you suffer an accidentâŋī¸
Youâre hospitalized and you need extensive care. Thankfully you make a full recovery and the bill adds up to âš2 Lakh. No problem. Youâve got insurance. However, the insurer only pays âš1,60,000. They ask you to pay the remaining âš40,000 out of pocket since you promised to co-pay 20% of the bill.
đ¸You start doing the math. You saved âš1,800 but you had to pay âš40,000 because of the co-payment clause. It would take ~22 years worth of premium savings to make up for this fatal mistake. Not something you want in your insurance policy
âĄī¸Co-payments almost never make sense unless they are mandatory or youâre buying it for someone whoâs old with pre-existing diseases. In which case a co-payment clause can bring down premiums drastically.
Source: Ditto Insurance
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