Top Health Insurance Plans without Co-Payment Feature
In today’s scenario, the health insurance is a must-have thing for everyone. Hence, opting the best policy becomes crucial. To choose a perfect health plan for you and your family, it takes a proper knowledge about the plans. There are various parameters to consider a plan and no co-payment clause is one of them. The co-pay in health insurance is a fixed cost that needs to be paid by the patients to receive a health care facility, while the remaining amount is paid by the insurer.
Making payment for even a specific amount, that too at the time of hospitalization, may not be easy for many policyholders. Thus, getting a policy without any co-pay feature is a feature one should pitch for. Here are some top health insurance policies without a co-pay component:
Prime Features of Copayment Clause
The major features of the copayment clause include:
- Fixed amount charged depending on the medical service availed.
- A part of the medical expense that is cared for by the insured while the insurer pays for the majority of the expenses.
- Larger co-pay ratios mean lower premium amount to be paid by the insured.
- Mostly applicable to health insurance policies covering senior citizens.
- More prominent in major established cities.
Top health insurance policies without co-payment element
1. Care Health Insurance – Care Plan
The plan offers insurance on an individual as well as a family floater basis. The sum insured ranges from Rs 4 lac to Rs 6 crore, without any co-pay clause. Though, the policy doesn’t provide you with maternity benefits, but still committed to caring for you for a lifetime with a lifelong renewability feature.
A. Room rent for a single private room
B. Up to Rs 10 lac is offered as restoration amount
C. Up to 150% of No Claim Bonus is offered with Super NCB
D. Global coverage is available for 12 critical illnesses
E. Daycare treatments are available up to the Sum Insured
It is a policy that comes without a co-pay feature. The plan owns the range of the sum insured from Rs 2.5 lac to Rs 1 crore, which allows the people of every section to avail its benefits. The maternity option is excluded from the plan but is available for the long-term with the component of lifelong renewability.
A.Every sort of room is covered except suite
B. Unlimited restoration is allowed under the plan
C. No Claim Bonus (NCB) is available for Rs 0.5 lac up to Rs 20 lac per year
D. Health check-up is available every year after renewal
E. Up to Rs 15,000 is allotted for Health Maintenance Benefit (HMB)
3. Aditya Birla Capital: Diamond Plan
Aditya Birla Diamond Plan provides you and your family with comprehensive coverage that extends from normal medical check-ups to hospitalization care. For this, the policy offers its policyholders the sum insured amount from Rs 2 lac to Rs 2 crore, without any co-payment option, for policy terms of 1, 2, and 3 years.
A. Pre and post-hospitalization cover for 30 and 60 days respectively
B. 586 daycare treatments are covered up to the limit of Sum Insured
C. Road and Air Ambulance both are available under the policy
D. Organ Donor Expenses are secured up to 100% of the Sum Insured
E. A free health check-up can be availed by policyholders every policy year
4. Star Health Insurance: Family Health Optima
Star Family Health Optima is a super saver plan as it covers the entire family under the single Sum Insured. It is open to any person who resides in India and lies between the age group of 18 years and 65 years. The plan allows lifelong renewal for individuals beyond 65 years of age. It is a policy that comes without co-pay component and with many other benefits.
A. Auto-recharge option at no extra cost
B. Health check-up offered for every claim-free year
C. Covers all the daycare procedures
D. 120 day grace period is allowed for renewal post-policy expiration
E. Domiciliary Hospitalization costs are covered for 3+ day treatments
5. HDFC Ergo – Health Suraksha Plan
The HDFC Ergo – Health Suraksha Policy is a comprehensive plan that offers the insurance for in-patient treatment expense, pre and post-hospitalisation cost, with zero co-pay, doctor’s fees, room rent and without sub-limits. Apart from these hospitalization expenses, medical costs incurred for in-patient treatment under the Ayurveda, Unani. Homeopathy, Unani, etc.
A. No medical check-up required till the age of 45 for buying the policy
B. A cumulative bonus is offered on every claim-free year
C. Organ donor’s expenses are covered for the organ transplantation procedure
D. Emergency road ambulance charges are covered
E. 144 daycare procedures are secured under this health plan
Some Frequently Asked Questions Related to Copayment
1. If copayment is disadvantageous, why do people choose policies with a co-pay feature?
While most health insurance policy buyers prevent purchasing policies with the co-pay feature, many opt for policies having the copayment clause. The reason behind the same is because the copayment clause lowers the burden of making large premium payments. Furthermore, policies with copayment are much cheaper as compared to other health insurance policies.
2. Why are health insurance policies with copayment policies cheaper?
Health insurance policies with the copayment feature are cheaper because the risk and liability of paying off a claim gets divided between the insurance company and the insured individual.
3. Should I go for a health insurance policy with the copayment clause?
Before buying a policy with the copayment feature, you must take your present and past medical condition as well as physical state in consideration. If you are fit & healthy and know that you may not need to cash in your insurance, go ahead and buy health insurance with copay. However, if yours is an unhealthy lifestyle, you are at the risk of having medical conditions, and if you feel that you may need to cash in your insurance at some point, go ahead with a regular plan without copay.
There are one of the best insurance policies in India, which are available without a co-payment feature. Zero co-pay will avoid any payment related issues at the time of treatment and can bring relief from additional financial stress during hospitalization. If you are willing to buy a health policy in the near future, going through this list can surely help you in finding the perfect plan.