When purchasing health insurance in India, there are several factors to consider, ranging from the finer points of the policy to the various provisions designed to either make the policy cheaper or to increase coverage during a medical emergency. Whether you are getting top up health insurance or not, you should be acquainted with this type of terminology. 

As a result, if you’re looking to learn more about health insurance deductibles in India, you’ve come to the correct place! This post will go over all there is to know about health insurance deductibles in India. A health insurance deductible is a fraction of medical/hospitalization costs that you must pay out of pocket before filing an insurance claim. After you have paid the deductible, the insurance company will pay the claim amount to you or straight to the hospital. 

If your policy’s deductible is 20,000 INR and you file a claim for 50,000 INR, the insurance company is only obligated to pay 30,000 INR. However, if the claim amount does not precisely match the deductible, the backup plan is not required to pay anything. The premium for high deductible plans is cheaper, but the premium for low deductible policies is more significant.

In other words, the insurance company will only pay the claim if it exceeds the deductible amount. Any claim that falls below the insurance deductible will be denied. 

The deductible amount is added as a statement in health insurance policies to ensure that there are no scams or gimmicks and that consumers only file legitimate claims. 

Deductibles prevent people from filing frivolous claims or seeking unnecessary treatment and hospitalization because they have insurance. Policies with large deductibles require you to pay a lesser premium, which benefits you in the long run. You don’t file unnecessary claims for limited amounts and then earn a No Claim bonus.

Over time, the cumulative incentives assist in increasing the coverage amount. The flip side of a deductible is that your insurance coverage is effectively useless if your treatment costs do not exceed the deductible amount. As a result, before selecting coverage from a backup plan, be sure you grasp the terms of health insurance. 

The first type of deductible is a cumulative deductible. It is only suitable for family floater health insurance policies. We know that this kind of policy plan covers all the members of a family, including the companion, parents, and children. In such plans, the insurance coverage is shared by all persons who are insured. The deductible is applied to such policies when any individual guaranteed under the plan files an insurance claim. 

The second type of deductible is known as a compulsory deductible. The insurance provider usually determines this. You have no influence on the insurance amount and must adhere to the requirements imposed by the insurance provider. Because the mandatory deductible is predetermined, it has no effect on your policy’s premium. 

The last type of deductible is a voluntary deductible. It is one in which the insured person chooses the deductible amount. As a result, if you select this kind, you will have the choice of picking an insurance deductible amount that you can afford and are comfortable with. The selection can be made based on your income limit and insurance requirements. However, as previously said, the more significant the premium amount, the cheaper your premium might be. 

Insurance deductibles are a fantastic way to minimize the frequency of claims. They not only benefit the insurance company, but they also benefit you. If you make fewer claims, your insurance amount remains undamaged and may be utilized in your true hour of need. Furthermore, some companies provide discounts such as the No Claim Bonus (NCB), which helps you save money when you renew your health insurance coverage. 

Whether one has to choose deductible or co-pay insurance is determined by a number of circumstances, including current and past medical conditions, way of life, prior illness, good health, and so on. Before pursuing a policy indiscriminately, it is prudent to examine the health insurance nuances and comprehend the health insurance terminology. In this manner, you avoid unpleasant surprises while filing a claim. 

Insurance deductibles aid you in lowering the cost of your policy’s premium. If you choose a large deductible amount, your monthly premium will be reduced. This can help you save a significant amount of money in the long run. 
The insurance deductible is sometimes regarded as a difficult component of your health insurance plan or top up health insurance, yet it may benefit you in a variety of ways. Along similar lines, don’t be alarmed by this provision. Nonetheless, you should think about the type of deductible and if it fits your motive or not. The number and kind of deductible should be determined after a careful examination of your insurance requirements, potential medical expenditures, and affordability.