copay insurance

Does Your Policy Have a Copay Insurance Clause? Find Out What It Means

copay insurance

Medical expenses are always on the rise. So, people are on the hunt for good insurance policies. After all, no one wants to foot a huge bill. However, high premiums can deter people from buying good policies. This is where you can take advantage of the copay insurance to enjoy better coverage at low rates.

This article explores copay insurance and what you can expect from it.

What is copay insurance?

Copay insurance is a type of healthcare plan with a clause stating that the insured party must pay a part of the bill. The amount you must pay is fixed. For instance, you may need to pay 10% of the total bill. In this case, if your hospital bill is 30,000, you must pay Rs 3,000 from your pocket. Of course, at this point, this may not seem like a huge problem. But remember, treatments for major conditions flow into lakhs. Thus, having to pay 10% can burn a hole in your pocket. Therefore, you should evaluate a policy carefully before buying it.

Why do health insurance companies offer copay insurance?

Copay insurance is not exactly a favourite amongst health insurance seekers. So, people often wonder why companies even offer these. The following are a few reasons why a policy may contain a medical insurance deductible:

  • With copay, people are liable to foot a certain amount of the bill. Companies add a co payment clause to discourage them from making unnecessary claims. Many patients make claims for generic gastric problems or small ailments. This means that companies must bury their heads in a lot of paperwork. The co-payment clause helps them avoid this.
  • Adding copay in medical billing ensures that patients do not go to more expensive hospitals. Polls in India show that boutique hospitals, high-end clinics, and speciality centres often charge 40% more than regular hospitals do. It encourages patients to go to more affordable hospitals offering high-quality treatment.
  • Finally, copay also decreases the risk and overall liability that an insurance company must incur. They save a minimum of 10% of the total hospital bill. This is because the insured party must pay that themselves. 

So, why would a consumer even consider buying copay insurance?

The biggest drawbacks of leading healthcare plans are often the high premiums that come with them. Most consumers understand that these high premiums can translate to a wider coverage when it comes to illnesses. However, not everyone can afford these insurance policies. Does that mean that the average consumer should buy a sub-par insurance policy and keep his/her fingers crossed? Of course not!

Policies come with a co-payment clause to make the insurance premiums more affordable. With the risk and liability to the company reduced, insurance providers do not fret over offering premium services at lower rates. Some healthcare providers charge as high as 20% as the medical insurance deductible.

Of course, for consumers, the flipside is footing a portion of the bill on their own. But, on the other hand, it does provide them with better policies at cheaper rates.

What to consider before buying an insurance policy?

You’re probably wondering whether to buy copay insurance or regular healthcare plans. You must first jot down your priorities. This can help you pick a plan that suits your needs. Consider the following:

  • Are you taking steps to save money?
  • Do you have any other financial investments planned?
  • Does your family suffer from hereditary diseases?
  • Do your lifestyle choices put you at risk for certain diseases? If you are unsure about it then you can consult a doctor on MediBuddy to find out.
  • Are you earning enough to account for sudden medical expenses?

These factors can help you decide what type of insurance to buy. If you have taken steps to set aside funds for emergencies, and do not want to pay high premiums, then copay insurance may be the right fit for you. Conversely, if you cannot account for sudden medical expenses, perhaps regular healthcare plans may benefit you more.

Copay insurance is not a bad thing. These healthcare plans can allow individuals to benefit from better coverage without paying high premiums. The higher your copay amount, the lower your premium will be. Therefore, you should look at your copay amount carefully before committing. Of course, do take into consideration inflation and typical medical expenses before making your final choice.

Healthcare plans are vital. It is better to have copay insurance than no insurance at all. So, get copay insurance. And always safeguard your health with MediBuddy. 

 

wellness calendar

Wellness Calendar by MediBuddy: Chart Your Health Goals for 2019

 

wellness calendar

Another year, another chance to do something good for your health. But will you?

If you’re like half of the adults on this planet, you’ll have a New Year’s resolution. But once the fireworks stop, the greetings have done their rounds, and your favourite bottle of bubbly goes back on the shelf, the same pledge is hard to fulfil. The thing about a resolution is that the fire that ignites it ebbs away into obscurity with each passing day. According to reasearch, only about 77% of resolutions are on track just a week into the New Year. And in about six months, only about 40% will have stayed the course.

Now, there might be countless reasons as to why a pledge fails. Two of the culprits include having unrealistic goals, and having troubles transforming your dreams into actions and then sticking to them. You must know how to outsmart the odds by breaking down your pledge into doable goals and making sure that you follow through every day.

How Can The MediBuddy Wellness Calendar Help?

In the same manner you break down your pledge into doable goals, you should break down the timeline you’ve set to fulfil the pledge. Sure you can use any calendar to track your progress, but this calendar gives you so much more. Within the calendar you will find information about 12 World Health Organization days that commemorate public health issues: World Leprosy Eradication Day, World Cancer Day and the like. Moreover, every month carries an interesting fact, figure, or a health tip that revolves around the WHO day.

As an individual with a pledge to improve your health (which already qualifies you as an ambassador of good health), you should also be aware of global health issues so that you can inspire others to do more.

We’ve got the ball rolling, now it’s your turn to keep it going. Download the
MediBuddy e-Calendar and keep track of your health all year long. Wish y-
ou a bright and healthy New Year! Stay well!

Know How The Latest Trends in Insurance Industry Affect You

From finance to health, we rely heavily on technology to increase our knowledge and enhance our experience of specific products or services. Knowing this, insurers have begun investing in insurtech—2018’s newest buzzword when it comes to the tech and health industry. This stems from rapidly changing consumer mindsets and the pressing need for all businesses, to adapting and evolving their business models accordingly.

While this is all great on paper, it is important to understand how these changing healthcare industry trends and the innovations in insurance industry can help you as a consumer. Here are some of the most pertinent trends to look out for:

Chatbots

You may have encountered chatbots on e-commerce websites. These are used for customer service, and give the impression of speaking to an actual person. You can direct your questions at the bot and have them answered immediately.

This takes away the tediousness of writing long e-mails or being put on hold during a call for extended periods of time. When it comes to the insurance industry, this trend works in the same way. Here is how it works and benefits you:

  • Insurance policies can be complicated and the average investor needs a fair amount of hand-holding while navigating through the fine print. With a chatbot available on the website, you can ask your questions and have them answered instantly.
  • Most salespeople have specific agendas in mind and are likely to push you towards them. Chatbots are robots with no agenda of their own so you can expect unbiased answers to your queries.
  • These chatbots work on Artificial Intelligence, which helps them simulate real conversation. They have a database of FAQs and answers that help them identify what to say to you.

Chatbots are extremely simple to use. For instance, take MediBuddy’s chatbot. All you have to do is type in your query as you would on any other messaging platform and wait for the response to come through. Based on whether you are satisfied with the answer or not, you can take the conversation forward or minimize the chat window and return to the main website.

Blockchain

Imagine a digital database or ledger that is available to insurers across all value chains. With the access to data provided by verified digital customers, insurance investors are privy to a few advantages that enhance their digital experience. Some of these are:

  • The availability of verified consumer data being available means that people looking to invest in a policy do not have to keep submitting KYC documents repeatedly. This is because the data is already distributed amongst the KYC databases of the insurers and their notary networks.
  • Claims can be processed faster when the whole process is digitized. By incorporating a smart contract online, insurers can initiate pay-outs the minute consumers select the required options for the same. This is particularly great in the Indian context. You will not have to speak to multiple account managers and verification personnel just to get what you already pay for.
  • Another one of the pertinent digital trends in insurance industry includes the use of virtual reality or gamification. By creating real-life scenarios for potential consumers, insurers can help them identify the potential risks that may befall them. This also helps them select the policy that suits their needs the most. For instance, BioBall, a VR software, shows the impact of technology on insurance industry in a relevant way. By having consumers pretend to catch a ball, the software takes snapshots of their body’s performance to determine what they need to watch out for.

Application of Robotics and AI (Artificial Intelligence)

One of the biggest recent trends in insurance industry is the use of robotics or AI to handle tasks that are generally handled by a claims officer. These tasks include anything from expediting claims to ensuring accuracy and data reporting. This innovation in the insurance industry  can help make sure that processes are not only faster, but also error free.

Staying informed of the latest trends in the insurance industry can help you make the most of your experience while going through a list of options and trying to decide which policy to invest in. Technology innovation insurance industry can have positive impacts on both, consumers, and insurers alike.

By enhancing your consumer’s experience with your brand, you can ensure their loyalty and good word-of-mouth. Although there are plenty of game changers today, a good example would be Medi Assist which has the unique distinction of empowering the public to make informed healthcare choices online with MediBuddy. With over 55 lakh portal users and 5.7 lakh app downloads, MediBuddy has been proudly propelling their members towards self-help and digitized customer support. As consumers, of course, these innovations are bound to make the search for insurance that provides comprehensive coverage that much easier.

You don’t have to look too far to understand how technology, healthcare, wellness, and insurance industries co-exist. MediBuddy is the perfect example of a home-grown endeavour that improves healthcare by leveraging technology.