my offers

How about checking some pre-approved offers you might be eligible for?

my offers

How about checking some pre-approved offers you might be eligible for?

  • Mobile No.
  • Date of birth

You have a pre approved offer

  • Sum Assured
    Premium
    Persons Covered
  • Rate
    5%

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

We have 02 personalised offers for you

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

my offers

What is Coinsurance?

Coinsurance in health insurance is when a policyholder chooses to share the cost of their hospital expenses with multiple parties including their health insurance plan. Coinsurance is an option you can select when you buy or renew a health insurance policy. As an example, suppose you purchase Bajaj Allianz Health Insurance for yourself. You can purchase another policy from a separate company, which will help take away the financial burden when the sum insured from your first policy is completely depleted.

How does Coinsurance Work?

Based on the coinsurance set by you, in case you have multiple health insurance policies, you can use them to reimburse your relevant treatment costs. The complete claim amount — also known as sum insured — cannot be reimbursed more than once, however, it will be divided among both policies and you will accordingly receive reimbursement. To illustrate this better, here is an example that explains how coinsurance in health insurance works. Suppose you opt for a 70–30 coinsurance plan between two separate health insurance plans by companies A and B. 

This means that company A is liable to pay 70% of your health insurance claim, while company B is liable to pay the remaining 30%. Let’s say you file a claim of ₹10 lakhs which you want both policies to pay for via coinsurance. As long as the sum insured from your coinsurance does not exceed ₹10 lakhs, this entire amount can be reimbursed. It will be paid out in the aforementioned ratio. Hence, policy A from company A will pay out ₹7 lakhs, while policy B from company B will pay out ₹3 lakhs.

Keep in mind that both policies will not pay the entire claim amount. They will collectively pay which is pre-decided based on the coinsurance option you select. Another crucial thing to note is that you have to pay two deductibles in this case, as you own two policies. These deductibles will be paid towards your policies who will then handle claim settlement. Hence, you are also paying part of the claim amount through deductibles.

There is another scenario where coinsurance allows you to fulfill the role of company B. This simply means that you can choose to opt for a health insurance policy with 70–30 coinsurance, the insurance provider will pay 70% of your claim amount, while you pay 30%.

How does Coinsurance Help Me?

If you are considering getting coinsurance in health insurance, here are some ways it can help. In general, there are three main benefits of opting for coinsurance over one standard health insurance. The first benefit is lower premiums. If you opt for coinsurance where you pay a percentage of your medical costs and your health insurance policy only pays the remainder, then your monthly premiums towards the policy will be lower. 

Another benefit of opting for coinsurance over singular health insurance is extensive coverage. If you are willing to pay for higher coverage by opting for more than one policy, you enhance your protection. Different policies have different terms and conditions and may cover different illnesses. By adding another policy to your portfolio, you are expanding your coverage, leading to less risk. 

The third benefit of coinsurance is that having a back-up health insurance policy can serve to cushion you from medical costs in case your first policy cannot provide coverage for a certain reason. Perhaps there are certain terms and conditions in place that prevent one policy from settling your claim. In this case, coinsurance with a second policy can pay off some of the medical bills and ease your financial burden.

Copay vs Coinsurance

The difference between copay vs coinsurance is that copays are the mandatory minimal costs paid towards covered health services at the time you avail of these services. Coinsurance, on the other hand, is your share, or the share of a company B, that has to be paid when you file a claim with your health insurance provider company A.

As an example, take the following scenario. Suppose Radhika has taken a health insurance policy with Company A and B at 80–20 coinsurance. One year into her policy term, Radhika has a stroke and needs urgent medical care. She is hospitalized in the ICU for her treatment. While these costs are covered by her health insurance, she has to pay a certain minimal amount for receiving a doctor’s consultations, medical tests, and prescription medication. This is Radhika’s copay.

Now, Radhika files a claim requesting her insurance provider to cover her medical bills through coinsurance. As per her coinsurance policy, Company A is liable to pay 80% of this bill, provided the amount does not exceed her sum insured from Company A. Radhika had chosen to split her coinsurance between two companies; hence, Company B will reimburse her with the remaining 30%. Radhika’s medical bills for her stroke are therefore split between two insurance providers.

Now that you are well-versed with the concept of coinsurance in health insurance, it’s time you secure your health with the right plan of your choice! Browse the Bajaj Allianz Health Insurance plans available only on Finserv MARKETS. You also get a host of special benefits when you choose Bajaj Allianz Health Insurance plans on Finserv MARKETS. Get a sum insured of up to ₹50 lakhs, with no medical checkups required for those under age 55, and cashless claim facility across over 6500+ hospitals across India.

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!

Zero additional charge on part-payment option on Business loans! Let's start!

I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

Get home loan sanctioned online in 72 hours! Let's start!