Co-Pay
A co-pay is a percentage or fixed amount that an insured person must pay in conjunction with what the insurance pays. It is figured after the cost of any deductible.
Most often with travel insurance, there will be a small per-incident deductible, followed by a co-pay. For example, in an accident that cost $100,000 in medical expenses that is covered under a travel insurance policy, if the deductible is $250 and the co-pay is $200, here is how the cost to the insured will be figured. Subtracting the $250 from the $100,000 bill, the balance is $99,750. Of this amount, the insured person will pay 20%, which is $19,950. Now, the insurance plan will probably have a maximum amount that the insured will pay, before the insurance covers all of the expenses. Let's say that this amount is 5,000. Of the $19,950, the insured person only pays $5,000. So the total out of pocket expense for the insured person is $5,250, the co-pay plus the deductible. The insurance will cover the remaining 94,750.
More Glossary Terms Explained here
A co-pay is a percentage or fixed amount that an insured person must pay in conjunction with what the insurance pays. It is figured after the cost of any deductible.
Most often with travel insurance, there will be a small per-incident deductible, followed by a co-pay. For example, in an accident that cost $100,000 in medical expenses that is covered under a travel insurance policy, if the deductible is $250 and the co-pay is $200, here is how the cost to the insured will be figured. Subtracting the $250 from the $100,000 bill, the balance is $99,750. Of this amount, the insured person will pay 20%, which is $19,950. Now, the insurance plan will probably have a maximum amount that the insured will pay, before the insurance covers all of the expenses. Let's say that this amount is 5,000. Of the $19,950, the insured person only pays $5,000. So the total out of pocket expense for the insured person is $5,250, the co-pay plus the deductible. The insurance will cover the remaining 94,750.
More Glossary Terms Explained here
Travel Insurance and recreationMost of the people check out with the best travel insurance plans when they are to take up a quick vocational travel with recreational activity to keep up safety.
Cruise Trip Insurance
Senior Travel Insurance
Group Insurance
Overseas Travel Insurance
Hotels in Las Vegas
Travel Insurance Policies
Some risks that come under coverage are
Medical expenses
Accidental injury or death
Trip interruption or cancellation
Delayed travel owing to weather issues
Stolen or lost luggage
Emergency treatment on sickness
Etc…
It is important that every individual must understand the need for travel insurance which may be required at times of emergency situation.
You must be clear in finding the right travel insurance that well suites you rather than finding the best one available with coverage that does not fit your requirement.
