New Delhi, Sept. 3 -- A health insurance policy can cover a large part of your hospital bill, but it does not always mean you pay nothing from your own pocket. Deductibles and co-pays are two policy features that can leave consumers paying a part of the medical expense even when the treatment is covered.

The difference matters because a deductible is generally a fixed amount, while a co-pay is linked to the size of your claim. On a small hospital bill, a co-pay could cost you less than a deductible. But as the claim gets larger, the same co-pay percentage can translate into a much bigger out-of-pocket expense.

This makes it important to look beyond the premium when comparing health insurance policies. A policy with a lower premium may c...