To buy the best medical insurance plans, you must know about the technical terms used in the medical industry. Here is a list of technical terms, often referred to as medical insurance jargon.
- Cancer Insurance: Cancer insurance, also known as cancer care medical insurance plan, is a specialized type of supplementary health insurance intended to deal with the serious financial implications of developing and subsequent treatment of an individual’s cancer condition. Since cancer treatment involves a wide range of diagnostic methods, the cost of caring for a patient can be quite high. On the other hand, cancer insurance is a relatively new phenomenon in the insurance industry at large.
- Co-payment: Co-payment refers to the contract between the medical insurance policy and the policyholder, which mutually agrees on cost-sharing. In other words, the policyholder agrees to pay a certain percentage of the amount himself, and the insurance company pays the rest. These types of plans require one to pay fewer premiums
- Deductible: The cost of treatment that you have to pay before the medical insurance plan company covers the rest of the medical expense. Comprehensive coverage has different benefits and deductibles, which you must be aware of. For example, a health coverage policy can have a low deductible, which means that your medical expenses will not be covered unless the coverage is completely availed. On the other hand, a high deductible health insurance policy means that the insurer will pay only a small percentage of your medical expenses.
- Long Term Care Policy: It is a type of medical insurance plan where the insurer pays a monthly premium to the insured, which will take care of all the expenses for providing the insured with a nursing home, care in a hospital, and also certain types of services like home health aides and certain activities like assisted living. The number of monthly premiums you pay can vary depending on the kind of insurance you opt for. As per Statista, in the fiscal year of 2020, nearly 500 million people across India were covered under medical insurance plans.
- Long-Term Disability Insurance: Long-term disability insurance, also known as long-term income protection, is a kind of income insurance, which is designed specifically to cover prolonged serious medical and disability injuries that prevent you from returning to work for at least three months or more. This includes prolonged permanent disabilities that leave you incapable of returning to work; mental incapacity caused by illness or injury; or critical disabilities that require specialized equipment to perform your job. The insurance takes effect after your original date of coverage expires; therefore, the longer you’re out of work under this type of policy, the more benefits and compensation you will be receiving.
- Sum Insured: Sum insured in medical insurance represents a given amount that is predetermined in advance. It signifies the maximum that a particular person is entitled to receive after the deductions of all fees payable under any contract, including the premiums. Sum insured means the rule of indemnity when there is a claim made against an insured person. Regarding life insurance, one who buys sum assured will be exempted from paying taxes on it.
- Premium: Premium of a sum insured medical insurance plan is the premium charged by the company on a specific value of the death benefit and premium. The company decides the maximum and minimum values of these two premium amounts. When a person buys a sum assured life insurance policy, he will have to pay tax on the premium only if the policy is matured. The death benefit is taxable only if the premium is paid at the time of buying.
- Exclusion: Health insurance exclusion is a pre-arranged condition specifically excluded from your health insurance coverage, usually because of a pre-existing medical condition. For example, if you have a knee condition, any part of knee surgery will be considered a pre-existing condition and thus, would be excluded from coverage.
Buy the Best Medical Insurance Plan
Learn the jargon above for a piece of deeper knowledge on medical insurance plans. This will enable you to make an informed decision. At Care Health Insurance, you will get your desired medical insurance plans at affordable rates.
You must contact us now to receive the best deals.