Skip to content
Rcl Retail

Rcl Retail

Business Blog

  • Business
  • Branding
  • Retails
  • Networking
  • Management
  • Home
  • Finance
  • Are You Familiar With These Health Insurance Terms?
  • Finance

Are You Familiar With These Health Insurance Terms?

Clare Louise October 27, 2020

Health insurance is a critical part of your financial plan. When it comes to protecting yourself, a health insurance plan should be the first choice. It protects the beneficiaries against financial stress that might occur in times of medical emergencies. Having a safety net in the form of a health insurance policy is the best way to deal with such health ailments.

Selecting a health insurance policy at times can be bewildering. To ease it for you, we have compiled a list of common terms that can simplify the selection process. Let us look at them-

Sum Insured / Sum Assured

The sum insured is the maximum amount of claim payable by your insurance company. In the event of a medical emergency, you need to submit relevant documents to your insurer while making a claim application. Your coverage amount determines the premium of your health insurance policy.

Critical Illness Insurance

Unlike a standard health insurance policy, the insurance company does not pay out the sum assured after availing the treatment. Instead, the payout under critical illness insurance is after the diagnosis of pre-specified diseases. These policies only cover life-threatening diseases like cancers, heart ailments, kidney failures, organ transplants and more. You can either purchase a critical illness plan as a standalone policy or add-on to your base insurance plan.

Cashless Claim Facility

A cashless claim is a mode of settlement by your insurance company. Here, you do not have to pay upfront towards your treatment costs, but instead, your insurance company settles the hospital bills on your behalf.

Cumulative Bonus

Akin to no claim bonus in motor insurance, a cumulative bonus is provided if no claim is made during the policy tenure. The health insurance company increases the coverage of your policy for the same premium. Thus, greater benefits are available at the same price.

Deductibles

A deductible is the amount claim which you, the insured, have to bear before the policy coverage kicks in. A deductible can either be a specific percentage of the claim amount or in terms of monetary value too. This deductible is inversely proportional to the premium amount. The higher the deductible, the lower is the premium and vice versa. Always refer to the policy wordings as specified under your health insurance plan for more details.

Exclusions

Just like a policy provides cover for specified illnesses and treatments, some are excluded too. These treatments that are not covered by your insurance plan are called exclusions, and they differ between plans and insurance companies. Exclusions are of two types – ‘Permanent’, i.e. which are not at all covered by your insurer, and ‘Temporary’, which are covered after a specified policy tenure.

Sub-limit

A health insurance policy covers various treatments under its ambit. However, not all plans cover the entire cost of such treatment. Various sub-limits offer coverage up to a specified amount of expenditure as defined under the terms and conditions of your policy.

Waiting period

Each health insurance policy has a duration for which the insurer does not cover any expenses. This period is called the waiting period. It differs among the various insurers and their plans.

When understanding the crux of your insurance policy, do not forget to compare it with the various plans using a health insurance premium calculator. It will simplify the process of shortlisting a favourable insurance policy. These are a few handy terms that can help you in understanding your insurance policy better. Now that you know about them, it will make your selection process a hassle-free experience.

Continue Reading

Previous: Why To Source Gauge Tools And Thread Taps From China?
Next: Different Types of Claim Settlements for Your Two Wheeler Insurance Policy

Related Stories

The Hidden Advantages of Group Health Plans for Employees
  • Finance

The Hidden Advantages of Group Health Plans for Employees

May 9, 2025
Need Quick Debt Relief in Melbourne? Act Now! debt collection
  • Finance

Need Quick Debt Relief in Melbourne? Act Now!

February 16, 2025
How to Get a Surety Bond Surety Bond
  • Finance

How to Get a Surety Bond

February 12, 2025

Trending News

AI Voice Receptionists: More Than Just Fancy Voicemail 1

AI Voice Receptionists: More Than Just Fancy Voicemail

May 19, 2025
Mastering Communication: The Cornerstone of Business Success 2

Mastering Communication: The Cornerstone of Business Success

May 19, 2025
Bitcoin faucets – Are they still viable in 2025? 3

Bitcoin faucets – Are they still viable in 2025?

May 15, 2025
Online prescriptions delivered to your local pharmacy 4

Online prescriptions delivered to your local pharmacy

May 11, 2025
The Hidden Advantages of Group Health Plans for Employees 5

The Hidden Advantages of Group Health Plans for Employees

May 9, 2025
Maximize Your Mileage: Investing in Well-being with Business Trip Massage 6

Maximize Your Mileage: Investing in Well-being with Business Trip Massage

May 5, 2025
How to Find a Dependable Casting Manufacturer in Illinois 7

How to Find a Dependable Casting Manufacturer in Illinois

April 29, 2025

Advertisement

You may have missed

AI Voice Receptionists: More Than Just Fancy Voicemail
  • Business

AI Voice Receptionists: More Than Just Fancy Voicemail

May 19, 2025
Mastering Communication: The Cornerstone of Business Success
  • Business

Mastering Communication: The Cornerstone of Business Success

May 19, 2025
Bitcoin faucets – Are they still viable in 2025?
  • Business

Bitcoin faucets – Are they still viable in 2025?

May 15, 2025
Online prescriptions delivered to your local pharmacy
  • Business

Online prescriptions delivered to your local pharmacy

May 11, 2025

Latest Post

AI Voice Receptionists: More Than Just Fancy Voicemail 1

AI Voice Receptionists: More Than Just Fancy Voicemail

May 19, 2025
Mastering Communication: The Cornerstone of Business Success 2

Mastering Communication: The Cornerstone of Business Success

May 19, 2025
Bitcoin faucets – Are they still viable in 2025? 3

Bitcoin faucets – Are they still viable in 2025?

May 15, 2025
Online prescriptions delivered to your local pharmacy 4

Online prescriptions delivered to your local pharmacy

May 11, 2025
The Hidden Advantages of Group Health Plans for Employees 5

The Hidden Advantages of Group Health Plans for Employees

May 9, 2025
Maximize Your Mileage: Investing in Well-being with Business Trip Massage 6

Maximize Your Mileage: Investing in Well-being with Business Trip Massage

May 5, 2025
How to Find a Dependable Casting Manufacturer in Illinois 7

How to Find a Dependable Casting Manufacturer in Illinois

April 29, 2025

Marketing

5 Effective Steps to Choose the Right Marketing Channel Right Marketing Channel
  • Marketing

5 Effective Steps to Choose the Right Marketing Channel

Tammy Wilcox August 15, 2024
9 Highly Recommended Affiliate Marketing Courses
  • Marketing

9 Highly Recommended Affiliate Marketing Courses

Eugene Yepez July 9, 2024
Invention Evolution: Adapting and Thriving in a Changing World
  • Marketing

Invention Evolution: Adapting and Thriving in a Changing World

Tammy Wilcox March 5, 2024
What Is Link Building: A Beginner’s Guide
  • Marketing

What Is Link Building: A Beginner’s Guide

Tracy Tannenbaum March 14, 2023

Categories

  • Accounting
  • Architect
  • Branding
  • Business
  • Contractor
  • Featured
  • Finance
  • Industry
  • Internet Marketing
  • Laboratory
  • Law
  • Loan
  • Management
  • Marketing
  • Mortgage
  • Networking
  • Passport
  • Property management
  • Real Estate
  • Retails
  • Software
  • Tech
  • Contact Us
  • Who We Are
© 2024 rclretail.com. All Rights Reserved. | DarkNews by AF themes.