Health insurance jargon explained. Image source: brooksinsurance.com.
When choosing an international health insurance plan, the jargon used can make the whole process seem more than a little baffling. Here is a list of phrases that will be useful to know when researching your health insurance options.
Co-payment (Co-pay) is a small fixed amount, determined by the health insurer, that the insured person must pay every time a medical service is accessed.
Coinsurance is the percentage your insurance will pay to cover your healthcare costs after any deductibles and co-pays have been met.
Deductible is the amount of money the insured person pays each year in order for the health insurance company to reimburse them for the covered health care expenses.
Incurral Date is the date on which treatment was received. Insurers will refer to this date when processing any claims. For example, if the policyholder goes into hospital for surgery on June 1st the insurance paperwork will refer to this date as the incurral date.
Inpatient Care is the health care that the insured person will receive if they stay overnight in hospital.
Lifetime Maximum is the maximum amount that an insurance company will pay throughout your lifetime.
Limited Policy only covers certain incidents, such as specific accidents or illnesses.
Out-Of-Plan refers to healthcare providers not in your insurers network, this may include other healthcare providers, hospitals or physicians for example. Not all health insurance plans will cover out-of-plan services, or may only party do so.
Pre-existing Condition is any known health condition or illness the policyholder must declare before signing the health insurance contract. Not declaring pre-existing conditions will likely invalidate your insurance. Pre-exisiting conditions include diabetes, high blood pressure, pregnancy, and they may or may not be covered by your plan.
Premium is the actual cost of your insurance plan. The higher your premium the higher your coverage, and therefore you will pay less for medical bills.
Hopefully you will find these phrases useful, so that it will be less daunting next time you have to face choosing an international health insurance plan or provider.