Important Terms Used In Your Health Insurance Policy

If you want to know about health insurance in-depth, it is essential to recognize the definition of frequently utilized health insurance terms. Here are few health insurance important terms described so that customers can easily understand them:

Claim

Bima Plus Health Insurance Advisor in Noida Sector 10 defines claim is here: The reaching procedure to the insurance agency for compensation of the expenditure acquired by policyholder throughout hospitalization and medical treatment is known as filing a claim.

Beneficiary

The beneficiary is considered a person or family member who can get insurance benefits after the policyholder’s demise during the insurance plan tenure.

Cashless Claim

Insurance agencies pay insurance claim straight to the hospital is called the cashless premium. However, the sole term and condition are that policyholders should get treatment from those hospitals that come under the insurer’s network.

Floater Policy

Floater policy refers to a policy in which entire family members get converge in one insurance plan with a solitary sum insured. Any family member can utilize the floater policy for infinite times until the utmost amount insured value exceeds. You can consult Bima plus Health Insurance Advisor in Noida Sector 21 for more clarity.

Premium

The amount a policyholder agrees to pay a year for your insurance policy. The premium amount increases according to the coverage and benefits.

Deductible

The expenditure you will have to pay prior to the insurance agency start making payments for coverage expenses is called the deductible. The ideal health insurance comes with lesser or zero deductibles.

Pre-existing Conditions

It stands for the already present ailment, diseases, and injuries insured person has throughout or inspected, cured within 2 years before buying the insurance policy.

Domiciliary Hospitalization

When a patient gets treated at his/her home rather than hospitals, it is known as Domiciliary Hospitalization. Several health insurance plans give Domiciliary Hospitalization benefits if the surgeon or doctors prescribe it.

Exclusions

Exclusions stand for the ailments, medical expenditures, injuries, health conditions that are not protected by the agreed health insurance plan. There are two categories of exclusions: (1) permanent exclusions (2) exclusion for the specific expenditure of a prearranged waiting term.

Cumulative Bonus

A cumulative bonus is a surplus sum assured in case of claim-free renewal. It will be added to the renewed insurance plan. The range of cumulative dividends is 5% to 10%, generally.

Wrap up

In case you don’t understand any of the above-described health insurance terms, you can interact with Health Insurance Advisor in Noida Sector 2 at Bima Plus. You can also explore the internet for the same.