When shopping for a new global helath insurance policy it can be difficult to understand the terminology, terms, and conditions. The following introduces some key terms to help you.
Insurers offer a range of plans with various levels of geographical coverage and portability. BrokerFish offers policies providing worldwide area of cover, or other levels of coverage which can exclude the USA, North America, Certain Asian countries, or more regional cover plans such as plans designed for South East Asia, Europe, Latin America. We also provide plans which are designed for residents of a single country. Contact us to discuss your geographical coverage and plan portability needs.
The money you pay to the insurance company. Premiums are paid monthly, quarterly, semi-annually or annually. Increasing the deductible reduces the premium of the policy.
Sometimes called a policy excess, it is the amount of money that you pay before the insurer will start paying for medical treatment costs. Some insurers offer an annual deductible but others apply it per medical condition per year. Choosing a plan deductible often helps manage the cost of a policy and help it to be affordable over the longer term.
Direct-billing is the term used by insurers to describe the relationship they have with certain medical facilities which allows certain types of medical treatment to be billed directly between the facility and the insurer. Medical facilities may have this applied for both in and out-patient treatment or in-patient treatment only.
Medical underwriting is the process insurers use to assess an application for coverage. There are various forms of underwriting and some insurers offer the applicant a choice of which form they prefer their application to be assessed with. Some common forms of underwriting are fully underwritten, moratorium and continuous terms.