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Medicare Insurance Terms Glossary

If you are new to Medicare, there are probably a lot of unfamiliar insurance terms which can be confusing. To better help you understand your options; the following is a list of some of the most common terms used in the health insurance market.

  • Agent - This is the person authorized by the insurance company to conduct business on their behalf. Any agent must possess a license from the IRDA.
  • Claim - This is filed by the consumer in order to get reimbursement for his/her medical expenses.
  • Coverage Amount - This is the allowable amount payable during a claim. Sometimes it is also called a sum assured or sum insured.
  • Disability Insurance - This is the amount paid to the insured every month in the event of partial or total disability.
  • Exclusions- These are the illnesses which treatments are not covered by the health insurance policy.
  • Floater Policy - This is the insurance policy that can cover the whole members of the family. This is only a one insurance policy that has only one premium.
  • Group Insurance - This policy is usually bought by an association or a firm in order to insure the members of their group.
  • Insurance Policy - This is a contract between the consumer and the insurer or the insurance company. The consumer pays a particular amount to the insurance company in return for the insurance coverage that he/she receives.
  • Personal Accident Policy - This is a type of insurance policy which has fixed benefits wherein a specific amount of money is paid in case of specified events. These events might lead to the person's death or disability.
  • Pre-existing Condition - This refers to the particular illness that the person already had when he/she purchase his/her health insurance plan.
  • Premium - This is the amount that the insurer receives from the insured, it is also known as the cost of the insurance policy.

Medicare Is Simple is the best solution for your health care requirements. Sometimes finding the high quality health insurance plan can be intimidating especially if it's your first time. Medicare Is Simple sees to it that their clients are well educated so that they can choose the best health insurance plan that they can fully understand.