What is the difference between premium and benefits | ||
Question: An insurance premium is the fee paid by the policy holder to the health insurance provider, which entitles them to the benefits under the health insurance policy. The insurance premium is usually paid once per year, but it can also be paid per month or per day, depending on the agreement between the insurer and policy holder. The insurance premium is normally calculated by the age and residential location of the policyholder. Other factors can influence a premium amount, such as the medical benefits desired by the policy holder or premium saving benefits such as deductibles. The health insurance policy is a contract between the insurer and the policy holder. The health insurance policy will include a list of benefits that the policy holder is entitled to. Typical benefits of a health insurance policy will include inpatient and outpatient cover. Other types of benefits can be included on a health insurance plan, such as maternity, dental, member and premium saving benefits. Inpatient Benefits: Ambulance Hospital Accommodation Intensive Care Nursing Surgery Rehabilitation Outpatient Benefits: Doctor Consultation Health Check up Diagnostic Tests Vaccinations Prescription Medications Rehabilitation Maternity Benefits: Prenatal and Postnatal Care Normal Delivery Birth with complications Cesarian Section Midwife Home Birth Dental Benefits: Routine Check up Scale and Polish Dental Accident Restorative Dental (Fillings, Root Canal) Major Dental (Braces, Crown, Bridge) Orthodontic (Braces) Member Benefits Health and Well Being services Medical, Security and Legal Advice Second Opinion Medical Service Comprehensive Health Screening Checks Discounts on health care services Emergency Helplines Claims and Customer Service Helplines Premium Saving Benefits: Deductibles - policy holder pays for their medical treatment up to a certain amount, before receiving reimbursement from the insurance company. Geographic Area of Coverage - exclusion of medical cover in certain geographic regions such as the United States can reduce the price of a premium. For more information on the definitions of insurance terms or any other health insurance inquiry, please contact us today. |
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