Premium: The amount you pay to your insurance provider on a regular basis (monthly or annually) to maintain your private health insurance coverage.
Policy: The contract between you and the insurance company that outlines the terms, conditions, coverage, and benefits of your health insurance plan.
Excess: The amount you agree to pay out of pocket before your insurance coverage starts to cover the costs of medical treatment.
Inpatient: A patient who is admitted to a hospital or healthcare facility for treatment and requires an overnight stay.
Outpatient: A patient who receives medical treatment or services at a hospital or healthcare facility without requiring an overnight stay.
Underwriting: The process by which an insurance company assesses the risks and determines the premiums for an individual’s health insurance policy.
Pre-existing Condition: A medical condition that existed before you obtained private health insurance coverage. Some plans may have waiting periods or exclusions for pre-existing conditions.
Benefit: The medical services, treatments, and procedures covered by your private health insurance policy.
Exclusion: Specific medical services, treatments, or conditions that are not covered by your insurance policy.
Waiting Period: The time period you must wait after purchasing a policy before you can start making claims for certain benefits, such as coverage for pre-existing conditions.
Renewal: The process of extending your health insurance policy for another term after the initial coverage period ends.
Claim: A formal request you make to your insurance company to cover the costs of eligible medical expenses.
Hospitalisation: The process of being admitted to a hospital for medical treatment and care.
Specialist: A medical professional with expertise in a specific area of healthcare, such as a consultant surgeon or consultant physician.
Diagnostic Test: Medical tests or procedures conducted to identify or diagnose a medical condition, such as blood tests, X-rays, or MRI scans.
Out-of-Pocket Expenses: The costs you have to pay directly, including deductibles, co-payments, and any non-covered services.
Cash Benefit: A fixed payment made to you by the insurance company to cover a specific medical treatment or service, regardless of the actual cost.
Chronic Condition: A long-term medical condition that requires ongoing treatment and management, such as diabetes or asthma.
Second Opinion: Seeking advice from a different medical professional to confirm or provide an alternative perspective on a diagnosis or treatment plan.
NHS Top-up Insurance: Private health insurance that covers additional medical services and treatments on top of the services provided by the National Health Service (NHS).
