Health insurance

(redirected from Medical insurance)
Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia.
Related to Medical insurance: health insurance, Dental insurance

Health Insurance

An insurance policy that provides coverage when the policyholder (or his/her dependent) becomes ill. For example, a health insurance policy may pay for most or all of the costs of a surgery. Health insurance may cover doctor's visits, medical procedures, prescription drugs, and so forth. The policyholder pays a premium each month in exchange for the coverage; additionally, the policyholder often must pay coinsurance and/or a copay for certain procedures. In the United States, many people procure health insurance through their employers because it is often expensive to buy on one's own. Likewise, many people have group insurance to provide medical coverage. A significant amount of debate exists as to the appropriate role of the U.S. government in regulating health insurance providers and whether the government should assume this role directly.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Health insurance.

Health insurance covers some of or all the cost of treating an insured person's illnesses or injuries. In some cases, it pays for preventive care, such as annual physicals and diagnostic tests.

You may have health insurance as an employee benefit from your job or, if you qualify, through the federal government's Medicare or Medicaid programs.

You may also buy individual health insurance directly from an insurance company or be eligible through a plan offered by a group to which you belong. As you do with other insurance contracts, you pay premiums to purchase coverage and the insurer pays some of or all your healthcare costs, based on the terms of your contract.

Some health insurance requires that you meet an annual deductible before the insurer begins to pay. There may also be coinsurance, which is your share, on a percentage basis, of each bill, or a copayment, which is a fixed dollar amount, for each visit.

Health insurance varies significantly from plan to plan and contract to contract. Generally, most plans cover hospitalization, doctors' visits, and other skilled care. Some plans also cover some combination of prescription drugs, rehabilitation, dental care, and innovative therapies or complementary forms of treatment for serious illnesses.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
In such cases the insured had to pay full amount, and then go to the medical insurance centre to collect the reimbursement.
The EHIC is not the only tool used by the ministry in getting people to pay their mandatory medical insurance to the state.
(1) They must be eligible for Medical Insurance (Part B) on the basis of age or disability, but not on the basis of end-stage renal disease.
Best of all, when every consumer is free to switch insurers at any time, medical insurance companies will compete for everyone's business.
Private medical insurance provides financial security against the cost of unexpected or serious illness as well as improved accessibility to innovative treatments both in Cyprus and abroad that otherwise would have been impossible due to the high cost associated with most of the treatments," Kaparis explained.
Medical insurance premiums increased from BD8.4m in 2006 and are expected to reach BD95m in 2015, he added.
Thus, the forms "Tax return on payment of taxes withheld from the source of payment in connection with employment", "Quarterly report on compulsory state social insurance", "Quarterly report on unemployment insurance" and "Report on compulsory medical insurance" are combined into the new "Form (report) of the tax return withheld from the source of payment in connection with employment, compulsory state social insurance, unemployment insurance and compulsory medical insurance".
Chinese authorities have said that they are to combine maternity insurance and basic medical insurance to improve management efficiency and reduce operational costs.
class="MsoNormalPRODUCTIVE class="MsoNormalIdeally, we should not just focus on financial planning for January, but for a lifetime and medical insurance is a key part of this equation.
"Medical costs in the UAE are clearly rising at an unsustainable rate -- if medical inflation continues on its current trajectory the cost of providing medical insurance benefits will become higher than payroll," said Simon Stirzaker, Regional Leader, Health and Benefits, Al Futtaim Willis in a statement.

Full browser ?