its importance has increased even more. It is necessary to know its conditions before getting insurance, although it is difficult for the common people to understand the terms of the insurance contract. The terms, conditions and terms of insurance of an insurance contract are difficult for anyone to understand. Today we are going to tell you about some such technical words.
In a co-payment, the policyholder pays a portion of the insurance claim. Co-payment refers to the option of sharing a pre-determined percentage of the claim amount between the insurer and the insurance company. In this, the insured person agrees to bear some percentage of the total claim amount out of his pocket.
Cut or deductible
This arrangement also helps in reducing the premium as this arrangement gives relief to the insurer from a part of their liability. The higher the deductible, the lower the premium.
Day care treatment
It refers to the treatment or operation performed in the hospital or day care center under general or local anesthesia for less than 24 hours. Day care treatment does not include OPDs. Some common day care treatments include cataract surgery, coronary angiography, chemo therapy, dialysis, etc.
Expenses before and after hospitalization
Keep in mind that the period of 30 to 60 days before hospitalization is considered pre-hospitalization whereas the period of 90 to 180 days of hospitalization is considered as post-hospitalization. Diagnostic tests, consultations etc. are included in the expenses before hospitalization. The expenses incurred after hospitalization include follow-up medicines, investigations, physiotherapy, dialysis, chemo treatment, etc.
Free look period
The period of 15 days from the date of receipt of the policy document is called free look period. During the free look period, you can analyze again whether a particular plan is right for you or not. If you do not like the policy in the pre-look period, it can be canceled and the premium will be refunded. However, in case of cover, the insurer will charge you for administrative expenses.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.