MEDICAL,USA: 1. Contract between the policyholder and/or member and insurance carrier or government program to reimburse the policyholder and/or member for all or a portion of the cost of medically necessary medical care rendered by health care professionals. 2. General category generic term that includes many types of insurance coverage such as insurance that applies to lost income arising from illness or injury—disability income insurance, accident and health insurance, hospital confinement insurance, hospital expense insurance, surgical expense insurance, major medical insurance, dental expense insurance, accidental death and dismemberment insurance, and medical expense insurance. Insurance may be obtained on either an individual or a group basis. Also referred to as medical insurance .
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A policy that will pay specifies sums for medical expenses or treatments. Health policies can offer many options and vary in their approaches to coverage.
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Health Insurance is a way to distribute the financial risk associated with the variation of individual’s health care expenditures by pooling costs over time (Pre-payment) and over people (pooling). (OECD 2004). The Health Insurance Insurer undertake to indemnify an individual against expenses incurred due to any variation in their health. It collects an upfront contribution from an individual (commonly known as premium) and pools it over many people.
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Protection against the costs of lost income and hospital and medical care arising from illness or injury, also accidental loss of life, limb, or sight. Also called accident and sickness, accident and health, sickness and accident, or disability insurance.
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Section 2(f) of the IRDA Registration of Indian Insurance Companies Regulations 2000 defines health insurance business or health cover as “the effecting of contracts which provide sickness benefits to medical, surgical or hospital expenses benefits whether in-patient or out-patient, on an indemnity, reimbursement, service, prepaid, hospital or other plans basis, including assured benefits and long term care.