1. Maximum amount of income that a person can earn and still qualify for health insurance. 2. Maximum amount of income protection an insurance company will issue.
Tag: MEDICAL
Income protection insurance policy
Type of disability income policy that states that an insured is disabled if he or she suffers an income loss due to a disability.
Income rate
Ratio of income tax revenues on an incurred basis (payroll tax contributions and income from the taxation of Old Age, Survivors, Health and Disability Insurance [OASDI] benefits) to the health insurance taxable payroll for the year.
Income replacement ratio
Percentage of pension income that a retiree would require after retirement to retain a standard of living that is equal to his or her preretirement standards. Because a retired individual’s expenses are less when retired, this ratio is usually less than 100%.
Incomplete claim
Any Medicare claim missing required information; such claims are identified to the provider so that they may be resubmitted.
Increase in coverage
Additional health insurance benefits for an individual or group because of a change in class, wage or salary increase, occupational promotion, or negotiated benefits.
Increasing term insurance
Type of term insurance in which the death benefit increases during the coverage either at specific intervals, by a certain amount or percentage, or according to the cost of living.
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UK: Term insurance for individuals uncertain as to future life insurance requirements. A five-year policy may offer without further evidence of health options to: exte the policy term; increase the sum insured by 50 per cent; convert to a whole life or endowment subject to an age limit of 60.
Incremental nursing charge
In the hospital setting, a nursing service fee that is assessed in addition to the room and board charge.
Incur
To suffer or become liable for a financial loss, medical claim, or health expense such as when a health insurance plan is legally responsible and must pay on a claim for an insured.
Incurred basis
Costs based on when the medical service was performed rather than when the payment was made.