Five of the most common insurance terms to know

One thing we understand about the world of insurance is that it can be confusing sometimes. There are many terms and situations that make it less easy to understand, unless you’ve done some research to catch up to speed.

Consider this as one such piece of research as you consider medical insurance during your trip. We’ve gathered five of the most common terms you will see, and defined them for you in this convenient space. This can apply not only to the insurance you should purchase before heading out on a journey, but also to the insurance you may already have for your routine home life.

Here’s a look at some common terms that often are a part of the insurance world, with even more listed on our website.

Co-pay
This is the flat fee for healthcare services each time you use your insurance. Different co-pays exist for other services, from office visits to emergencies to prescriptions.

Deductible
This is what you pay out-of-pocket before the insurance pays for any expense. Once you pay, or “meet,” the deductible you possibly are responsible for a different portion, depending on the plan.

Medical evacuation

This concerns the emergency transportation to get you care as fast and safely as possible. Medical evacuation happens when local providers can’t give you proper diagnoses or provide the equipment or expertise needed and you must be sent elsewhere.

Pre-existing conditions
What this means is that you have a specific health condition before the date that your health coverage begins. Among the common types of pre-existing conditions noted by insurance are diabetes, cancer, asthma and pregnancy.

Premium
This is the cost that you will pay to receive insurance coverage. This can be shown either as an annual, monthly or daily rate. Some plans account for the premium to be paid monthly, while others may ask for the premium completely up-front.

Customizable suggestions for your insurance needs

No matter where you’re headed, or your familiarity with insurance, medical coverage for emergencies is a must for anyone planning a visit to a foreign country.

Lewerglobal can provide insurance that includes customizable maximums and deductibles, coverage for COVID-19 treatment, trip interruption transportation benefits, and more. To see the range of what we can offer you for medical coverage, go to our website.