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What is Health Insurance Coverage: Glossary
What is Health Insurance Coverage: Co-Insurance
What is Health Insurance Coverage: Expatriate
What is Health Insurance Coverage: Benefit Limit

 

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Health Insurance Benefit Limit:

If you are looking at health insurance benefits you will often find that an amount of cover has been set for each medical cover within the policy wording.  With health insurance this is often known as a benefit limit.

The health insurance glossary within NowCompare describes the benefit limit as the "point the insurance company will not, or under what conditions reimburse the insured for a specific benefit".

This is an important element of medical cover for a health insurance company as they need to be able to manage and contain their overall risk and costs not only from a regulatory position but also from the point of view that they too may carry re-insurance on the health insurance they provide and it will be the position of the re-insurance company that their exposure to insurance risk will be limited.

In addition to this, the internal benefit limits can reduce the average claim values as it will affect the decision by the insured person on the medical care they receive.

When looking at the difference between an International Health Insurance plan a a local Hong Kong health insurance plan their will be significant variances between the amount of cover within the benefit limits.

Apart from the overall limit on international health insurance being higher, you will also find that the internal health insurance benefits for such things as inpatient hospital cover or outpatient cover also being much higher. You may also find that sections of the health care plan might have limits to number of times they can be used as seen on dental insurance.