So that you can compare and choose health insurance, it is important to know the concepts and know what the “fine print” in your contract means. In this Santander infographic guide, you will find a glossary with the most important terms in the “slang” of insurance companies.
Discover some of these concepts.
Policy
It is the document that contains the conditions of the insurance contract that were agreed by the parties (insurer and insured). It includes the general conditions, that is, those that define the general framework and principles of the contract and that apply to all contracts of the same branch, modality or operation.
The policy also contains special conditions, ie those that complete or specify the general conditions. It also includes the particular conditions that, as the name implies, are added to the contract to adapt it to a particular case. They refer to the risk covered, the duration and start of the contract, the sum insured, premium and other data.
Coverage or guarantee
Refers to the situations or events provided for in the contract that, if they occur, allow the policy to be activated. In the case of health insurance, risks related to the provision of health care are covered, in accordance with the coverage provided for in the contract conditions.
Preexisting disease
Illness that already existed on the date the insurance was taken out.
Exclusion
It is a clause in the insurance contract that defines what the insurance does not cover.
Grace period
Period between the beginning of the insurance contract and the moment when certain coverages can be triggered. Example: If the grace period for dental treatments is 90 days, it means that during that period of time the insurance does not pay for the dental treatments carried out.
Award
Total amount you must pay for insurance. Includes fees and taxes. The premium can be paid in one lump sum or in installments.
insurance proposal
It is the document in which the policyholder expresses the will to enter into the contract and informs the insurer of the risk he intends to insure.
How to choose the best health insurance?
Analysing, comparing and not rushing into a decision are principles that you should follow before choosing health insurance.
It's important to understand what your needs are and if you're going to pay more for what you don't need or if, on the contrary, the low price restricts your options too much.
Therefore, it is important to analyze the characteristics of the products available on the market and see which one is most suitable for your case, as well as to carry out simulations, which allows you to have an idea of what is offered.
In an issue as important as health, it is essential to choose an entity that deserves your trust. If you've already had a good experience or if it was recommended by someone you trust, everything indicates that it could be a good option.
Also find out about other insurance for the family that you should consider taking out.
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