Medical Insurance Meaning, Synonyms, Antonyms, Translation, Use Cases

Medical Insurance

Have you ever thought of being medically insured? Or are you looking at going into it? If yes, there are things you need to know concerning what it is all about.

In today’s word for the day, we will give you some highlight on the meaning, synonyms, antonyms, translation, and how you can comfortably put the word in a sentence.

Meaning

Medical insurance is Known as “medical aid” in South Africa. It is a type of insurance that covers the whole or part of the risk of a person incurring medical expenses.

As with other types of insurance, the risk is shared among many individuals.

Estimating the overall risk of health risk and health system expenses over the risk pool, an insurer develops a routine finance structure. It can be a monthly premium or payroll tax, which provides the money to pay for the specified health benefits.

The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity.

According to the Health Insurance Association of America, It is also defined as “coverage that provides for the payment of benefits as a result of sickness or injury.” 

It covers losses resulting from accidents, medical expenses, disability, or accidental death. 

 

Synonyms

  • medicaid
  • medicare
  • sickness insurance
  • health plan
  • health insurance scheme
  • social security
  • welfare
  • private health insurance

Healthcare insurance – “Our comprehensive range of benefits includes pension and healthcare insurance.”

  • health care
  • insurance policy
  • major medical insurance
  • care insurance
  • health coverage
  • insurance company
  • life insurance
  • medical coverage
  • socialized medicine

 

Antonyms

  • consternation
  • hazard
  • loss
  • trouble

 

Translation

 First recorded in 1900–05.

The word medicine comes to us from the Latin medicina, the verb root of which is mederi, to heal, a thoroughly respectable derivation.

It is related to Medea, the enchantress.

This word medicine, was also in Old English laece craeft (“Leech-craft”), indicates that medicine in Anglo-Saxon days was limited to the use of leeches to suck out disease with blood.

The word leech is the Middle English leche and actually meant a physician as well as a conjurer.

 

Use Cases

  • All senior employees within our organization enjoy benefits such as a company car, a pension, and medical insurance
  • Sharp increases in premiums for medical insurance will force rising numbers of companies to scrap the benefit.
  • According to the Census Bureau, around one in seven Americans was without medical insurance last year.
  • Figures suggest that 11 percent of the state’s residents do not have medical insurance.
  • If you want private medical insurance once you stop working, you will have to be prepared to pay substantial costs.
  • “even though he had medical insurance, he was still left with a lot of bills after his back injury”.
  • His life as a man is built around medical insurance and tax services.
  • College students and other young people can stay on their parents’ medical insurance until they are 26.

 

Video Explanation on Medical insurance

This video will give you a further explanation of the meaning of medical insurance.

 

 

Summary

When you get ill, wounded, or incapacitated, medical insurance helps you cover your medical costs. Along with having to pay hefty medical or hospital fees, you might not be able to work while you heal.

You may receive cash payments from some health insurance policies to assist with the cost of long-term care or medical treatment.


Both short-term and long-term insurance are available. Long-term insurance contracts cannot be cancelled without your permission. In the case of short-term plans, insurers reserve the right to cancel them after giving you sufficient notice.

 

Frequently Asked Questions

 

Which is best medical insurance?

Blue Cross Blue Shield made our ranking due to their healthcare options for individuals who work remotely and need to buy coverage on their own. This includes the option to buy coverage that works in all 50 states and global health insurance for short-term or long-term travel.

Why is health insurance so expensive?

“The driving factor for why health insurance is so expensive is that health care is so expensive,” says Louise Norris, a licensed health insurer based in Colorado. She’s also the author of The Insider’s Guide to Obamacare’s Open Enrollment. “The price of health care in this country is really high.”

A report from the Kaiser Family Foundation, insurers said they had to increase premium costs included due to the continued cost of COVID-19 testing.

How can i get a health insurance?
 

If you need to buy health insurance, you’re in good company. In 2020, the number of uninsured people in the United States increased (for the fourth year in a row) to approximately 30 million individuals.

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