What is cap insurance coverage

The amount of money an insurance plan will pay in total benefits. Once a patient's medical bills reach the total, or cap, the plan will no longer provide coverage. Both lifetime and annual caps were eliminated under the Affordable Care Act.

What does caps mean in insurance?

A cap on the benefits your insurance company will pay in a year while you're enrolled in a particular health insurance plan. These caps are sometimes placed on particular services such as prescriptions or hospitalizations.

What does no cap mean insurance?

No room rent capping in health insurance means you can choose any room in the hospital for the treatment without any maximum room rent limit. Simply put, you can avail treatment, or ICU if required, in any hospital room that you want provided the total claim amount is up to the sum insured.

What is a premium cap?

Cap Premium means, as of any Calculation Date, the lower of the prices quoted by the Pricing Agents for the purchase of a Specified Rate Cap on such Calculation Date.

What is annual insurance?

Annual insurance is actually what most people think of when they think about insurance: coverage that lasts for one full year. For a growing business, an annual policy may be the right move because it minimizes the chance of your coverage lapsing just when you need it most.