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Friday August 18, 2017
Types of Health Insurance
Types of Health Insurance

Before speaking about the types of health insurance, let's look through the list of common types of insurance. There 5 main types of insurance:

  1. Health insurance (it includes accidental death insurance, vision insurance, dental insurance, disability insurance, etc.)
  2. Life insurance (permanent and term life insurance, whole life insurance, etc.)
  3. Business insurance (errors and omissions insurance, professional liability insurance, professional indemnity insurance, etc.)
  4. Residential insurance (earthquake insurance, flood insurance, property insurance, home insurance, etc.)
  5. other (crime insurance, terrorism insurance, weather insurance, phone insurance, vehicle insurance, etc.)


Now let's study the main types of health insurance. Types of medical insurance:

Accidental Death and Dismemberment (AD&D) insurance. AD&D insurance is offered by group insurers and provides benefits in the event of accidental death. It also provides payments for certain types of body injuries (e.g., loss of a limb or loss of sight) when they are the direct result of an accident.

Dental insurance. Dental insurance covers all the expenses connected with dental care. Besides, there is also specified dental care insurance. Discount dental programs are also available. These do not constitute insurance, but provide participants with access to discounted fees for dental work.

Disability income insurance. Disability income (DI) insurance provides payments for those people who lose their ability to work due to injury or illness. For most working age adults, the risk of disability is greater than the risk of premature death, and the resulting reduction in lifetime earnings can be significant. Private disability insurance is sold on both a group and an individual basis.

Long-term care insurance (LTC) and long-term disability insurance (LTD). Long-term care (LTC) insurance guarantees payments for the cost of long-term or custodial care services made up to minimize or compensate for the loss of functioning as the result of age, disability or chronic illness. LTC is very similar to long-term disability insurance. But nevertheless, there are two main differences between them: LTC covers the expense of a certain type of illness, while LTD replaces revenue during the period the person is unable to work. The second difference lies in the fact that the major reason for LTC is the need for chronic care, while for LTD it is the inability to work.

Vision care insurance. Vision care insurance ensures costs for routine eye care and is typically written to complement other medical benefits. Vision benefits are designed to stimulate routine eye examinations and ensure that appropriate treatment is provided.

Hospital indemnity insurance. Hospital indemnity insurance provides a fixed daily, weekly or monthly spending while the insured is in a hospital. This payment does not depend on actual hospital charges, and is most commonly expressed as a flat dollar amount. These benefits are paid in addition to any other benefits that may be available.

Specified disease insurance. Specified disease provides benefits for one or more specifically identified conditions. Benefits can be used to realize in a primary medical plan or to assist with additional expenses such as transportation and child care costs.

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