Insurance Guide
Types of Insurance Plans:
MAJOR MEDICAL PLANS
Major Medical insurance plans are the most commonly sold today. These plans are comprehensive and cover catastrophic illnesses. They include a deductible, co-insurance, out-of-pocket limit, and a high maximum coverage limit. The limits apply to the entire treatment rather than for specific services.
CATASTROPHIC PLANS
These plans project the cost of losses due to a catastrophic event. Catastrophic events include injuries, diseases, or anything that might require long-term hospitalization or treatment. With catastrophic insurance, you save money if you're healthy. But if something drastic happens, you're covered.
GUARANTEED ISSUE HEALTH INSURANCE PLANS
Guaranteed issue health insurance plans are available to people who do not qualify for standard full-coverage major medical insurance. Virtually everyone qualifies because pre-existing conditions or other health related issues such as cancer, diabetes, stroke, heart condition, depression, etc. do not apply. Guaranteed issue health insurance policies cover many aspects of medical attention, including inpatient, outpatient, doctor visits, and hospital visits. Most guaranteed issue policies are also guaranteed renewable.
GUARANTEED ISSUE LIFE INSURANCE PLANS
These are whole life insurance policies, that don’t require a medical exam or medical history – no one can be turned down. And since it's a permanent life insurance, the premiums do not change, nor does the death benefit. Most guaranteed issue life insurance policies have a limited death benefit amount (you'll have a hard time finding a policy for more than $50,000). If you have trouble obtaining other insurance policies because of a health condition, and expect to live for at least two years, guaranteed issue life insurance might be your only option.
HIGH-RISK PLANS
Certain medical conditions, lifestyles, professions, and sports activities carry a greater risk of injury and illness. Medical insurers perform actuarial studies to discover the high risk medical conditions, lifestyles, professions, and sports activities that result in loss of revenue. These plans specify the health exposure to be covered and the amount of the corresponding benefit. Since health conditions can improve, it is wise to reevaluate your need for high-risk health insurance periodically.
NO HEALTH QUESTIONS PLANS
These plans do not ask any health questions that would be used to eliminate persons from qualification of a plan. Guaranteed Health and Guaranteed Life plans fall under this category.
DENTAL PLANS
These plans provide dental coverage. Plans can be for an individual or for a family. The insurance company usually pays between 50% - 80% of the family or individual fees for covered procedures; the remaining 20% - 50% is paid by the client. Many times, these plans have pre-determined deductible amounts. Dental plans also can limit the amount of services covered within a given year and pay them based on various fee schedules.
VISION PLANS
Vision insurance is a type of health insurance that entitles you to specific eye care benefits defined in the policy. Vision insurance only supplements regular health insurance. It reduces your cost for routine eye care like eye exams, glasses and contact lenses. Some policies offer discounts for surgeries including LASIK or PRK. It is called vision insurance because it only covers treatment related to vision, not eye health. Regular health insurance plans cover eye injury or disease.
INDIVIDUAL PLANS
These are medical plans that cover individuals only.
FAMILY PLANS
These are medical plans that cover all members of the family.
401K PLANS
These plans are profit-sharing plans offered by an employer which allow an employee to choose between taking income in cash or putting the income into a qualified plan and deferring that portion of income from being taxed. Many times employers will offer to match the employee’s contribution.
EMPLOYEE BENEFITS PACKAGE PLANS
These plans cover life, health, dental, vision, 401K, etc. They are designed for an employer to offer to his/her employees.
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