Health Insurance

It’s another kind of insurance in which your health is insured id est. the insurer will cover the medical expenses in case of any medical emergency. As in any type of insurance, here also the policy holder(the insured) has to pay a premiums to get the benefit of the insurance coverage during the medical emergency. Similar benefits paying for medical expenses may also be provided through social welfare programs funded by the government.
Other types of Health insurance are:

1. Disability income insurance (Disability insurance): This insurance pays to the policy holder when he/she is not able to work. Unlike the health insurance which bears only the cost of the medical expenses, this pays through out the disability period. This can be purchased on a group basis or individual basis. These policies can be designed to cover long-term disabilities and short-term disabilities.

2. Long term care insurance (LTC): Policies cover the cost of certain types of chronic care, while long-term-disability policies replace income lost while the policyholder is unable to work. For LTC, the event triggering benefits is the need for chronic care, while the triggering event for disability insurance is the inability to work.

3. Medicare Supplement Coverage: These are only available to individuals enrolled in Medicare Parts A & B. Medigap plans may be purchased on a guaranteed issue basis (no health questions asked) during a six-month open enrollment period when an individual first becomes eligible for Medicare. The benefits offered by Medigap plans are standardized.

4. Hospital indemnity insurance: These payments are made in addition to any other insurance coverage that the policy holder is eligible for. Unlike other health insurances these payments are made daily, weekly and monthly basis and the payment amount is independent of the hospital charges.

5. Dental insurance: This you may call it as a stand-alone dental insurance plan since it pays only for the dental care.

6. Vision care insurance: These payments are made to encourage routine eye examinations. Like dental care insurance these payments (coverage) are made only for the routine eye care.

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