Types of Health Insurance


Health insurance is designed to protect against loss of income and expenses for medical care. There are two broad categories of health insurance policies: disability income policies and medical expense policies.

Disability income policies can also be referred to as loss of income, loss of time or replacement income. This type of policy will pay benefits to an insured who is disabled and can no longer work to earn a regular income. Payments can be weekly or monthly depending on the policy.

Medical expense policies are represented by a wide range of coverage from very minimal to comprehensive packages with multiple coverage. Some include both accidents and illnesses, various hospital expenses and other costs pertaining to medical care such as accident and sickness policies, hospital-stay policies, basic medical expense policies and major medical expense policies.

Any of these policies might cover various combinations of the above and may be paid in a lump sum.Some policies cover only accidents and not illness. As you might imagine, policies like this are very specific about what is considered an accident.

It is important to understand what is defined as an accident as it pertains to the health insurance industry: an accident is an event that is unforeseen and unintended.

Keep in mind that any discussion of this type of policy also applies to any type of policy that includes accidental coverage, not just accident specific policies.

Accident benefits are most commonly paid for accidental loss of life (also called accidental death), accidental loss of limb or sight (dismemberment), loss of time and/or income, hospital expenses, surgical expenses, and medical expenses like visits to the doctor.

Accidental death benefit can also be referred to as “principal sum.” This type of coverage should not be confused with life insurance. There is a world of difference between the two. Life insurance policies will generally be paid regardless of the cause of death. An accidental benefit is paid ONLY if the death is accidental as opposed to a death by natural causes or illness.

The person who receives the death benefit is called the beneficiary. The policy owner has the right and responsibility of naming beneficiaries. Usually there is a primary beneficiary however he/she can assign a second and even a third beneficiary.

The primary beneficiary is the first person in line to receive the benefit in the event of the death of the policy holder. The policy owner can also name a second beneficiary who would receive the benefit in the event the primary beneficiary dies before the insured. Some policies can include a third beneficiary who would be in line after the first two.

There is another important element in regard to accident policies: An accidental death may not be instant. A person can die as a result of an accidental injury months after the accident occurrence. Read your policy carefully because most stipulate that the accidental death benefit will only be paid if death occurs within three months of the accident.


24 comments:

Life Insurance in India said...

In present time, life insurance has become an integral part of human life; therefore, large numbers of people opt for life insurance plans. I like your Life Insurance Blog.

General Liability said...

When you decide to get health insurance you need to consider all the possibilities thats may happen otherway, you also will need general liability insurance and information about it.

Sally Johnson said...

Great article. I didn't know there were so many types of health insurance. I wonder if insurance in kitchener offers health insurance?

Health Insurance said...

The article describes the different types of Health Insurance offers available and how they can benefit a person.The article describes the development and description of different health insurance providers in India.

insurance said...

I think you’ve made some truly interesting points.
Solid, well-conceived, well-executed post.
Insurance

Aaron Grey said...

Hi, Nice post thanks for sharing. Would you please consider adding a link to my website on your page. Please email me back. Thanks!

Aaron Grey
aarongrey112@gmail.com

Mamoun alsbbagh said...

nice post thank you for sharing
http://insurancetips200.blogspot.com/

Dorthy Packer said...

Thank you for posting this information on the different types of health insurance. Are these types of health insurance that you talked about the same as the health insurance in calgary? I will be moving there soon and I would love to learn about their policies. Thank you for your help!

Karen Ross said...

I am getting quite expensive policies but that doesn't all into my budget. I need one that is affordable but is not getting ways to lower the price but now after having a look at your post I got the way to make it affordable.

Thanks&Regard's
Personal Injury Attorney Las Vegas

chicagoautoinsurance said...

Chicago Auto Insurance
Very Good Post.
Decent gen nowadays.
Cheers for sharing with us.

illinoisautoinsurance said...

Illinois Auto Insurance
Very Nice Post.
Very Good information.
Thanks for sharing with us.

illinoisautoinsurance said...

New Jersey Auto Insurance
Very Good Post.
Decent gen nowadays.
Cheers for sharing with us.

Fred Haro said...

The info you provided in the blog that was really unique I love it!!! car insurance rate

Arizona Auto Quote said...

Very good information has been posted in this post about health insurance quotes. I really like the information that you have shared. Mostly Arizona auto insurance companies offer medical expenses of person along with auto insurance.

Nilesh Bhatia said...

great work,bro!!! Check this out for all your insurance needs!
http://insurancechambers.blogspot.com/

Jak Manson said...

I am trying to help one of my friends get some liability insurance, but we both do not know where to start or who to trust. We do have a friend that has recommended http://www.insgrp.net/general-liability-insurance.html and says that they can help us out. We both do not know them very well and I was wondering if anyone has any kind of information on them.

Dimpy Lotey said...

Thanks To Share This Very Useful Information With Us You Also Can Try The Given Link If You Want To Know That How Insurance Is Very Beneficial For Us.

Insurance In Edmonton

Auto Insurance In Edmonton

Health Insurance In Edmonton

Home Insurance In Edmonton

http://www.carinsuranceinedmonton.ca

http://www.carinsuranceinedmonton.ca

insuranceguidetips.com said...

Where can i get the best insurance in canada?

Keshav Thakur said...

Latest installment of the x-men series has been launched and this part of x-men is very interesting to watch. As we know the director of the x-men movies do best work to make the movie best, at the next weekend this movie will be launched and we can enjoy this movie online free over the internet. So are your ready to…


Watch X-Men: Days of Future Past Online Free

Watch X-Men: Days of Future Past Online Free

Watch X-Men: Days of Future Past Online Free

Watch X-Men: Days of Future Past Online Free

Mary Lisa said...

Watch Edge of Tomorrow Online Free

Watch Edge of Tomorrow Online Free

Watch Edge of Tomorrow Online Free

Watch Edge of Tomorrow Online Free

Watch Edge of Tomorrow Online Free

Mary Lisa said...

Watch The Fault In Our Stars Online Free

Watch The Fault In Our Stars Online Free

Watch The Fault In Our Stars Online Free

Watch The Fault In Our Stars Online Free

Watch The Fault In Our Stars Online Free




Mary Lisa said...

Watch 22 Jump Street Online Free

Watch 22 Jump Street Online Free

Watch 22 Jump Street Online Free

Watch 22 Jump Street Online Free

Watch 22 Jump Street Online Free

Mary Lisa said...

Watch How to Train Your Dragon 2 Online Free

Watch How to Train Your Dragon 2 Online Free

Watch How to Train Your Dragon 2 Online Free

Watch How to Train Your Dragon 2 Online Free

Watch How to Train Your Dragon 2 Online Free

Mary Lisa said...

Watch Transformers: Age of Extinction Online Free

Watch Transformers: Age of Extinction Online Free

Watch Transformers: Age of Extinction Online Free

Watch Transformers: Age of Extinction Online Free

Watch Transformers: Age of Extinction Online Free

Post a Comment

Powered by Blogger.