Major Medical Insurance
Type of coverage typically offered through a workplace and the Affordable Care Act (ACA) marketplace. A type of health insurance plan that covers essential health benefits, including preventive care services, urgent care visits, emergency room visits, prescription medications, and other routine medical expenses. Meets Affordable Care Act (ACA) requirements, offering comprehensive coverage, including essential health benefits, and out-of-pocket maximums.
Fixed indemnity plans
These plans pay a predetermined amount on a per-period or per-incident basis, regardless of the total charges incurred. Fixed indemnity plans are not considered major medical insurance and don’t cover the 10 essential health benefits mandated by the Affordable Care Act (ACA). Fixed indemnity plans can include provider networks, which allow the insured to pay lower costs if they use an in-network provider. However, the actual cash amount that the insurance plan pays is the same regardless of what medical provider the insured uses.
Medicare Supplements (Medigap)
This an additional insurance policy sold by private insurance companies to help cover out-of-pocket costs associated with Original Medicare (Part A and Part B). It fills the “gaps” in Medicare coverage, hence its name. Medigap policies cover copays, coinsurance, and deductibles for services covered by Medicare, reducing your financial liability. In most states, there are 10 standardized Medigap plan types (A to N), each offering varying levels of coverage and premiums. You can only buy Medigap if you have Original Medicare. Generally, that means you have to sign up for Medicare Part A (Hospital Insurance) and part B (Medical Insurance) before you can buy a Medigap policy.
Life Insurance
A contract between an insurance company and a policyholder, where the insurance company agrees to pay a sum of money (known as a death benefit) to one or more named beneficiaries upon the death of the policyholder. In exchange, the policyholder pays a premium to the insurance company. Term Life Insurance: Provides coverage for a specific period (e.g., 10-30 years). Once the term ends, coverage ceases, and there is no cash value component.
Permanent Life Insurance: Lasts the policyholder’s lifetime, as long as premiums are paid. Includes a cash value component that grows over time and can be borrowed against or used to pay premiums.
Dental Insurance
A type of insurance that helps cover a portion of the costs associated with dental care, including routine preventive services, basic treatments, and major restorative procedures. It is a contract between an individual or employer and an insurance company, where the policyholder pays a premium (monthly or annually) in exchange for coverage. Preventive Care covers routine services like exams, cleanings, X-rays, and fluoride treatments.
Basic Care covers treatments for minor-to-medium damage, such as fillings, extractions, and gum disease treatments.
Major Care covers restorative procedures like crowns, bridges, dentures, and surgeries.
Vision Insurance
A type of insurance that can help you manage the costs of eye care and eyewear. It provides coverage for various vision-related services and treatments, such as routine eye exams, glasses, and contact lenses — helping to reduce out-of-pocket expenses. Some plans offer discounts on elective vision correction surgery, such as LASIK. This type of insurance is often offered as an add-on to larger health insurance packages or as a standalone policy. When considering vision insurance, it’s essential to review the plan’s details, including the scope of coverage, deductibles, co-pays, and maximum out-of-pocket expenses.
Accidental Insurance
Provides cash benefits to help cover medical expenses not covered by your primary health insurance plan and out-of-pocket costs resulting from an injury or accident. This coverage complements traditional health insurance plans, helping to fill gaps in coverage and alleviate the financial burden of these events. This type of insurance typically covers:
Hospitalization and surgical expenses
Rehabilitation and physical therapy costs
Lost income due to disability
Funeral expenses (in the event of accidental death)
Critical Illness Insurance
Also known as Severe Illness Insurance, provides a lump-sum payment upon diagnosis of a specified critical illness, such as:
Cancer
Heart Attack
Stroke
Kidney Failure
Paralysis
Major Organ Transplant
and others
