Why You Need Health Insurance: Other types of Health Insurance - HealthCompare

Why You Need Health Insurance

Other Types of Insurance

There are many different types of insurance. . .

There are the main ones, like Indemnity Plans and Managed Cares Plans. . .

•  . . .and there there the other, more niche, insurance plans.

Other Types of Insurance

•  In this presentaBon, we’ll explore some of the more niche types: – Discount Medical Plans and why they’re not insurance.

– Short-‐term Insurance – CriBcal Illness Insurance – Disability Insurance – Worker’s CompensaBon Insurance – Travel Insurance

Discount Medical Plans

•  WARNING: Discount Medical Plans are NOT insurance.

•  When you buy membership, you are buying access to a roster of care providers that offer significant discounts to members.

•  So, be wary of adverBsing claims such as, “no deducBble or co-‐ pay,” or “pre-‐exisBng condiBons covered.”

•  Discount Medical Plans can help if you don’t have other insurance. . .

. . .but are not a replacement for more extensive coverage.

Discount Medical Plans, cont.

•  Reputable plans can help people who can't afford or find insurance get discounted rates.

•  Discount medical plans may lower your out-‐of-‐pocket costs, but they will not protect you from the financial costs of a medical emergency.

Short –Term Insurance

•  Short-‐term health insurance can offer low-‐cost protecBon to cover the gap for people transiBoning from one insurer to another

Photo by ajmunn

Who Might Need Short-‐Term Coverage?

•  People leaving home for the first Bme •  A part-‐Bme employee

•  People In need of student health insurance •  Students graduaBng from college

•  People taking early reBrement

What’s the Benefit of Short-‐Term Policies?

•  Short-‐term policies provide low-‐cost coverage and can be purchased in one-‐month increments, usually providing coverage of up to $1 to $2 million per person. *

–  *An increasing number of insurers now offer short-‐term health policies and compete for business through very compeBBve plans. Such as plans found on www.healthcompare.com

CriBcal Illness Insurance

•  TradiBonal health insurance does not cover lost wages or similar costs that can arise during illness.

•  Contract terms for a criBcal illness supplemental policy have specific rules that define when a diagnosis of a criBcal illness is considered valid and in most cases, a physician will need to confirm it.

When Should You Consider CriBcal Illness Coverage?

•  Consider CriBcal Illness Insurance if you are worried about the bulk costs of a major injury or illness

CriBcal Illness Insurance compensates

you for lump sums

Pic by: D. Gordon E. Robertson

Disability Insurance

•  There are two kinds of Disability Insurance:

•  Short-‐term. . . • . . .and Long-‐Term.

When you begin considering this coverage, think about how long you’ll need it.

Short-‐Term Disability Insurance

•  Short-‐term disability insurance provides an income for the iniBal stages of disability, paying benefits for a defined length of Bme that might be as few as two weeks or as long as up to two years.

•  Employers typically include short-‐term disability as part of an employee benefits package

Long-‐Term Disability Insurance

•  Long-‐term disability insurance helps replace income for long periods of Bme.

•  Benefits generally end a]er five years or when the disabled individual turns 65.

Worker’s CompensaBon Insurance

•  Worker’s compensaBon insurance protects employers from lawsuits resulBng from workplace accidents.

•  Worker’s compensaBon is required in nearly every U.S. state, although state laws vary for the governance of workers compensaBon

Pic by: Joe Mabel

What Benefits do they Provide? •  Medical care to employees injured on the job and compensaBon for lost income.

•  In the event of death, worker's compensaBon will disburse benefits to surviving spouses and dependents.


•  There are two things you should keep in mind when considering worker’s compensaBon insurance. . .


•  Worker's compensaBon insurance is not part of any health insurance policy or group plan and must be purchased separately by employers.

•  Worker's compensaBon is a "no fault system," meaning you cannot later sue your employer for further damages


•  And this brings us to our last subject today . . .

Travel Insurance

Photo by ajmunn

How EffecBve is Travel Insurance?

•  Travel health insurance coverage can be as flexible as your traveling schedule.

•  Travel health insurance plans range from as few as five days or for Bme periods lasBng over a year.

•  If you are planning to be out of the country for more than six months, you need a long term health coverage plan.

What Does Travel Insurance Offer?

•  Typically these plans provide coverage for accidents, emergencies and illnesses.

•  If you seek medical aeenBon for exisBng condiBons while you are abroad for a condiBon you already have, some plans may not cover all of those costs.

•  This concludes our presentaBon on Other Types of Health Insurance.

•  We hope this has been an informaBve experience.

•  If you have any more quesBons, we hope you’ll visit our website.

•  Sponsored by HealthCompare: We Guide. You Decide. www.healthcompare.com

Why You Need Health Insurance: Other types of Health Insurance - HealthCompare

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