Types of Insurance

There are five main types of health insurance:

• Group Health Insurance – Group insurance can be a group of people in a society or association or an employer-based health insurance plan. Benefits can include medical, dental, life and disability. With group insurance, members are pooled together to get a group rate and can remain on the group plan as long as part of the company or association.
• Individual / Family Health Insurance – Individual health insurance is health insurance coverage that a person buys independently for themselves, dependents and/or family. Carriers require health questionnaires and applications must go through underwriting review.
• Voluntary Insurance – Voluntary benefits are insurance products such as dental, vision, life, disability, supplemental health and cancer insurance that are offered on a voluntary basis by many employers but are paid for by the employees through payroll deduction.
• Supplemental Insurance – Supplemental insurance is extra or additional insurance that you can purchase to help supplement services and out-of-pocket expenses that your regular insurance does not cover.
• Medicare Insurance – A federal system of health insurance for people over 65 years of age and for certain younger people with disabilities.