The Five Types of Health Insurance

Health insurance is a necessity for everyone. Therefore, it is important to educate yourself on the different types of health insurance plans and what they offer to make an informed decision about which one to purchase.

Types of Health Insurance:
1)- Traditional Health Insurance
2)- Short-Term Health Insurance
3)- Long-Term Health Insurance
4)- Medicare
5)- Medicaid

1)-Traditional Health Insurance:

Traditional health insurance plans are the most commonly purchased type of health insurance in the United States. These plans typically offer standard coverage for hospitals, doctors, and medical services. They can also provide various other benefits such as dental care, vision care, long-term care, home health aides and personal assistance services, and hospice care. Traditional health insurance plans may be purchased for yourself or your family.

2)- Short-Term Health Insurance :

Short-term health insurance plans include general coverage and preventive care, such as physicals and checkups. Still, they do not typically offer hospital coverage or other long-term benefits. In addition, these plans usually have a higher premium than traditional health insurance plans.
Short-term health insurance plans are less common than traditional health insurance. Still, they are a popular option for those who need coverage for a certain period, such as those who take on high-risk occupations or have pre-existing conditions. Short-term health insurance plans can be purchased online or through brokers. There may also be a few local insurers that offer this type of plan.

3)- Long-Term Health Insurance :

Long-term health insurance plans typically provide coverage for a lifetime. Still, unlike long-term care plans, they are not usually tied to specific people and can be shared among family members when needed. These plans offer more benefits than short-term or temporary health insurance because of the longer term.

4)- Medicare:

A government-funded program that helps provide health insurance for those 65 and older, on a limited income, or who have certain disabilities. Medicare is typically not an option for those under 65 years of age or with family incomes above $85,000.

5)- Medicaid:

A government-funded program that helps provide health insurance to those with low income and no resources. The Affordable Care Act took effect in 2010, providing coverage for all Americans who qualify through various options. As a result, most Americans now have at least one plan choice under the ACA. In 2014, this program was expanded to include the uninsured and those purchasing plans independently.