Personal Finance 1st Edition by Jack R. Kapoor

Exercise 16

1 What are several types of health insurance coverage available under group and individual policies?

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2 What are the major provisions of a health insurance policy?

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3 How do you decide which coverage to choose?

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4 How can you analyze the costs and benefits of your health insurance policy?

Action Application Prepare a list of provisions in a health insurance policy that are important to you.

Step 1 of 3

1) Types of health insurance coverage available under group and individual policies:

Following are various types of medical coverage available under group and individual policies:

Hospital expense insurance –It will pay a portion or the entire hospital expenses.

Surgical expense insurance –It will pay a portion or the entire surgical expenses.

Physical expense insurance –It provides benefit in paying the doctor’s fee for any non-surgical procedures like X-ray.

Major medical expense insurance –It will pay almost all the cost that is exceeding those which are covered by the hospital, physical expense and surgery.

Comprehensive major medical insurance –It is a type of major medical insurance which has low deductibles and it is offered without any basic plan.

Hospital indemnity policies –It will pay the bill for a stipulated daily, weekly or monthly benefit in cash during the period of hospital confinement.

Dental expense insurance –It gives reimbursement for the dental services, supplies and also encourages prevention care.

Long-term care insurance policy –It provides for day-in to day-out care for any long-term illness or disability of a person.

Vision care insurance, dread disease, death insurance, trip accident and cancer policies