Different types of insurance policies and their coverage.
The major types of insurance policies include: Indemnity plan, Health maintenance organization, preffered provider organization and Health Savings Account. Indemnity insurance policy basically requires its customers to pay some fee either monthly, quartely or annually before they begin paying for your medical bills. The health policy allows customers to see a doctor of their choice, the doctor or hospital is then required to write a claim to the insurance company for a reimbursement. The policy usually works on a 80/20 rule, in that; they cover 80% of ones total bill of what they consider normal charges for any procedure. the customer then covers the remaining 20% and any other additional costs incurred.
A person on a health maintenance organization plan, basically pay a certain amount for a package of services offered including preventive care. Anyone within this health plan go to hospitals or doctors only within the organizations network. To see a specialist, one will have to get a referal from their assigned doctor. In cases of hospitalization or office visits, some of the health maintenance organizations require the customer to assist in payment.
The preffered provider organizaion is almost similar to Health Organization Maintenance. The difference comes in because this type of policy actually allows one to decide whether they want to see a doctor within the network, and just make copayments for some services, or a specialist of their own, and be assisted in paying a fraction of their bill. The health savings account policy allows one to save for current and future medical bills. Anyone eligible for this type of policy should not be part of any other insurance policy and must have a high deductable plan coverage.
Four major types of automobile insurance coverage.
The four major automobile insurance policies are: Comprehensive insurance, liability insurance, personal injury protection and collision insurance. Comprehensive insurance covers that damage that is not necessarily caused by a crash, this includes: badweather, vandalism. Liability insurance covers damage that one may inflict on someone elses car. Personal injury protection pays for medical bills for accidents that you are involved in. You dont neccesarily have to be in your car to benefit from these package. Collision insurance pays for damage to a car caused by the owner’s action. Their coverage only extends upto the market value of the car. Beyond that, the owner will be required to handle.
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