What Types Of Individual Health Insurance Policies Are Available?
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UPDATED: Jul 15, 2021
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There are a variety of policies which insurance companies offer on an individual basis. Some of the more common types of policies include:
1. Major Medical – provides coverage for doctor visits, surgery and hospitalization or ongoing illnesses.
2. Hospital and Surgery – provides coverage solely related to hospital stays and surgical services, such as room and board, laboratory tests, X-rays, plus doctors’ charges
3. Hospital Confinement Indemnity – a policy designed to pay a set amount (an indemnity) for each day you are an “in-patient” at a hospital.
4. Health Maintenance Organizations (HMOs) – centralized service provider, commonly with a general practitioner (limited selection of participating doctors) coupled with coverage by specialists upon referral. Doctor visits, surgery, hospitalization and often reduced-rate prescription medicine are provided. May also cover preventive care, often not included in major medical policies.
5. Specified Disease (also called “Dread Disease”) – covers costs associated with a single disease, such as cancer, AIDS, heart attack, etc.
6. Short-Term – typically a major medical policy but with coverage lasting only for a specified length of time. Might be purchased to cover the time you are between jobs.
7. Accident Only – provides coverage for doctor visits, surgery and hospitalization resulting from an accident (no coverage for disease or illness).
8. Dental – provides coverage for costs associated with dentists and orthodontists.
9. Vision – provides coverage for sight correction
10. Home-Health Care – care provided to enable you to remain in your home while receiving services which can range from assisted living (help around the house) to around-the clock nursing with other health care providers on call.
11. Long -Term Care – coverage provided to individuals who otherwise would not be able to take care of themselves. A range of services from delivery of prepared meals, assistance with managing the residence, to stays in residential facilities. Often associated with long-term illness and the elderly.
12. Limited – Benefit – not very common, a bare-bones type of coverage intended to cover specific situations.