Top 10 Different Types of Health Insurance Plans

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6. Child Health Insurance Programs (CHIP)

child health insurance programs

CHIP provides free or low cost health coverage for children up to the age of 19. Children belonging to families whose combined income is less than 50,000$/year. Eligibility criteria is that the individual should be a Green Card Holder of a particular country. However, CHIP schemes differ from state to state. The differences are in terms of eligibility, benefits, premiums and renewal procedures. The common mandatory benefits that CHIP of every state offers are routine checkups, immunization, dental care, lab and X ray services. Preventive services are free of cost but other services require premiums to be paid. The enrolling procedure for CHIP is also quite easy. It is all digitized and is via the internet.

 

7. MEDICARE

medicare

Medicare is a health care program that provides insurance and coverage to the elderly and disabled individuals irrespective of their income levels. It is administered through special MEDICARE centers and the coverage benefits differ based on several factors like doctor’s office location, whether it is a home treatment and resources being utilized. Any person who is above the age of 65 or who has a disability or who is suffering with a renal disease/ kidney failure is eligible for MEDICARE benefit. Once you are enrolled into this plan, you are given cards of different colors based on your illness, age or your eligibility criteria. The services include skilled nursing facilities, x ray, mental health care, drugs cost reimbursement and Hospice. The individual has to pay a monthly premium of around 100$ during his ‘working’ days to enjoy this ‘privilege’ in his/her old age.

 

8. Medicaid

Medicaid

Medicaid is a series of programs administered by the government to provide health insurance coverage to individuals. The ‘individuals’ here include disabled, children and pregnant women with low income levels. It also covers the poor people satisfying the motto ‘Every American should be healthy, no matter what’. The government pays waivers to the poor and they will not have to pay anything to Medicaid ‘organization’. But, others will have to pay insurance premium. The features offered are Dental Care, HIV protection, several preventive and health measures. For this plan to be efficient, poverty should be defined specifically. The poverty income/annum should be defined as well. This is a centralized policy but different states have different versions of this plan. The versions are different in terms of their scope and eligibility criteria.

 

9. Managed Care

managed care

Managed care plans have the following procedure: All managed care plans have some negotiations made with a few doctors/clinics/hospitals. All these together form the managed care network. Managed care plan requires the individuals to go to doctors/clinics which are part of this network for the reimbursement to happen. Policy holders are given incentives in various forms by the insurance companies. Before the individuals adopt a policy, they have to go through a formal procedure which indicates about all the incentive plans and also assures quality medical treatment. This form of insurance gained popularity in the last 10 years and is followed by all the people with a private health insurance.

 

10. Catastrophic Health Insurance Plan

catastrophic health insurance plan

A Catastrophic Health Insurance Plan ‘protects’ an individual from paying sky high medical fee in case of an accident or a serious illness. The individual will have to pay premiums which are quite low comparatively. She/he will also have to pay deductibles on a yearly basis. You are insured for all major ailments but this plan doesn’t cover general checkups and drug/medicine cost. These plans are available only to the people who are below the age of 30 and to the ones who have hardship exemptions (they don’t have to pay the fee). These plans offer the facility of free primary care visits and preventive services for the first three years (once in a year). The only con with this plan is that individuals will have to pay heavy deductibles i.e. heavy investments even before the main insurance plan starts.

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