Dental Insurance
Dental insurance is grouped into three primary categories. These categories are: Indemnity; Participating Provider Network (PPO); and Dental Health Managed Organizations (DHMO). These three categories are explained below in more detail. Dental insurance is meant to help the insured pay a reduced cost for expenses when going to the dentist.
Indemnity
This type of plan will help the insured if they wish to stay with a dentist and they are not participating in a dental network. As a part of this plan, the insurance company will usually pay the dentist a percentage of the services provided, limiting the amount the insured pays.
Dental Health Managed Organization
This plan allows the insured to pay a reduced cost for services when going to a dentist. The dentist must be in the network, however. Many times this plan is used to help reduce the high cost of dental procedures.
Preferred Provider Organization
This plan is similar to the DHMO coverage. However, this type of coverage allows the person who is insured to use a dentist that is outside of the network or who is a non-participating provider. If the insured decide to use a dentist outside of the network, they will have to usually pay the different in fees.
Vision Insurance
Typical vision insurance usually covers yearly examinations. In addition, partial or full coverage for sunglasses, eyeglasses, and contact lenses are also included. There can also be copays associated with this where the insured pays part of the cost of the eyeglasses or contact lenses.
Disability Insurance
Disability insurance protects an insured person's earned income against the risk that a disability prevents them from completing the core functions of their work at their job. Disability insurance covers everything from paid sick leave to short term and long term disability benefits. Businesses can also get disability benefits to help cover expenses from an employee or owner suffering a disability.
Individual Disability Insurance
This type of insurance is for those who are self employed or the employer does not provide benefits. Individuals can purchase policies and the premiums and benefits available for this vary widely across insurance companies. For example, if you were self employed and you made your money based a certain skill or talent (i.e. voice for music), then you could get your voice insured.
Business Overhead Expense Disability Insurance
This type of insurance reimburses a business for any overhead costs if the owner obtains a disability. It covers a wide range of items in a business including employee salaries, rent, utilities, etc.
Key Person Disability Insurance
This type of insurance protects a business in the event that a key employee to their operations is loss due to injury or death. The company would be able to use the benefits to hire a temporary employee if the loss was short term or to defray costs of hiring a new employee.
Workers' Compensation
This is also known as workman's comp or worker's comp. Workers' compensation offers payments to employees who are unable to work because of a injury that is job related. This type of insurance covers more than just income. It compensates for economic loss in the past and future, reimbursement of medical and life expenses and benefits payable to the dependents of workers killed during employment.