1. Medical Insurance
Medical insurance is a type of insurance that covers medical costs. There are many different types of medical insurance, including Medicare, Medicaid, private insurance, and military insurance. These policies pay for doctor visits, hospital stays, prescriptions, and other medical expenses. If you have medical insurance, you should check your policy to make sure you understand what services are covered and how much they cost. You may need to pay out-of-pocket before receiving reimbursement.
2. Health Savings Account (HSA)
Health savings accounts are tax-advantaged accounts that help people save money for future medical expenses. HSAs work similarly to a traditional IRA, where contributions are pre-tax and earnings grow tax-free. However, unlike IRAs, HSA contributions cannot be withdrawn until after age 65. To qualify for an HSA, you must meet certain income requirements. In addition, if you participate in high deductible plans, you may not be able to contribute to an HSA.
3. Medigap Insurance
Medigap insurance is supplemental insurance that helps cover the remaining portion of medical bills that aren’t paid by your primary insurance plan. Medigap plans are sold separately from the original insurance policy. Medigap plans vary depending on the state you live in.
4. Dental Insurance
Dental insurance is similar to regular insurance, except dental care isn’t considered medically necessary. Instead, dental coverage pays for routine cleanings, fillings, and basic procedures. Most employers offer some sort of dental insurance, but it’s often optional.
5. Vision Insurance
Vision insurance is similar to dental insurance, except vision care isn’t medically necessary. Instead, vision insurance provides coverage for glasses and contact lenses. Like dental insurance, vision insurance is generally offered by employers, but it’s not always mandatory.
6. Life Insurance
Life insurance is meant to provide financial protection for your family in case something happens to you. Policies differ based on the amount of coverage, term length, and whether or not you receive monthly payments.
7. Long Term Care Insurance
Long term care insurance is designed to help pay for long-term care services, such as nursing homes and assisted living facilities. LTCI policies are expensive, so only purchase them if you’re confident you’ll need them.