Insurance LessonInsurance Lesson

Types of InsuranceTypes of Insurance

Includes a formulary, or a preferred drug list. It contains the medications your plan preferred and that can usually be prescribed without any prior authorization. This list is created to keep the drug costs down for the insurance company while still offering you a competitive choice of medications.

Health insurance is coverage that is provided for medical care. Most medical costs from a routine doctor’s visit to a visit in the E.R. are the responsibility of the insurance carrier. Partial or full payment of the monthly premium are typically deducted from an employee’s wages. The covered individual usually has some out-of-pocket expense, such as co-payment or deductible.

Dental insurance, either provided by your employer or a policy that you buy directly from a company, is meant to help cover some of the costs associated with your dental care. Routine dental care, including regular checkups and preventive services, such as cleaning, is relatively expensive, which dental insurance helps cover for.

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