Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
The purpose of any kind of insurance is to protect yourself from a catastrophic financial event by pooling the risk and shifting it to a third party (the insurance company) in exchange for a small monthly premium.
In the case of health insurance, that financial event would be due to an illness or injury.
Other types of insurance protect against other types of events. For example, life insurance is designed to protect your family in the event you died unexpectedly or future planning (e.g. estate planning). Disability insurance is designed to protect your ability to work - if you can't work, how would you provide income?
It's always recommended to consult with an experienced insurance broker when getting your insurance portfolio established because there's so many moving parts. Please feel free to contact me for assistance. Thanks very much.
That is a great question! The main difference is that it is designed to help you protect against the expenses of sickness, disease, or injury. Another great difference is that unlike any other type of insurance out there, the Government helps pay for this one. Medicare, Medicaid, and thanks to the subsidies offered through the Affordable Care Act (Obamacare) even regular health care is paid for in part by the Government. That's a nice plus! Thanks for asking!
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In the case of health insurance, that financial event would be due to an illness or injury.
Other types of insurance protect against other types of events. For example, life insurance is designed to protect your family in the event you died unexpectedly or future planning (e.g. estate planning). Disability insurance is designed to protect your ability to work - if you can't work, how would you provide income?
It's always recommended to consult with an experienced insurance broker when getting your insurance portfolio established because there's so many moving parts. Please feel free to contact me for assistance. Thanks very much.