Short Term Health Insurance is usually purchased for short periods when waiting for a regular major medical insurance policy to begin. Sometimes individuals and/or families will use short term policies instead of getting a regular major medical policy. Short Term Health Insurance many times is used inbetween semesters for College students, in between jobs after you’ve quit and are waiting for your benefits to begin at your new job. Athletes will use short term policies to cover sport seasons.
Medicare Supplemental Insurance (Medigap) policies help pay some of the health care costs (“gaps”) that original Medicare doesn’t cover (like co-payments, coinsurance, and deductibles). If you have original Medicare and a Medigap policy, Medicare will pay its share of the Medicare-approved amounts for covered health care costs. Then your Medigap policy pays its share.
Medicare Advantage, “Part C” plans are offered by private insurance companies. Some plans have a zero $0 premium, some of them have a small premium. If you enroll into a Medicare Advantage Plan (during an enrollment period) you still have Medicare, it’s just that your medical claims will be paid by the private insurance company instead of Medicare.
Medicare is a federal health insurance program for Americans 65 or older. Most U.S. citizens earn the right to enroll in Medicare by working and paying their taxes for a minimum required period. Even if you didn’t work long enough to be entitled to Medicare benefits, you may still be eligible to enroll, but you might have to pay more.
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Final Expense, whole life insurance plans are specifically designed to cover the costs of funeral services (burials or cremations), and ANY other expenses you may leave behind when you pass. It is insurance money, in the form of a check, that is sent to your loved ones (who are called the beneficiary) immediately upon your passing.