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Insurance 101

Types of Insurance

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Private Insurance

Private insurance refers to insurance plans that are offered explicitly by private insurance companies, making them independent of government-sponsored programs. Currently, more than half of the population uses private insurance through their employer or purchase it directly from the insurer.

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Social Insurance

Social insurance is a government-sponsored program that is funded by the taxes or premiums paid by participants. Some popular programs are Social Security, Medicare, and state-sponsored unemployment insurance. It intends to serve as public insurance that provides people protection against economic risks that typically come with unexpected medical costs

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Welfare

Welfare insurance is typically referred to as Medicaid, which is a government-sponsored system that helps cover citizens based on their medical and insurance needs. Medicaid usually covers low-income adults, children, pregnant women, elderly adults, and people with disabilities. Services are designed to offer specific benefits like nursing home care.

Dental & Vision Insurance
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