There are five different insurance plans that are governed by federal, state, or local agencies. The first insurance plan is Medicare. Medicare is a health insurance program in the United States for people who are 65 years old or older. But there are some people who are younger than 65 that can qualify for Medicare. In order for this to happen, the person will have to have a disability or permanent kidney failure. Even though, the program helps to take care of some of the costs of a person’s healthcare, it is not going to cover all of the medical expenses. Medicare is governed by the federal government. The payment system for Medicare is a predetermined amount of reimbursement (SSA, 2014).
The second insurance plan is Medicaid. Medicaid is also governed by the federal government. It is a health coverage plan for pregnant women, adults without children, families, children, or senior citizens who are living with disabilities. Medicaid helps to pay for these people with their visits to the doctors, prescriptions, and preventive care. Therefore, the people with disabilities will be able to receive long term services like nursing homes if they are needed. The combination of Medicare and Medicaid are very important to helping to maintain that the United States is a healthy nation. Medicaid uses the same payment system that the Medicare health care system uses (Medicaid, 2014).
The third insurance plan is TRICARE. TRICARE is a health care program for service members and their families from all over the world. The service members can be active, a guard or reserve, or retired. The healthcare plan helps to give the service workers access to high-quality healthcare that they might not normally have access to. Therefore, it is a major part of the health care system for the military. TRICARE is governed by the public law and the federal regulations of the government. The payment system for TRICARE is based on the Medicare payment system (TRICARE, 2014).
The fourth insurance plan is worker’s compensation. Worker’s compensation is the laws that help to protect the people which have been injured on the job. The laws make sure that these people who were injured are provided with enough money so that there is no need for litigation. The laws who allow benefits to the dependents of the workers who might have been killed because of a work related accident. State law officials are going to be the people who will govern workers’ compensation. Most of the time, there is going to be a set fee that a person when they are paid their worker’s compensation (Cornell, 2014).
The fifth insurance plan is commercial insurance. Commercial insurance is a three different types of insurance: workers’ compensation, liability, and property. Liability insurance is errors and omissions insurance, malpractice insurance, automobile insurance, and directors and officers’ liability insurance. Property insurance includes boiler and machinery insurance, debris removal insurance, builder’s risk insurance, glass insurance, inland marine insurance, ordinance or law insurance, business interruption insurance, tenant’s insurance, crime insurance, and fidelity bonds. Commercial insurance is governed by the federal government. The payment system is done through third party insurance companies (Findlaw, 2014).
References:
Cornell University Law School. (2014). Worker’s Compensation. Retrieved on October 13th,
2014, from http://www.law.cornell.edu/wex/workers_compensation.
Findlaw. (2014). Different Types of Commercial Insurance. Retrieved on October 14th, 2014,
Medicaid. (2014). About Us. Retrieved on October 11th, 2014, from
http://medicaid.gov/about-us/about-us.html.
SSA. (2014). Medicare Benefits. Retrieved on October 12th, 2014, from
http://www.ssa.gov/medicare/.
TRICARE. (2014). About Us. Retrieved on October 13th, 2014, from
http://www.tricare.mil/About.aspx.
