University of Phoenix Material

Then in a 350-to 700-word paper, explain what the differences are between insurance and social assistance programs, providing at least two examples of each. Then compare and contrast either auto and health insurance OR disability and life insurance, making sure to reference (where applicable) deductibles, premiums, coverage, and co-payments. Auto and health insurance can sometimes be difficult to compare and contrast and what do they each do. We as americans all need auto insurance to protect our care and health insurance to pay for our medical bills.

What is the best type of insurance withouth paying and outrages amount of money. There must be an explaination of dedectibles, coverage, and co payments of these two insurances. What would happen if you didn’t have auto insurance and you got into a horrible car accident more than likely you will be paying for expenses out of your own pocket. In auto insurance a dedectuble is what you pay towards a car accident before your insurance company provides a financial hand. In health insurance their deductible is the amount you pay towards certain medical expenses before your plan starts paying a share of the costs.

So a deductible is what we must put out first before the insurance starts to help us out as their clients. When you go visit a doctor or when you are in the hospital sometimes they are going to ask you for a copayment. A copay is a fixed fee you pay when you see a doctor, or have a prescription filled they are lower for services from a primary care doctor than for specialists. PPos have copayments and HDHPs have no copayments when you have a medical and prescription cost you have to pay them upfront and then you apply to your deductible.

What coverage does in either health or auto insurance is to having premiums paid to the insurer to maintain coverage. In health most require you to make copayments for certain services like visiting the doctor when sick or picking up prescritption drugs. Most also come with a deductible that you pay out each year for certain covered services. In auto insurance they have different coverages and not all are purchased there is liability insurance which provides coverage to the named insured and others who are identified by name or relationship to the names insured in the policy.

Another is under-insured to compensate the named insured or others designated in the policy. Comparing auto and health insurance can be a difficult thing to do especially when you are trying to get coverage at a low rate. What the best thing to do is compare what type of coverage you need first and how much of a deductible you are willing to put up in case of an accident. In health insurance comes copayments which require you to pay each time you visit a doctor or pay for drugs if a copay is in place the lower the deductible. Just keep in mind sometimes the more you pay sometimes isn’t the best coverage of them all.