Types of Health Insurance

Health insurance coverage means benefits consisting of medical care (provided directly, through insurance or reimbursement, or otherwise) under any hospital or medical service policy or certificate, hospital or medical service plan contract, or HMO contract offered by a health insurer. Health insurance coverage includes group health insurance coverage, individual health insurance coverage, and short-term, limited-duration insurance. The following are some of the common types of employer-provided health coverage:

  Dental Plans

Many typical medical plans do not provide dental coverage, which often must be purchased separately. As a result, dental plans can be a highly attractive employee benefit. The four main types of dental coverage are:

• Dental Health Maintenance Organization (DHMO). Like a Health Maintenance Organization, a DHMO features a primary care dentist. Patients must generally see dentists within the DHMO network to receive coverage. 
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• Preferred Provider Organization (PPO) or Participating Dental Network (PDN). Dental patients in a Preferred Provider Organization or Participating Dental Network may generally see any licensed dentist; however, patients pay lower costs for choosing a dentist within the PPO or PDN network. 
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• Dental Point of Service (POS). Patients in a dental POS plan have the choice of seeing a dentist either in or outside of a network. Out-of-pocket costs are usually greater for visits to a dentist who is not within a network.
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• Dental Indemnity. Dental indemnity plans permit patients to see any licensed dentist. Patients pay a deductible and sometimes copayments or coinsurance.
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A Table or Schedule of Allowance Plan is a type of plan that provides a list of covered services with an assigned dollar amount. That dollar amount represents the amount the plan will pay for those services that are covered. The patient pays the difference.

Form 5500

Each year, pension and welfare benefit plans generally are required to file an annual return/report regarding their financial condition, investments, and operations. The annual reporting requirement is generally satisfied by filing the Form 5500 Annual Return/Report of Employee Benefit Plan and any required attachments.

The Department of Labor, Internal Revenue Service, and the Pension Benefit Guaranty Corporation jointly developed the Form 5500 series so employee benefit plans could utilize the Form 5500 to satisfy annual reporting requirements under Title I and Title IV of ERISA and under the Internal Revenue Code.

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