Although insurance does not directly protect a person's money, it does protect a person from having to pay an enormous amount of money when tragedy strikes. Very few people have enough money saved to buy a new home if it burns, a new car if it is totaled in an accident, or support a family if the primary wage-earner suddenly dies. The most common types of insurance people carry include health, life, homeowners, and auto. There is a detailed lesson on auto insurance in the Transportation unit. Discuss the different types of insurance and where a person can get it.
Most people get health insurance through their employer.
People who are disabled or retired are entitled to government health insurance through the Medicaid or Medicare System. A person who is not eligible for health insurance from any of these sources can purchase health insurance independently through an insurance company. When health insurance is offered through work, the company usually pays for part of the premium and the employee pays the rest each month. This will entitle the employee and family, if covered, to seek medical treatment at a significantly reduced cost. Depending on the coverage, the employee may have to pay a certain percentage of the total medical costs, a flat fee for each visit to the doctor, or may pay nothing at all.