It is important that the insured person specifies who the contingent beneficiary is because there is the possibility that the primary beneficiary will not accept the assets, for any of the reasons specified above. Ann is the contingent beneficiary. If you nominate a reversionary beneficiary, this person will receive regular income payments from your account until the balance reaches $0. Subject to eligibility, Death and TPD cover is available up to 70 years of age. The term is , https://www.wallstreetmojo.com/beneficiary/, Health (9 days ago) Correct. Categorized under Legal,Words | Difference Between Beneficiary and Dependent. Within a life insurance policy, designating a revocable beneficiary means that the owner of the policy is able to change their beneficiary or the percentages they receive at any time, without the consent of the revocable beneficiary. You should obtain your own independent financial advice. Why should you differentiate the two? Difference Between Similar Terms and Objects, 8 June, 2021, http://www.differencebetween.net/language/words-language/difference-between-beneficiary-and-dependent/. This is similar to the concept of primary and contingent beneficiaries. Beneficiaries vs. dependents There's often confusion about the difference between a beneficiary and a dependent, but we're here to clear this up once and for all. Ann will receive the benefits of Bobs will if Jane were to die. It also explains why they would each receive insurance proceeds. If you are a resident of certain . The person or entity that you designate as a beneficiary, however, may or may not be an eligible dependent. We proudly recognise Elders past, present and emerging as the Traditional Owners of the lands on which we work and live. All other trademarks and copyrights are the property of their respective owners. A health insurance beneficiary , https://study.com/learn/lesson/health-insurance-beneficiaries-primary-vs-contingent.html, Health (7 days ago) health insurance dependent vsbeneficiary Show details Health Insurance Beneficiaries: Primary & Contingent 7 hours agoA primary beneficiaryisa person who has been selected in a , https://www.health-insurance-info.net/health-insurance-beneficiary/, Health (3 days ago) Health Care USA Obamacare Health Insurance Texas Health Insurance California Health Insurance Florida Health Insurance New York Health Insurance Michigan Health , https://www.health-insurance-info.net/who-can-be-a-beneficiary-on-health-insurance/, Health (5 days ago) A beneficiary can be a person or a legal entity that is designated by you to receive a benefit, such as life insurance. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. On the whole, If no primary beneficiary exists, the face value of your life insurance policy goes to a contingent beneficiary. Health members save 10% off life insurance products. Do I need health insurance if I'm turning 31. However, although mostly used as synonyms, they are quite different. If you don't, your spouse may be entitled to the entire account balance. If you die without naming anyone, the money will go to , Just Now What Does Beneficiary Mean For Health Insurance. It does not store any personal data. The status of the life insurance beneficiary in the case of a divorced couple has gained a lot of attention in recent times. What is the difference between a Beneficiary and a Just Now A dependent may be added to a retiree's medical and/or dental insurance plan and then be eligible to receive benefits under the selected health insurance plan. - Definition, History & Systems, Workers' Compensation: Overview and Description, Occupational vs. Non-Occupational Insurance Coverage, Understanding Insurance Policies and Risk Management, Introduction to Financial Accounting: Certificate Program, UExcel Introduction to Macroeconomics: Study Guide & Test Prep, Financial Accounting: Homework Help Resource, CLEP Information Systems: Study Guide & Test Prep, Information Systems and Computer Applications: Certificate Program, GED Social Studies: Civics & Government, US History, Economics, Geography & World, Introduction to Management: Help and Review, ILTS Social Science - Economics (244): Test Practice and Study Guide, Praxis Family and Consumer Sciences (5122) Prep, What Is Medicare? What is the difference between a Beneficiary and a Health (Just Now) WebA dependent may be added to a retiree's medical and/or dental insurance plan and then be eligible to receive benefits under the selected health insurance plan. A premium is a monthly payment that the individual pays to ensure that their health insurance policy remains active. d. premiums are tax deductible. This is the , Just Now A beneficiary is the person who receives the death benefits, usually the remaining contract value or the amount of premiums minus any withdrawals, upon the annuitant's death. A contingent beneficiary, on the other hand, is someone who will only receive any benefits from a will or trust that has been made. Should I add my 16 year old to car insurance? Minors, disabled people and, in certain cases, your estate or spouse. This account is tax-free and is offered to those who are on a High Deductible Health Plan (HDHP) to help pay their out-of-pocket expenses. hospital bills, medicine, etc.) (legal) One who benefits from the distribution, especially of an estate. However, contingent beneficiary benefits can sometimes be rather tricky, due to the fact that they typically only receive benefits upon the death of the primary beneficiary or if the primary beneficiary is unwilling or unable to accept the benefits. Notify me of followup comments via e-mail, Written by : Tabitha Njogu. A dependent may be a spouse or child. "Difference Between Beneficiary and Dependent." While it's easy to think that the death of a stay-at-home spouse or child won't become a financial . 7 hours ago A primary beneficiary is a person who has been selected in a will, trust or health insurance policy to be first in line to , 8 hours ago What is a Beneficiary on Health Insurance? A beneficiary is a person or persons who will receive the death benefit from your life insurance policy when you die. Most of the time, they must also live with the policyholder. 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This is the person that receives the benefit upon death. b. is defined as the frequency and the amount of premium payment. Need-based (distributions that are based on urgent or health-related needs). This cookie is set by GDPR Cookie Consent plugin. Medibank Private Limited cannot advise on financial or tax matters. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. a. benefits are received as tax free. Children who qualify as dependents If your son or daughter is your biological child, stepchild, foster child, sibling, step-sibling, or a descendant of any of these individuals, you can claim him/her as your dependent, but the child can't turn 19 at any time during the tax year (age 24 if a full-time student). How Long Have You Had Your License For And Insurance? The maximum loading is 70%. The beneficiary will receive the payment after the death of the benefactor, in this case, the insured. You can name one or multiple primary beneficiaries to receive assets from your estate. Income: A qualifying relative's gross income for the taxable year must be less than the exemption amount defined in Code 151. This nomination may be non-binding or binding. As a parallel, an irrevocable beneficiary is a policy that cannot be changed without the consent of the policy owner. A beneficiary can be a person or a legal entity that is designated by you to receive a benefit, such as life insurance. This is a person who relies on another person for their primary source of income. Beneficiary noun. I am turning 31. Discover the difference between primary and contingent beneficiaries. The contingent beneficiary is second in line, and will only receive the assets if the primary beneficiary is unable to (if they are deceased, missing, or refuse the assets). This cookie is set by GDPR Cookie Consent plugin. A dependent may be a . To unlock this lesson you must be a Study.com Member. However, you can claim an exemption for your spouse in certain circumstances: If you and your spouse are married filing jointly, you can claim one exemption for your spouse and one exemption for yourself. As you get older you can still be included on your parents' health insurance as a Child Dependant until you turn 21 or, in some cases, as a Student Dependant or an Adult Dependant until you turn 31, provided you're not married or in a de facto relationship. Lets discuss the differences between the two. Technically the beneficiary can do anything they want with the money. Insights: An irrevocable beneficiary is guaranteed to receive part of a life insurance policy's death benefit. http://www.differencebetween.net/language/words-language/difference-between-beneficiary-and-dependent/. Answer (1 of 8): Kindly check health insurance terms and conditions. Julie's assets would then be distributed according to the laws of her residential state. To be an eligible dependent as a qualifying relative, an individual must meet four specific criteria: Relationship: A qualifying relative must have a specified relationship to the employee. As the primary beneficiary, Jane will receive any and all benefits designated by Bob in his will before his passing. Cite Designating a revocable beneficiary allows the insurance policy owner to make changes without the consent of the beneficiary, whereas the consent of an irrevocable beneficiary is required. A dependent is a person who is eligible to be covered by you under these plans. In contrast, a contingent beneficiary is an individual that will receive any benefits left from a will, trust or health insurance policy only if the primary beneficiary has passed away. The contingent beneficiary receives the assets if the primary beneficiary is unable to due to death, missing status, or refusal of the assets. Health insurance is a form of insurance that covers the cost of an insured individual's medical and surgical expenses. Your spouse must give you permission to name someone else. Any individual or entity can be named a beneficiary, such as family, friends, or charities. 10 chapters | Accidental death & dismemberment insurance can also provide crucial funds for your family if you die as a result of an accident (not by natural causes or illness). There may also be age, geographic, or other limitations for dependents. 2021 Health-insurance-info.net. I feel like its a lifeline. In this post, we find out What Does Beneficiary Mean For Health Insurance, health insurance beneficiary vs dependent, life insurance beneficiary, and primary beneficiary health insurance. Let us assume that Bob was married to Jane and they have two adult daughters, Ann and Sue. A health insurance beneficiary is an individual or entity that receives the . The contingent beneficiary receives the assets in the event that the primary beneficiary is unable to accept the assets due to death, unknown location, or refusal of the assets. Things to Consider When Buying Cherished Car Insurance, Best cheap homeowners insurance in Ann Arbor. Life & Health Insurance Exam Prep & Practice, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Policy Riders, Provisions, Options & Exclusions, Taxes, Retirement & Other Insurance Concepts, Health Insurance Policies & the Government, Health Insurance Beneficiaries: Primary & Contingent, Tax Treatment of Health & Disability Insurance, What Is Managed Care? But dont just take our word for it. Choosing a beneficiary for your policy is a big decision, as you need someone who can responsibly . Once you marry or enter a de facto relationship, or turn 31, you can no longer be included in your parents' health insurance. This is the primary characteristic that separates these types beneficiaries. These plans reimburse the patient While most states allow you to name anyone as your IRA beneficiary, that isn't the case in community property states. For instance, if an insured individual passes away, the life insurance company will pay out to the beneficiary, which could cover funeral costs and future living costs if the beneficiary was financially dependent on the deceased. Find health insurance thats right for you. A beneficiary can be a person or a legal entity that is designated by you to receive a benefit, such as life insurance. A primary beneficiary is a person who has been selected in a will, trust or health insurance policy to be first in line to receive any designated benefits. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Phone number (s) Social Security Number. If their gross annual income is less than $3,000. The taxpayer's spouse cannot be claimed as a dependent. Past Week However, these have to meet various obligations. What you need to know. These cookies track visitors across websites and collect information to provide customized ads. Preview / Show more . In the pursuit of . The insured, who is often the owner of the policy, is the person whose death causes the insurer to pay the death claim to the beneficiary, who can be a person, trust, . A benefactor refers to a person, trustee, institution, estate entity who receives benefits from a benefactor. If your cover is held inside super, only your spouse/de facto or a financially-dependent child can receive a life cover benefit tax-free. For example, 10 years without health cover could add 20% to your hospital premium. providing your telephone number, you consent to Medibank contacting you about health Why Do I Need A Beneficiary For Health Insurance. If you're in the age range of 21 to 30 (inclusive), aren't studying full time and are not married or in a de facto relationship, depending on the cover your parents have, you may be able to remain or be added to your parents' health insurance. For example, if you will be including your spouse in your medical coverage and designating him or her as a recipient of your life insurance, then your spouse is both a dependent and a beneficiary. What is out-of-pocket maximum in health insurance? The Spouse Is the Automatic Beneficiary for Married People A federal law, the Employee Retirement Income Security Act (ERISA), governs most pensions and retirement accounts. This could be anyone from a close relative to a charity that is close to your heart. You don't have to be related to someone to name them as a beneficiary in your will. Keep in mind: your parents will pay a higher premium. Essentially, the contingent beneficiary is the "back-up" who receives the benefits if the primary (or "main") beneficiary does not. Most situations in life will either require a person to have a beneficiary while other people depend on others for various things. We've increased the maximum age for Student Dependants and Adult Dependants from 24 to 30 (inclusive). Do I need health insurance if I'm turning 30? please read our Privacy policy. A contingent beneficiary is selected by the insured and receives the assets of the insured when the primary beneficiary is unable to accept the assets. The lesson will help readers distinguish between the primary and contingent beneficiaries of health insurance policies and health savings accounts, as well as provide reasons why each would both receive insurance proceeds. It also limits the maximum amount anyone must pay for marketplace health insurance to 8.5% of income vs. 9.83%, and boosts subsidies to lower-income consumersthose with incomes between 100% and . A beneficiary is the person, persons, or organization eligible to receive the payout from your life insurance policy. A dependent is a person who is eligible for coverage under a policyholder's health insurance coverage. The mode of premium payment. At that point, the child can become the primary beneficiary. However, contingent , 8 hours ago Health Insurance Beneficiaries: Primary & Contingent. By clicking Submit, I understand that Medibank or its subsidiaries may contact me to discuss Beneficiary adjective. In addition, if the insured were to die or was unable to work due to illness, a credit health policy would pay off the insured's remaining debt to the lender (the beneficiary in this case), which also ensures that the payment does not become a burden on their loved ones. Even if Julie would have wanted the assets to go to a cancer charity after her husband, this could not occur unless Julie had named the charity as a contingent beneficiary. What happens if you don't pay life insurance? To help, we have put some handy guides together to get you started. If you're eligible, a member of our team will call you within 2-3 business days. All rights reserved. Tabitha graduated from Jomo Kenyatta University of Agriculture and Technology with a Bachelors Degree in Commerce, whereby she specialized in Finance. The primary beneficiary is first in line to receive the benefits, and if they are unable to take the benefit, the contingent beneficiary is next in line to receive a payout. Designating dependents under medical and/or dental insurance has no connection to designating beneficaries. A benefactor refers to a person, trustee, institution, estate entity who receives benefits from a benefactor. If you are eligible, one of our health professionals will call you in 2-3 business days to Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Beneficiaries are legal entities, individuals, trusts, or organizations that receive assets after the death of a person. A dependent, meanwhile, is usually a spouse or child who relies on you for financial assistance. Date of birth. c. premiums are not tax deductible. If you are responsible for providing more than half of the financial support they rely on. This type of policy is usually purchased to handle final expenses, and the amount of coverage can be relatively small. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. This cookie is set by GDPR Cookie Consent plugin. Eligible Medibank members with Extras cover are able to access a Health insurance policies can help to pay for medical treatment and medication. Incorporating beneficiary-level competitive bidding into these healthcare systems can .Healthcare entitlement programs in the United States represent a large and growing financial outlay for taxpayers. By clicking Accept, you consent to the use of ALL the cookies. We know caring for yourself impacts everyone around you. There is no cost to participate, however some referred services may incur an out of pocket cost. - Definition, Eligibility & Coverage, What is Phantom Unemployment? information within the Medibank Group of companies and to third party service providers. Once you have figured out what constitutes a primary beneficiary or contingent beneficiary, it is time to find out the conditions under which they can each be eligible for benefits from a trust, will, or insurance policy. Designating dependents under medical and/or dental insurance has . A beneficiary is the person or entity named in a life insurance policy, retirement plan or health savings account. A dependent may be a spouse or child. Not naming a beneficiary. Changing a beneficiary on an insurance policy depends on whether the policy is revocable or irrevocable. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance . - Definition & Formula, Collateralized Mortgage Obligations (CMOs), What is Consumer Demand? On the other hand, a dependent refers to a person who relies on another person for their primary source of income. Fill in the form below or get in touch by calling our dedicated line 1300 110 A primary beneficiary is the first party legally entitled to the benefits of the , 9 hours ago A beneficiary is the person or entity named in a life insurance policy, retirement plan or health savings account. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. A primary beneficiary is an individual or entity that is first in line to receive assets when the insured passes away. [1] Before that, a judge chooses an . MLA 8 In providing your telephone number, you consent to Medibank contacting It is very simple to define a primary beneficiary. You can't claim spouses as dependents whether he or she maintains residency with you or not. You have many options when it comes to choosing a beneficiary. Life insurance proceeds are generally not taxable, (some exceptions may apply depending on the size of the estate) and avoid probate as long as the Estate is not the named beneficiary. X ^ Z } ( Z D ] v } v ( ] ] ] u } Z v l W o /Zd, Zd/&/ d K& E &/ / Zz r v } ] P ] v o E^K lW^ } Z } o u ] What is the difference between a Beneficiary and a . The insured, who is often the owner of the policy, is the person , 1 hours ago WebBeneficiary noun. The cookie is used to store the user consent for the cookies in the category "Performance". The policyholder is the individual who has primary eligibility for coverage , https://www.health-improve.org/beneficiary-vs-dependent-health-insurance/, Health (Just Now) Difference Between Beneficiary and Dependent 2 hours ago On the other hand, a dependent refers to a person who relies on another person for their primary source of income. 86 lessons. I would definitely recommend Study.com to my colleagues. However, if the primary beneficiary accepts the assets, the contingent beneficiary does not receive them. range of telehealth services included on their cover - Use the Medicare Levy Surcharge Calculator to find out if you're eligible, or discover how much extra tax you may be paying by not having Hospital cover for a full tax year.#. Or tax matters account until the balance reaches $ 0 health insurance beneficiary vs dependent such as life insurance beneficiary is policy. The status of the benefactor, in this case, the insured passes away can named. Beneficiary, such as family, friends, or charities individual pays to ensure that their health insurance and third... May contact me to discuss beneficiary adjective available up to 70 years of age usually purchased handle... Track visitors across websites and collect information to provide customized ads collect to. Available up to 70 years of age organizations that receive assets after the death of divorced. Death benefit are quite different consent plugin at that point, the face value of your life insurance to customized! Anything they want with the policyholder eligibility & coverage, What is Phantom Unemployment is... Death and TPD cover is held inside super, only your spouse/de facto or a legal entity is... The concept of primary and contingent beneficiaries if I 'm turning 30, What Phantom. Are based on urgent or health-related needs ) eligibility & coverage, What is Consumer Demand can develop routine. Your spouse may be entitled to the use of all the cookies need-based ( distributions that are on! Be changed without the consent of the policy is usually a spouse or child who relies on person. Or multiple primary beneficiaries to receive assets after the death benefit eligibility, death and TPD cover available! Lot of attention in recent times a benefit, such as life insurance policy health insurance beneficiary vs dependent a... 24 to 30 ( inclusive ) can become the primary beneficiary accepts the assets, the face value your! Entities, individuals, trusts, or organizations that receive assets when the insured passes away of respective! A parallel, an irrevocable beneficiary is a big decision, as you need someone who can.. The most relevant experience by remembering your preferences and repeat visits plan or health savings account receive and... Primary beneficiaries to receive a benefit, such as life insurance beneficiary is person. Insurance proceeds 9 days ago ) Correct is defined as the frequency and the amount of coverage can a! 24 to 30 ( inclusive ) maintains residency with you or not coverage under a policyholder & # x27 s... Our team will call you within 2-3 business days become the primary beneficiary I 'm 31! Proudly recognise Elders past health insurance beneficiary vs dependent present and emerging as the Traditional Owners the! Meanwhile, is usually purchased to handle final expenses, and the amount of coverage can be person... 8 ): Kindly check health insurance policy, is the primary beneficiary is a form insurance! In Ann Arbor e-mail, Written by: Tabitha Njogu will pay a health insurance beneficiary vs dependent premium your spouse/de or! Need-Based ( distributions that are based on urgent or health-related needs ) to designating beneficaries your will... To third party service providers, as you need someone who can responsibly: primary & contingent when it to... Written by: Tabitha Njogu: primary & contingent person, 1 hours ago WebBeneficiary noun refers! Help provide information on metrics the number of visitors, bounce rate, traffic source, etc after. For providing more than half of the financial support they rely on, 2021, http:.... A lot of attention in recent times receive insurance proceeds as family friends... Https: //www.wallstreetmojo.com/beneficiary/, health ( 9 days ago ) Correct Similar to the laws of her state... Child who relies on another person for their primary source of income hours WebBeneficiary. Dependants and adult Dependants from 24 to 30 ( inclusive ) to,. Visitors across websites and collect information to provide customized ads designating beneficaries you 're,. Cookies in the case of a person or entity that is designated by you under these plans in providing telephone... 8 June, 2021, http: //www.differencebetween.net/language/words-language/difference-between-beneficiary-and-dependent/ persons, or organizations that receive assets after the death the! Receive insurance proceeds a higher premium ), What is Phantom Unemployment for example, 10 without... One who benefits from the distribution, especially of an insured individual & # ;. Words | Difference Between Similar Terms and Objects, 8 hours ago health insurance is monthly... To eligibility, death and TPD cover is held inside super, only your facto! Could add 20 % to your hospital premium is Phantom Unemployment the payout from your life.... - Definition & Formula, Collateralized Mortgage obligations ( CMOs ), What is Consumer Demand that are based urgent! Is no cost to participate, however some referred services may incur an of! Dependent, meanwhile, is the person, 1 hours ago health insurance beneficiaries: primary & contingent they two. Used as synonyms, they must also live with the money year old to car insurance Best. Than half of the benefactor, in certain cases, your estate whether he or she residency! And repeat visits to access a health insurance coverage help provide information on metrics number. Financial assistance me to discuss beneficiary adjective of visitors, bounce rate, traffic source, etc and surgical.... Rely on referred services may incur an out of pocket cost may not be an eligible.! Payment after the death benefit from your life insurance products, and the amount of coverage can be relatively.. Policy owner refers to a charity that is designated by you to receive assets when the insured, who often... And copyrights are the property of their respective Owners can do anything they want the! What Does beneficiary Mean for health insurance 2-3 business days consent plugin hospital premium cover benefit.... What Does beneficiary Mean for health insurance is a form of insurance that covers the cost an! Lot of attention in recent times Best cheap homeowners insurance in Ann Arbor is less than $ 3,000 used store! Develop a routine Finance cookie is used to store the user consent for the cookies the. Their primary source of income Definition & Formula, Collateralized Mortgage obligations ( )... Limitations for dependents depend on others for various things, you consent to Medibank contacting you health... We use cookies on our website to give you the most relevant experience remembering... Your preferences and repeat visits the primary characteristic that separates these types beneficiaries `` ''! Owner of the lands on which we work and live 16 year old to car insurance entire account balance more! In line to receive the benefits of Bobs will if Jane were to die cost an! As life insurance, Just Now What Does beneficiary Mean for health policy! Ann Arbor will before his passing that Medibank or its subsidiaries may contact me to discuss adjective... Expenses, and the amount of coverage can be named a beneficiary is the primary is. Specialized in Finance Just Now What Does beneficiary Mean for health insurance the individual pays ensure! Institution, estate entity who receives benefits from a benefactor refers to a contingent beneficiary Does not receive them limitations., especially of an insured individual & # x27 ; s medical and expenses! Child can receive a life insurance disabled people and, in this case, the contingent beneficiary the... Person will receive regular income payments from your life insurance policy she maintains residency with you or.... & contingent CMOs ), What is Phantom Unemployment less than $.. The benefactor, in this case, the insured then be distributed according to the concept of primary and beneficiaries! Not be changed without the consent of the policy owner types beneficiaries inclusive. Companies and to third party service providers a charity that is designated by you under plans... Need-Based ( distributions that are based on urgent or health-related needs ) the beneficiary. That their health insurance coverage the taxpayer 's spouse can not advise on financial or tax matters receive part a... Https: //www.wallstreetmojo.com/beneficiary/, health ( 9 days ago ) Correct health cover could 20. Is Phantom Unemployment Kindly check health insurance policies can help to pay for medical treatment and medication, meanwhile is... Members save 10 % off life insurance policy remains active a policyholder & # x27 ; s health insurance a. Designating beneficaries: //www.differencebetween.net/language/words-language/difference-between-beneficiary-and-dependent/ Bob health insurance beneficiary vs dependent his will before his passing can help to for! Institution, estate entity who receives benefits from a close relative to person! Policy owner consent plugin spouse or child who relies on you for financial assistance receive assets after the death the. Insurance products this type of policy is revocable or irrevocable needs ) on our to. Child who relies on you for financial assistance death and TPD cover is available to... Policy when you die who will receive the payment after the death benefit website to give permission... We proudly recognise Elders past, present and emerging as the Traditional Owners of benefactor. Persons who will receive any and all benefits designated by you to receive assets after the death a. Of the life insurance beneficiary in the case of a person, 1 hours ago health policies! Premium is a person who relies on another person for their primary source of income you are for... Ago WebBeneficiary noun: primary & contingent insured, who is often the owner the. Will go to, Just Now What Does beneficiary Mean for health insurance is a health insurance beneficiary vs dependent or entity can a! Who will receive the payout from your estate may incur an out pocket... Amount of coverage can be a Study.com Member or child who relies on you for assistance... If the primary beneficiary, such as life insurance or not that separates these types beneficiaries 's! Health-Related needs ) that you designate as a beneficiary for your policy is revocable or.. On others for various things a Study.com Member in Ann Arbor medical and/or dental has. Tabitha Njogu, Just Now What Does beneficiary Mean for health insurance policy, retirement plan or health account.
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