Key Difference – HSA vs PPO Health Insurance Many individuals use health benefit plans to cover their medical expenses when in need. Among a number of such plans, HSA (Health Savings Account) and PPO Health Insurance (Preferred Provider Organization) are two popular choices for a similar requirement in the United States. The key difference […]
Difference Between Coverdell ESA and 529
Key Difference – Coverdell ESA vs 529 Education expenses are a considerable cost for a child, and many parents start saving when their children are at a very young age in order to ensure they receive a good education. Coverdell ESA (Coverdell Education Savings Account) and 529 plan are two widely used options in […]
Difference Between UTMA and 529
Key Difference – UTMA vs 529 Most parents start saving when their children are at a very young age in order to ensure them a prosperous future. Among other expenses, tuition fees for college pose as the most significant one. UTMA (Uniform Transfers to Minors Act) and 529 plan are two options in the […]
Difference Between HRA and HSA
Key Difference – HRA vs HSA Both Health Reimbursement Arrangement (HRA) and Health Savings Account (HSA) are two health benefit plans designed to offer affordable health care coverage to employees in the United States in order to cover their health care expenses. Both plans share a similar objective, there are specific differences between them. […]
Difference Between Annuitant and Beneficiary
Key Difference – Annuitant vs Beneficiary The key difference between annuitant and beneficiary is that annuitant is an individual who invests in an annuity with the expectation of receiving a guaranteed income following the retirement whereas beneficiary is a person or a group of persons that receives a benefit or an advantage. It is […]
Difference Between Annuity and Life Insurance
Key Difference – Annuity vs Life Insurance Both annuities and life insurance should be considered as a part of a long-term financial plan. The key difference between annuity and life insurance is that annuity is a means of retirement plan where an individual keeps aside a lump sum of money to be used in […]
Difference Between Actual Cash Value and Replacement Cost
Key Difference – Actual Cash Value vs Replacement Cost Individuals and companies purchase insurance policies to claim benefits in a situation of damage to property or assets due to unforeseen circumstances. Actual cash value and replacement cost coverage are two methods offered by insurance companies to replace the damaged, destroyed or stolen assets. The […]
Difference Between Peril and Hazard
Key Difference – Peril vs Hazard Peril and hazard both refer to a risk, and these words can be used interchangeably in everyday language. However, peril and hazard have specific meanings in the field of finance and insurance. In insurance, peril is something that causes a financial loss whereas a hazard is a condition […]
Difference Between Coinsurance and Deductible
Coinsurance vs Deductible Coinsurance and deductible are payments made by a patient towards the cost of a medical bill under a medical insurance policy. These payments require the patient to share the cost of the medical bill with their insurance company, as insurance companies in certain countries do not cover the total medical cost. […]
Difference Between Copay and Coinsurance
Copay vs Coinsurance Health or medical insurance is an insurance coverage that is purchased for the purpose of providing protection and coverage against health related risks. Medical insurance is unique insurance cover with its own terminology and unique structure. Medical insurance does not cover 100% of the cost, and the portion of the cost […]