Final answer:
Managed care and Indemnity are essential types of insurance plans offering different approaches to healthcare coverage.
Explanation:
Managed care and Indemnity are the two essential types of insurance plans. Managed care plans involve a network of healthcare providers who agree to offer services to plan members at pre-negotiated rates, while indemnity plans allow individuals to choose their healthcare providers and pay for services out of pocket, getting reimbursed by the insurance company afterwards.
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