A "breast lift" or mastopexy is a cosmetic operation and will not be covered by insurance. The mastopexy is designed to recontour the breast so that the tissue and the breast skin envelope are a better match, i.e. that they produce a more projected and uplifted breast.
A "breast reduction" in a literal sense would not provide a lift, but the way most breast reductions (except the "scarless" or liposuction reduction) are done would provide a lift as well. A breast reduction, however, is more of a functional operation to relieve back pain, intertrigo, and other health problems associated with larger breasts. If you have any of these problems and your breasts are large enough to require a reduction, your insurance company may pay for a breast reduction.