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Published byAugustus Pierce Modified over 8 years ago
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Health, Disability & Life Insurance
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What is Health Insurance? Protection - against risk of loss due to accident or illness Premium/fee – money you pay Insurer or Insurance company- pays your medical bills Health insurance- refers to medical expenses
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Types of Health Insurance A. Basic Health Insurance Hospital Surgical Doctors B. Major Medical services not covered under basis C. Prescription Drug D. Dental E. Vision
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Insurance Terms Benefit- what is covered under the policy Copayment- flat fee $20, $40, $50, $60 Coinsurance- percentage of bill you pay – 20%, 30% Deductible – amount you pay before insurance company pays Out of Pocket Maximum – most you pay for health care services Benefit Limit- the most an insurer will pay Exclusions/Limitations- what’s not covered or limited in coverage
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Private Health Insurance Plans For profit insurance companies Provide group and individual insurance coverage Examples of Private Insurance Companies BlueCross Blue Shield Aetna United Health Care Cigna Kaiser Permanente
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Private Health Insurance Plans I. Traditional Indemnity Plan Freedom of choice Most expensive II. Managed Care Plan A. HMO 1. PCP + Referral to Specialist 2. Most restrictive, least expensive B. POS 1. HMO + Indemnity 2. More flexible, moderately priced C. PPO 1. PPO + Indemnity 2. More flexible, most expensive
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Government Health Insurance I. Medicare People over age 65+ Part A- hospital services Part B- doctor/surgical services Medi-gap – supplemental policy which pays Medicare balances II. Medicaid Insurance for low-income people Paid for with tax dollars III. Tri-Care (Military) Active and retired military personnel + family
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Disability Income Insurance Protects your income if disabled Most valuable resource is: Ability to Work = Earning Power! Main Sources of Disability Income: Worker’s Compensation Employer Social Security Private Insurance Note: never pay s 100%
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Life Insurance Life Insurance – Is not for the Dead! Protects the living and their standard of life Creates an estate for the living… Beneficiary- the person named to receive the death benefit Who Needs Life Insurance???????????? Family
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3 Types of Life Insurance Term Insurance Temporary insurance Whole Life Insurance Permanent policy Builds up cash value/ serves as an investment Savings and death benefit Group Life Insurance Term life through some type of organization
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3 Key Life Insurance Features 1-Naming your Beneficiary 2- Suicide Clause 3-Incontestability Clause- 2 years
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