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Lecture Focus on personal finance: An active approach to help you develop successful financial skills (2e) - Chapter 9

Chapter 9 - Health and disability income insurance. In this chapter, you will learn to: Recognize the importance of health insurance in financial planning, analyze the costs and benefits of various types of health insurance coverage as well as major provisions in health insurance policy, assess the trade-offs of different health insurance plans. | 9 Health and Disability Income Insurance Eases the financial burden people may experience as a result of illness or injury (pay a premium to transfer risk of loss) Medical expense insurance- pays actual medical costs Disability income insurance- provides replacement income Group and individual health insurance coverage available COBRA Requires many employers to offer employees and dependents the option to continue their group coverage for a set period of time following a layoff The Health Insurance Portability and Accountability Act Established federal portability standards If you change jobs, you need not lose your health insurance 9- Sources of Health Care Plans Health Care Plan- generic name for any program that pays or provides reimbursement for health care expenses Group Health Care Plan – health coverage sold collectively to an entire group of persons rather than to individuals Open Enrollment Period – during this time, you can begin or make changes in coverage or switch among alternative plans Requirements are generally waived for family changes (e.g., birth of a child, adoption, marriage) Health Insurance Sources Employers Private Market (Individual/Family Policy) Government-Facilitated Exchanges Government Programs Group Plans: Covers most individuals Usually employer sponsored (also unions, trade groups) Employer pays part or most of cost Coordination of Benefits: combine benefits from >1 plan Benefits received from all sources limited to 100% of allowable medical expenses Married couples/partners need to consider Group Health Insurance 9- Types of Health Insurance Coverage Hospital Indemnity Pays you a fixed amount for each day you are hospitalized Does not cover medical costs Supplement to the other plans Dental Expense Insurance Covers exams, cleaning, x-rays, fillings, root canals, and oral surgery Vision Care Exams, contact lenses, and glasses Dread Disease Policies Pays out for very specific conditions (e.g., cancer) Illegal in many states . | 9 Health and Disability Income Insurance Eases the financial burden people may experience as a result of illness or injury (pay a premium to transfer risk of loss) Medical expense insurance- pays actual medical costs Disability income insurance- provides replacement income Group and individual health insurance coverage available COBRA Requires many employers to offer employees and dependents the option to continue their group coverage for a set period of time following a layoff The Health Insurance Portability and Accountability Act Established federal portability standards If you change jobs, you need not lose your health insurance 9- Sources of Health Care Plans Health Care Plan- generic name for any program that pays or provides reimbursement for health care expenses Group Health Care Plan – health coverage sold collectively to an entire group of persons rather than to individuals Open Enrollment Period – during this time, you can begin or make changes in coverage or switch .