(BQ) Part 2 book "Principles of risk management and insurance" has contents: Social insurance, the liability risk, homeowners insurance, section II, auto insurance, auto insurance and society, other property and liability insurance coverages, commercial property insurance, crime insurance and surety bonds,.and other contents. | CHAPTER 15 HEALTH-CARE REFORM; INDIVIDUAL HEALTH INSURANCE COVERAGES “The supreme court’s decision to uphold the Affordable Care Act ensures hard-working, middle class families will get the security they deserve and protects every American from the worst insurance company abuses.” Learning O bj e c ti v e s After studying this chapter, you should be able to ◆ Explain the major health-care problems in the United States. ◆ Identify the major provisions of the Affordable Care Act that affect individuals and families. ◆ Describe the basic characteristics of individual medical expense insurance. ◆ Identify the basic characteristics of health savings accounts (HSA). ◆ Describe the key characteristics of long-term care insurance. ◆ Describe the major characteristics of disability-income insurance contracts. 295 J ustin, age 32, is a self-employed carpenter who was recently diagnosed with a brain tumor that required immediate surgery. The surgeon’s fee, hospital expenses, other medical bills, and lost earnings totalled more than $125,000. Like many self-employed individuals, Justin had no health insurance. In addition, he could not work for six months and did not have a disability-income policy to restore his lost earnings. Because of the lack of health insurance, Justin was exposed to serious economic insecurity because of the unexpected surgery. He eventually had to declare bankruptcy. As Justin’s experience demonstrates, health insurance should receive high priority in a personal risk management program. If you are seriously ill or injured, you face two major problems: payment of your medical bills and the loss of earned income. A severe illness or injury can result in catastrophic medical bills. Without proper protection, you may have to pay thousands of dollars out of your own pocket for medical bills. In addition, a lengthy disability can result in the loss of substantial amounts of earned
