Health insurance coverage 1

Health Insurance Coverage Hospital insurance  Classified as medical insurance.  Covers for most or all of the charges during a stay in the hospital. Surgical Insurance  Covers all or part of the surgeon’s fees for an operation. 2

Health Insurance Coverage continued Regular medical insurance  Covers fees for nonsurgical care given in the doctor’s office, the patient’s home, or a hospital. Major medical insurance  Covers cost of extended and specialized care out of the hospital such as medicine and special nursing care. 3

Health Insurance Coverage continued Comprehensive Medical Policy  Combines the features of hospital, surgical, regular, and major medical insurance. 4

Health Insurance Coverage continued Dental Insurance  Contains deductible and coinsurance to reduce the cost of premiums.  Covers examinations, X rays, cleaning and filling.  Covers dental injuries resulting from accidents.  Covers part or all of complicated dental work such as crowns or bridges. 5

Health Insurance Coverage continued Vision Care Insurance  Cover eye examinations, prescription lenses, frames, and contact lenses.  Some plans cover the cost of laser eye surgery that eliminates the need for glasses. 6

HEALTH INSURANCE PROVIDERS Health insurance may be obtained through employer related groups. They include:  Group health insurance  Managed care plans  Health Maintenance Organizations (HMO)  Preferred Provider Organizations (PPO)  State Government Programs 7

HEALTH INSURANCE PROVIDERS Group Health Insurance  Most popular way to buy health insurance.  Companies pay part or all of the premium for their employees. 8

HEALTH INSURANCE PROVIDERS Managed Care Plans  Health Maintenance Organization (HMO)  Consists of a staffed medical clinic to serve members.  Members are entitled to a wide range of prepaid health care services, including hospitalization. Preferred Provider Organization (PPO)  Provides a group of physicians, a clinic, or a hospital that contract with an insurance company.  Providers agree to charge a set fee for services.  Members are encouraged but not required to use the PPO services. 9

HEALTH INSURANCE PROVIDERS State Government Assistance  Workers Compensation that provides medical and survivor benefits for people injured, disabled, or killed on the job. 10

Life insurance 11

Life Insurance Principles Life insurance protects survivors against financial loss associated with death. Two basic types:  Term  Permanent 12

Types of Life Insurance Term Life Insurance  Provides financial protection from losses resulting from a death during a definite period or term.  Least expensive form of life insurance.  Only life insurance that is purely life insurance without savings and investments. 13

Types of Life Insurance continued Permanent Life Insurance  Has cash value and an investment feature.  Part of the premium paid is used for insurance that provides protection.  The insurance company invests part of the premium. 14

Types of Life Insurance continued Group Life Insurance  Covers a group of people.  Offers term rather than permanent insurance.  Individual is covered by their employer 15