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Health and Life Insurance. Ms. K. Scruggs. Choosing Health Care Insurance. Objective. Given instruction, the learner will explore the functions and benefits of different types of insurance with 85% accuracy. Pre – “Qs”. What are the types of health care coverage?
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Health and Life Insurance Ms. K. Scruggs
Objective • Given instruction, the learner will explore the functions and benefits of different types of insurance with 85% accuracy.
Pre – “Qs” • What are the types of health care coverage? • How do you get health insurance if your employer does not offer it? • What is managed care? • What does disability insurance cover?
Types of Health Care Coverage • Dental and Vision Coverage • Disability Coverage and Long-Term Care
Understanding the Cost • Premium • Deductible • Coinsurance • Co-pay • Out-of-Pocket
Sources of Health Insurance • Group Insurance Plans • Individual Health Insurance • Government Program
Group Insurance Plans • Employer-sponsored health plan • When many people are covered under the same policy, premiums are considerably less than they would be for individual policy. • COBRA • Consolidated Omnibus Budget Reconciliation Act • It is a federal law that requires employers to let workers temporarily continue with their health insurance plan after leaving the company, usually for 18 mos.
Individual Health Insurance Policies • Individual Health insurance is offered to people that have jobs that does not offer health insurance and also to entrepreneurs. • Some offers a Short-Term plans which is for those who want coverage for only one to six months
Individual Health Insurance Pros Cons It has very high monthly premiums and large deductibles. Insurance companies might deny coverage for people with a preexisting conditions • You can keep your same coverage even if you change jobs.
Government Programs • Federal and state governments run health care programs for specific segments for the population. • Medicare • Medicaid • State-Run Heath Care Programs • Workers’ Compensation
Manage Care Plan • An insurance plan that focuses on managing the overall cost, use, and quality of the health care system. • HMOs • Health Maintenance Organization • PPOs • Preferred Provider Organization • POS Plan • Point-of-Service Plans
Disability Insurance • It replaces a portion of lost income if the policyholder is unable to work due to illness or injury Types of Disability Insurance: • Employer Plans • Social Security Disability Coverage • Workers Compensation Insurance • Individual disability insurance
Health Care Insurance Agencies • Blue Cross Blue Shield • Nationwide • Aetna • AARP Health • Humana
Post – “Qs” • Name the different types of cost in health care insurance. • What sources of health insurance does the employers offers? • What plan is offered under federal law that covers you when leave the job up to 18 months? • Name several manage care plan?
Assignment • Research a health care insurance plan under a preferred agency that offers health insurance. Look up their plans and choose a plan or coverage and explain why it best fits your lifestyle or future lifestyle. Use Microsoft Word 2007. To research the Agencies use the Google, Bing, or Yahoo search engine.
Reference • Personal Finance A Lifetime Responsibility