Focus on Personal Finance: Chapter Nine 2024 SOLUTION GRADE A+ GUARANTEED
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Focus on Personal Finance: Chapter Nine
Institution
Focus On Personal Finance: Chapter Nine
health insurance
- eases the financial burden people may experience as a result of illness or injury
- includes meducal expense insurance, and disability income insurance
group plans
- covers most individuals
- usually employer-sponsored
- employer pays part or most of cost
the health insura...
the health insurance portability and accountabilit
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Focus on Personal Finance: Chapter Nine
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Focus on Personal Finance: Chapter
Nine 2024 SOLUTION GRADE A+
GUARANTEED
health insurance
- eases the financial burden people may experience as a result of
illness or injury
- includes meducal expense insurance, and disability income insurance
group plans
- covers most individuals
- usually employer-sponsored
- employer pays part or most of cost
the health insurance portability and accountability act of 1996
(HIPAA)
- federal portability standards
- if you change jobs you need not lose your health insurance
group policy supplements
coordination of benefits = benefits received from all sources limited
to 100% of allowable medical expenses
individual health insurance
coverage that is purchased on an individual or family basis, as
opposed to being offered by an employer
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
types of health insurance coverage
- basic
- major medical
- both
basic health insurance
- hospital expense insurance (e.g. hospital room, board, and other
charges)
- surgical expense insurance (surgeon's fee for an operation)
- psysician expense insurance (pays for psysician's care that does
not include surgery, such as office visits, lab tests, and x-rays
major medical expense insurance
, - covers expenses for a serious injury or long-term illness
- may include a deductible, coinsurance, and a stop-loss provision
comprehensive major medical insurance
- low deductible offered without a separate, basic plan
- covers hospital, surgical, and other bills
hospital indemnity
- pays you for 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
- illegal in many states
- AFLAC Cancer Coverage
long-term care insurance
- makes sense for those with net worth of $100,000 to $2 million
- covers daily help if seriously ill or disabled
- nursing home or in-home care
eligibility for health insurance policies
varies with age, marital status, and dependency
assigned benefits
insurance pays your doctor or hospital directly
internal limits
fixed amount per day for a hospital room
copayment
cost-sharing in the form of a flat dollar amount you pay, such as
$15.00 per office visit or $10 per prescription
service benefits
entitlement to specific services
benefit limits
maximum dollar amount of maximum number of days spent in the hospital
exclusions and limitations to health insurance policies
- pre-existing conditions
- cosmetic surgery
cancellation and termination of health insurance policies
explains the circumstances under which policy can be canceled
trade-offs in choosing a policy
- reimbursement versus indemnity
- internal limits versus aggregate limits
- deductibles and coinsurance
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