Insurance

1
Insurance

• Auto, Health and Life

2
Health Insurance

• Managed Care Plans
• Have agreements with certain Health Care
  Providers to provide services at a reduced cost
  to the member (limits your choices but less
  paperwork to fill out)
• Three main types of Managed Care Plans- HMOs,
  POS, PPOs

3
HMOs

• HMO- (Health Maintenance Organization)
• Coverage is restricted to care provided from
  within the HMO network
  
• Primary Care Physician directs all health care
  and referrals
  
• Specialists needed must be in the HMO network
• You pay between 5-10 per doctor visit
  (co-payment)
  
• No deductible is required
• Outside the HMO, you pay 100 of bill.

4
POS

• POS- Point of Service
• Care within the network has a co-pay amount
• Primary Care Physician is still chosen and will
  coordinate care
  
• Specialist referrals are within the network
• Physician referrals outside the network still
  receive coverage
  

5
PPO

• PPO (preferred provider organization)
• Wider choice of doctors and hospitals
• Deductibles and co-insurance
• Bills are sent directly to insurance company
• Care provided by in-network doctors is billed at
  reduced rate to members
  

6
Medicare/Medicaid

• Medicare- receive insurance coverage at the age
  of 67 or older or if you are on disability
  
• Medicaid- for low income families

7
Auto Insurance Terms

• Liability- protects the person you hit it covers
  bodily injury and property damage of others (not
  your car)
  
• Personal Injury- covers injuries to you or your
  passengers
  
• Comprehensive- covers your car against theft,
  vandalism, weather damage, or collisions with
  animals (usually has a deductible)

8
Auto Insurance Terms

• Collision- pays for your vehicle damage caused by
  collisions (usually has a deductible)
  
• Deductible- out-of-pocket expenses you pay
  (insurance company pays the difference) could
  range from 100-1,000
  
• Underinsured Motor Vehicle Coverage- pays you for
  damages and/or injury incurred in an accident
  caused by another person who is not insured or
  underinsured

9
Money Savers

• Good student discounts
• Clean driving record
• Non-smoker

10
Life Insurance

• Premium- amount you pay monthly or quarterly for
  a life insurance policy
  
• Policy limit- maximum amount that will be paid
  for a single type of damage

11
Policy Limits

• Loss of life- full benefits
• Loss of both hands or both feet or sight in both
  eyes- full benefits
  
• Loss of one hand or one foot or sight in one eye-
  1/2 of full benefits
  
• Loss of 4 limbs- full benefits
• Loss of 3 limbs-3/4 of benefits
• Loss of 2 limbs- 2/3 of benefits
• Loss of 1 limb- 1/2 of benefits

12
Life Insurance

• Loss of life covered unless
• Suicide
• War or act of war
• Skydiving, parasailing, hang-gliding
• While committing any crime or felony
• If intoxicated or under the influence of drugs
• Not wearing seat belt in car accident