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Insurance

Insurance. PFL 2.4. Types of Insurance:. 1. Health: often provided by employer -HMOs -PPOs -HDHP -Indemnity 2. Home 3. Life 4. Auto. 1. Health. HMO (Health Maintenance Organizations) -provides comprehensive coverage Pros : low cost, coordinated care

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Insurance

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  1. Insurance PFL 2.4

  2. Types of Insurance: • 1. Health: often provided by employer • -HMOs • -PPOs • -HDHP • -Indemnity 2. Home 3. Life 4. Auto

  3. 1. Health • HMO (Health Maintenance Organizations) • -provides comprehensive coverage • Pros: low cost, coordinated care • Cons: limited choice of providers

  4. 1. Health • PPO (Preferred Provider Organizers) • Pros: more flexible than HMO, lower overall out-of pocket costs than indemnity plan • Cons: tricky to predict your costs unless you are willing to stay within the network, getting reimbursed for out-of-network claims can be a hassle

  5. 1. Health • -HDHP (High deductible health plan) • -pros: low premiums, tax-free savings (in the case of health savings account) • -cons: potentially high costs…especially if you or a family member becomes chronically ill (Don’t choose this option unless you have money to pay deductible)

  6. 1. Health • Indemnity (fee for service) plan • Pros: flexibility • Cons: total out of pocket costs will be higher than a preferred provider or HMO, most do not cover preventive care (flu shots, mental health)

  7. 2. Home • Coverage for structure • Coverage for contents • Liability Protection • Damage to other people’s property • Personal liability • Medical expenses for injuries Reimbursement for additional living expenses ***Renters insurance

  8. 3. Life • Term: covers set period of time….cheaper • Whole life/universal: does not expire and is often used by wealthier individuals to pay estate taxes

  9. 4. Auto • Liability: states require minimum limits • Written as 3 numbers: 20/40/10 • $20,000 for bodily injury per person • $40,000 for bodily injury per accident • $10,000 for property damage per accident

  10. 4. Auto • Collision: repairs your own vehicle • Totaled: when repair costs exceeds a certain threshold of car’s value • Ex: 70% • Given actual cash value for car

  11. 4. Auto • Comprehensive: pays for damage to your car that isn’t due to a car accident • Theft, fire, vandalism, natural disaster, collision with animal • Sometimes includes no deductible windshield replacement

  12. 4. Auto • Medical Payments (MedPay) • Covers medical expense suffered by you and your passengers

  13. 4. Auto • Uninsured/underinsured motorist coverage pays for your medical bills if an uninsured or underinsured driver strikes your car or if you are a victim of a hit and run -required in NC and 19 other states

  14. Additional types: • Travel • Disability • Long-term care • Fire • Flood • Natural disaster • Hurricane

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