Insurance Consumer Math 2012-2013
Overview • Insurance Types • Health Insurance Types • How to Choose A Plan • Costs of Plans • Life Insurance
Insurance & Related Products • Health Insurance Premiums • Medical • Dental • Eyecare • Life Insurance Premiums • Group Life Insurance • Senior and Preneed Products • Annuities • http://en.wikipedia.org/wiki/Life_insurance
Health Insurance Plans Health Maintenance Plan • H.M.O. • Pays the full cost of basic medical needs • Pays part of many other medical expenses • No limit to total amount of money you receive each year for medical expenses • You must use doctors in the plan Traditional Plan • May limit the total amount of money you receive each year • Payments for some medical expenses begin only after you have paid deductible • Receive benefits no matter what doctor you see • More reimbursement if doctor is on plan
Choosing Between Plans • Low budget, chronic problems? • When choosing to accept health benefits at your current job, you realize your spouse’s job provides insurance at a lower cost. How do you get insurance and save money? • You want the best care, can afford copays, but not major diagnoses. • You have heard rave reviews of a particular doctor, who’s not listed on the HMO plan.
Life Insurance • A contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary sum of money (benefits) upon the death of the insured person. • Funeral Costs: $6,000-$10,000 • http://www.geico.com/getaquote/life/