Why You Need Health Insurance
Other Types of Insurance
There are many different types of insurance. . .
There are the main ones, like Indemnity Plans and Managed Cares Plans. . .
• . . .and there there the other, more niche, insurance plans.
Other Types of Insurance
• In this presentaBon, we’ll explore some of the more niche types: – Discount Medical Plans and why they’re not insurance.
– Short-‐term Insurance – CriBcal Illness Insurance – Disability Insurance – Worker’s CompensaBon Insurance – Travel Insurance
Discount Medical Plans
• WARNING: Discount Medical Plans are NOT insurance.
• When you buy membership, you are buying access to a roster of care providers that offer significant discounts to members.
• So, be wary of adverBsing claims such as, “no deducBble or co-‐ pay,” or “pre-‐exisBng condiBons covered.”
• Discount Medical Plans can help if you don’t have other insurance. . .
. . .but are not a replacement for more extensive coverage.
Discount Medical Plans, cont.
• Reputable plans can help people who can't afford or find insurance get discounted rates.
• Discount medical plans may lower your out-‐of-‐pocket costs, but they will not protect you from the financial costs of a medical emergency.
Short –Term Insurance
• Short-‐term health insurance can offer low-‐cost protecBon to cover the gap for people transiBoning from one insurer to another
Photo by ajmunn
Who Might Need Short-‐Term Coverage?
• People leaving home for the first Bme • A part-‐Bme employee
• People In need of student health insurance • Students graduaBng from college
• People taking early reBrement
What’s the Benefit of Short-‐Term Policies?
• Short-‐term policies provide low-‐cost coverage and can be purchased in one-‐month increments, usually providing coverage of up to $1 to $2 million per person. *
– *An increasing number of insurers now offer short-‐term health policies and compete for business through very compeBBve plans. Such as plans found on www.healthcompare.com
CriBcal Illness Insurance
• TradiBonal health insurance does not cover lost wages or similar costs that can arise during illness.
• Contract terms for a criBcal illness supplemental policy have specific rules that define when a diagnosis of a criBcal illness is considered valid and in most cases, a physician will need to confirm it.
When Should You Consider CriBcal Illness Coverage?
• Consider CriBcal Illness Insurance if you are worried about the bulk costs of a major injury or illness
CriBcal Illness Insurance compensates
you for lump sums
Pic by: D. Gordon E. Robertson
Disability Insurance
• There are two kinds of Disability Insurance:
• Short-‐term. . . • . . .and Long-‐Term.
When you begin considering this coverage, think about how long you’ll need it.
Short-‐Term Disability Insurance
• Short-‐term disability insurance provides an income for the iniBal stages of disability, paying benefits for a defined length of Bme that might be as few as two weeks or as long as up to two years.
• Employers typically include short-‐term disability as part of an employee benefits package
Long-‐Term Disability Insurance
• Long-‐term disability insurance helps replace income for long periods of Bme.
• Benefits generally end a]er five years or when the disabled individual turns 65.
Worker’s CompensaBon Insurance
• Worker’s compensaBon insurance protects employers from lawsuits resulBng from workplace accidents.
• Worker’s compensaBon is required in nearly every U.S. state, although state laws vary for the governance of workers compensaBon
Pic by: Joe Mabel
What Benefits do they Provide? • Medical care to employees injured on the job and compensaBon for lost income.
• In the event of death, worker's compensaBon will disburse benefits to surviving spouses and dependents.
Worker’s CompensaBon Insurance
• There are two things you should keep in mind when considering worker’s compensaBon insurance. . .
Worker’s CompensaBon Insurance
• Worker's compensaBon insurance is not part of any health insurance policy or group plan and must be purchased separately by employers.
• Worker's compensaBon is a "no fault system," meaning you cannot later sue your employer for further damages
Worker’s CompensaBon Insurance
• And this brings us to our last subject today . . .
Travel Insurance
Photo by ajmunn
How EffecBve is Travel Insurance?
• Travel health insurance coverage can be as flexible as your traveling schedule.
• Travel health insurance plans range from as few as five days or for Bme periods lasBng over a year.
• If you are planning to be out of the country for more than six months, you need a long term health coverage plan.
What Does Travel Insurance Offer?
• Typically these plans provide coverage for accidents, emergencies and illnesses.
• If you seek medical aeenBon for exisBng condiBons while you are abroad for a condiBon you already have, some plans may not cover all of those costs.
• This concludes our presentaBon on Other Types of Health Insurance.
• We hope this has been an informaBve experience.
• If you have any more quesBons, we hope you’ll visit our website.
• Sponsored by HealthCompare: We Guide. You Decide. www.healthcompare.com
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