why you need health insurance: other types of health insurance - healthcompare
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Are you lost in the maze of confusion information about the price and cost of health insurance and health insurance plans? The experts at HealthCompare put together some slide to help you through the health insurance clutter and make finding the right affordable health insurance easy. HealthCompare.com provides Affordable Health Insurance Quotes and makes it easy to buy Individual Health Insurance, Family Health Insurance and other Health Insurance Plans. http://www.healthcompare.comTRANSCRIPT
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