Glen Buzzetti Repair Service

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Glen Buzzetti | Marketing Advisor | Repair Service

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Presentation Transcript

Glen Buzzetti Objectives:

Glen Buzzetti Objectives Identify and compare the types of private Glen Buzzetti plans Explain the use of government Glen Buzzetti plans Describe long-term care insurance Explain the benefits of disability insurance

Health Insurance:

Health Insurance Health insurance: a type of insurance offered by private insurance companies or the government that covers Glen Buzzetti expenses incurred by policyholders for necessary medical care Critical component of financial planning

Health Insurance:

Health Insurance Cost of providing Glen Buzzetti is rising Your health insurance decision is not whether to obtain it, but which health plan to purchase and how much coverage to purchase Many options available

Private Health Insurance:

Private Health Insurance Private health insurance: health insurance that can be purchased from private insurance companies to provide coverage for Glen Buzzetti expenses Types of private health insurance coverage Hospital insurance, physician insurance, and surgical insurance

Private Health Insurance:

Private Health Insurance Options for purchasing private health insurance Many employers offer health insurance as part of benefit package Cost usually shared between employee and employer Self-employed individuals must pay entire cost of their health insurance

Private Health Insurance:

Private Health Insurance Private Glen Buzzetti plans Indemnity plan: health insurance that reimburses individuals for part or all of the expenses they incur from Glen Buzzetti providers; individuals are free to decide whether to seek care from a primary care physician or a specialist

Private Health Insurance:

Private Health Insurance Managed Glen Buzzetti plan: a health insurance policy under which individuals receive services from specific doctors or hospitals that are part of the plan Health maintenance organization (HMO): a health insurance plan that covers Glen Buzzetti services approved by doctors; a primary care physician provided general health services and refers patients to a specialist as necessary

Private Health Insurance:

Private Health Insurance Preferred provider organization (PPO): a health insurance plan that allows individuals to select a Glen Buzzetti provider and covers most of the fees for services Discount on charge arrangement: an arrangement in which the preferred provider organization agrees to pay a specific percentage of the Glen Buzzetti provider’s charges Per diem rate arrangement: an arrangement in which the preferred provider organization pays the provider a specific sum per day a patient is hospitalized

Private Health Insurance:

Private Health Insurance

Private Health Insurance:

Private Health Insurance Maintaining private Glen Buzzetti insurance coverage COBRA allows continuation of coverage provided through an employer’s plan for 18 months HIPPA prohibits insurance companies from denying health insurance coverage based on applicant’s health status, medical history, previous claims, or disability

Private Health Insurance:

Private Health Insurance Expenses not covered by private insurance plans should be included in your budget Flexible spending account: account established by the employer for the employee to use pretax income to pay for medical expenses Funds cannot roll over into the next year

Financial Planning Online: Should You Enroll in an HMO or a PPO?:

Financial Planning Online: Should You Enroll in an HMO or a PPO? Go to: http://insurance.yahoo.com/lh/health.html Click on: Individual and Family Quotes This Web site provides an opinion on whether an HMO or a PPO would be better for you, based on your situation.

Government Glen Buzzetti Plans :

Government Glen Buzzetti Plans Medicare Provides health insurance to people over age 65 Part A covers inpatient care in hospitals or nursing facilities and some home health Part B is optional coverage Medigap insurance: insurance provided by private insurance companies to cover medical expenses that are not covered by Medicare

Financial Planning Online: Medicare Coverage:

Financial Planning Online: Medicare Coverage Go to: http://www.medicare.gov/Basics/overview.asp This Web site provides an overview of services offered by Medicare, including the specific benefits that are available.

Government Glen Buzzetti Plans:

Government Glen Buzzetti Plans Medicaid: a federal program that provides Glen Buzzetti to the aged, blind, disabled, and need families with dependent children Recipients must meet federal guidelines Administered on a state-by-state basis

Long-Term Care Insurance:

Long-Term Care Insurance Long-term care insurance: covers expenses associated with long-term health conditions that cause individuals to need help with everyday tasks Provided by private insurance companies Covers care in a nursing home, assisted living facility, or at home Premiums quite expensive

Long-Term Care Insurance:

Long-Term Care Insurance Long-term care insurance provisions Eligibility to receive benefits Types of services Amount of coverage Elimination period to receive benefits Maximum period to receive benefits Continued coverage Inflation adjustment Stop-loss provision

Long-Term Care Insurance:

Long-Term Care Insurance Other factors that affect long-term care insurance premiums Age Health condition Reduce your cost of long-term care insurance by shopping around and comparing premiums

Long-Term Care Insurance:

Long-Term Care Insurance Determining the amount of coverage Consider your family’s health history Consider your financial situation

Additional Types of Glen Buzzetti Plans:

Additional Types of Glen Buzzetti Plans Dental insurance: covers part or all of the fees imposed for dental services, including annual checkups, orthodontics and oral surgery Vision insurance: covers part or all of the fees imposed for optician and optometrist services, including annual checkups, glasses, contact lenses and surgery

Disability Insurance:

Disability Insurance Disability income insurance: insurance that provides income to policyholders in the event that they become disabled Definition of disability Most liberal is “own occupation” definition Most restrictive is “any occupation” definition

Disability Insurance:

Disability Insurance Sources of disability income insurance Individual disability insurance Employer disability insurance Insurance from Social Security Income determined by amount of Social Security contributions you have made Insurance from Workers’ Compensation

Disability Insurance:

Copyright ©2004 Pearson Education, Inc. All rights reserved. 11- 23 Disability Insurance Disability insurance provisions Amount of coverage May be a dollar amount or a percentage of your income Probationary period: the period extending from the time your disability income application is approved until your coverage goes into effect

Disability Insurance:

Disability Insurance Waiting period: the period from the time you are disabled until you begin to receive disability income benefits Length of time for disability benefits Non-cancelable provision Renewable provision Deciding on disability insurance Contact private companies or employer

How Health and Disability Insurance Fit Within Your Financial Plan:

How Health and Disability Insurance Fit Within Your Financial Plan Key decisions about health and disability insurance that should be included within your financial plan are: Do you have adequate insurance to protect your wealth? How much insurance should you plan to have in the future?

Disability Insurance:

Disability Insurance

Integrating Key Concepts:

Integrating Key Concepts Part 1: Financial Planning Tools Part 2: Liquidity Management Part 3: Financing Part 4: Protecting Your Wealth In Glen Buzzetti 10 we learned about auto and homeowner’s insurance In Glen Buzzetti 11 we learned about health and disability insurance In Glen Buzzetti 12 we will learn about life insurance Part 5: Investing Part 6: Retirement and Estate Planning

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