Health Insurance

Health insurance = (accident and sickness OR accident and health) provides payments for the loss arising from illness or injury. 

Perils are:

• an accident is injury caused by unexpected, unintentional,
• sickness is loss due to an illness or a disease.

Disability income insurance replace loss of personal income due to a disability, benefits paid to a degree, the insured's loss of income.
Note: enable the insured to make mortgage payments etc.
Accidental Death and Dismemberment are riders on life insurance, health insurance. May be separate policy. In case of death pays principal sum = capital sum is paid if severance of two arms, two legs, loss of vision in two eyes.
Medical Expense Insurance covers in-hospital treatments, certain doctor's visits, lab tests, diagnostic services. 
Note: Premiums paid by the business are tax deductible,  but includable as income to the individual.
Long-Term Care Insurance ( LTC) covers chronic diseases or disabilities, nursing home care, home-based care, respite care.

Limited Insurance Contracts

• Hospital Income Insurance pays daily, weekly, or monthly while insured is confined to a hospital. Note: not related to wages lost.
• Travel Accident Insurance covers death and injury on common carrier.
• Accident Only Insurance covers only accident. ( death, disability, dismemberment, hospital and medical expenses).
• Blanket Insurance is group insurance, individual's name is not known. Ex: students, campers, passengers, volunteer groups, sport teams.
• Credit Insurance covers limited amount = debtor's indebtedness.
• Specified/Dread Disease Insurance covers only certain diseases, usually cancer or heart disease.

Group Optional Benefits

• Prescription medication coverage, insured paid only stated amount ($2,$3 or $5)
• Vision Care covers eye examination, cost of lenses, frames, contact lenses

---

HEALTH CARE PROVIDER ORGANIZATIONS AND PLANS

• Skilled nursing facilities are for patients who do not require acute nursing care, only inpatient supervision.
• Assisted living facilities provide limited medical care.
• Home health care for who is terminally ill and require short or long intervention by health professionals.

Reimbursement plans pay benefits directly to the insured.

Partners Network Center

 

Friday, March 27, 2015