Insurance Auto, Health and Life Insurance Why do people have insurance? What kinds of insurance can you get? What types of insurance are necessary to have? Read page 79 p. 80 “What do you think? Insurance Risk protection helps pay for damages , injury, law suits helps protect your money Auto Insurance Terms *Liability- protects the person you hit; it covers bodily injury and property damage of others (not your car) Personal Injury- covers injuries to you or your passengers Comprehensive- covers your car against theft, vandalism, weather damage, or collisions with animals (usually has a deductible) Auto Insurance Terms Collision- pays for your vehicle damage caused by collisions (usually has a deductible) Deductible- out-of-pocket expenses you pay (insurance company pays the difference) could range from $100-1,000 Underinsured Motor Vehicle Coverage- pays you for damages and/or injury incurred in an accident caused by another person who is not insured or underinsured Money Savers Good student discounts Clean driving record Non-smoker Life Insurance Premium- amount you pay monthly or quarterly for a life insurance policy Policy limit- maximum amount that will be paid for a single type of damage Life Insurance Permanent- costs more Term lasts for a specific amount of time; gets more expensive with age may not get this after the age of 65 Policy Limits Loss of life- full benefits Loss of both hands or both feet or sight in both eyes- full benefits Loss of one hand or one foot or sight in one eye- 1/2 of full benefits Loss of 4 limbs- full benefits Loss of 3 limbs-3/4 of benefits Loss of 2 limbs- 2/3 of benefits Loss of 1 limb- 1/2 of benefits Life Insurance Loss of life covered unless… Suicide War or act of war Skydiving, parasailing, hang-gliding While committing any crime or felony If intoxicated or under the influence of drugs Not wearing seat belt in car accident Health Insurance Managed Care Plans Have agreements with certain Health Care Providers to provide services at a reduced cost to the member Three main types of Managed Care Plans- HMOs, POS, PPOs HMO, PPO, POS HMO- (Health Maintenance Organization), PPO (preferred provider organization, POS (point of service) Doctors have to be in the network Primary Care Physician $5-$10 per doctor visit (co-payment) No deductible is required Outside the network, you pay 100% of bill. Medicare/Medicaid Medicare- receive insurance coverage at the age of 67 or older or if you are on disability Medicaid- for low income families Paper MUST BE ONE PAGE LONG. I MUST BE ABLE TO READ IT WITHOUT ANY DIFFICULTY. DO NOT LEAVE A SPACE BETWEEN PARAGRAPHS. DO NOT WRITE USING OVERSIZED or BUBBLY LETTERS TO TAKE UP MORE SPACE!!! MUST BE HANDED IN TODAY. Reaction… How did watching this movie make you feel? What were some of the advantages people had living in France or England? Do you have any personal experiences with Health insurance? Do you think this film is a fair or accurate representation of the Health care industry in U.S.?