Health Insurance: is used to help people pay their medical bills. Health insurance is divided into three areas.
1. Major Medical: Can be provided by an employer or privately purchased. Major Medical insurance varies extensively in premiums, deductibles, co-pays, and co-insurance.
2. Medicare: A federally funded medical insurance program that provides assistance for people over age 65 or Disabled. Medicare part A and B together are designed to pay 80% of a beneficiaries medical costs. There are various products available to assist Medicare beneficiaries in controlling their costs.
Medicare is broken down into four parts:
3. Supplemental: A type of medical insurance used to meet needs. Not covered by Major Medical or Medicare.
60% of all bankruptcies are from medical bills. 77% had major medical insurance
39.4 million, number of visits to hospital emergency departments due to injuries in 2007
9,788 is the average hospital expense, adjusted per inpatient stay.
Fixed Benefit Plans
Short Term Plan
Terms to know:
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