Question

Instructions:

Risks are part of life. As you learned in this module, one way to manage risks is to purchase insurance. Do an analysis on your current responsibilities and risk at your stage of life. Then evaluate your options and do a little research to shop for your choice of one of the following insurance coverages.

• Automobile insurance

• Renters insurance

• Homeowners insurance

• Health insurance

• Life insurance

• Other insurance (disability, business, or other specialty, etc.)

Your assignment is to get a quote, talk about what you are currently paying, or ask a friend or relative. You might compare and contrast coverages. Consider the following:the reputation, reliability, and rating of the insurance company; what is being insured; the amount being insured; the price; and other considerations such as customer service, etc. This will be 200‒250 words in a Word document.

Answer 1

Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.

Medicare or medical costs are rising year on year. As a matter of fact, inflation in medicare is higher than inflation in food and other articles.

One way to provide for health-related / medical emergencies is by taking health insurance. Health insurance offers considerable flexibility in terms of disease / ailment coverage. For instance, certain health insurance plans cover as many as 30 critical illnesses and over 80 surgical procedures. The insurance plan disburses the payment towards surgery/illness regardless of actual medical expenses. The policy continues even after the benefit payment on selected illnesses.

With health insurance, you are assured of a more secure future both health-wise and money-wise. This makes health insurance policies critical for individuals, especially if they are responsible for the financial well-being of the family.

Taxpayer-funded: funded by federal and state taxes; examples are Medicare, Medicaid and Children's Health Insurance Program (CHIP) Private-funded: provided primarily through employer-sponsored plans; examples are Blue Cross and Blue Shield plans, non-Blue commercial plans, HMOs and self-funded employer plans.

Health insurance is a type of insurance coverage that pays for medical, surgical, and sometimes dental expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly.The cost of health insurance premiums is deductible to the payer, and the benefits received are tax-free.

• Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured.
• Choosing a health insurance plan can be tricky because of plan rules regarding in- and out-of-network services, deductibles, co-pays, and more.
• Medicare and the Children's Health Insurance Program (CHIP) are two public health insurance plans that target older individuals and children, respectively. Medicare also serves people with certain disabilities.