ETPT3

Health Care Insurance

• Health care insurance is a type of coverage that pays for home repairs.
• covers the cost of your health care (and meds)

• Health care insurance is a type of coverage that pays for travel expenses.
• Health care insurance is a type of coverage that pays for dental expenses only.

Medicaid:

• Medicaid covers all medical expenses for everyone
• Medicaid is a program only for the elderly
• Medicaid is solely funded by the federal government
• gov’t pays for insurance for low-income citizens

Affordable Care Act:

• allows you to purchase health insurance directly from an insurance provider

• Legislation focused on increasing the cost of healthcare for Americans
• A law aimed at reducing taxes for high-income individuals
• A policy designed to limit access to healthcare services

Universal life

• Universal life insurance does not have a death benefit
• premiums are flexible, cash value not guaranteed.

• Universal life insurance has fixed premiums
• Universal life insurance is a type of term life insurance

Will:

• document that states who gets your stuff when you die

• payment to insured if property is damaged in an accident (pays for YOUR loss)

Whole Life:

• Whole Life insurance does not provide any death benefits
• Whole Life insurance is only available for young individuals
• Whole Life insurance only covers a specific period of time
• premiums are constant, guaranteed cash value

Investment:

• all the premiums you paid.  If you cancel the policy, you get back (some of) premium plus interest.

• pays a stated death benefit when you die. (you will probably pay more in premiums than you get back)

Insurance:

• pays a stated death benefit when you die. (you will probably pay more in premiums than you get back)

• all the premiums you paid.  If you cancel the policy, you get back (some of) premium plus interest.

Permanent Life Insurance:

• Term life insurance provides coverage for a specific term only
• coverage stays until policyholder dies.  Includes both insurance part and investment part.  

• Permanent life insurance does not have a cash value component
• Permanent life insurance is only available for individuals under 30 years old

Health insurance is provided by:

• - charitable foundations

  - nonprofit organizations

  - public organizations

• • - Employer

  • - Government

  • - Individual (can purchase it yourself)