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Chapter 6
Personal Risk Management
Slide 2
Why Do You Need Health Insurance?• Health insurance is a plan for sharing the
risk of medical costs.• There are three basic types of plans.
6-2 Protecting Income
o Fee-for-serviceo PPOo HMO
• Medicare and Medicaid are government-sponsored insurance.
Slide 3
What Is the Purpose of Disability Insurance?
6-2 Protecting Income
• Disability insurance provides income when the insured cannot work due to nonwork-related injury or illness.
• It replaces a portion of normal earnings.
• Short-term, long-term, and social security disability insurance are all options.
Slide 4
Who Needs Life Insurance?
6-2 Protecting Income
• Life insurance pays money to a beneficiary upon the death of the insured person.
• Temporary insurance provides a death benefit only.
• Permanent insurance provides a death benefit and builds cash value.
• Group life insurance is available through employers.
Slide 5
Focus On . . .
Health Care Reform• Most Americans will have insurance by 2020.• Purchasing health insurance will be
mandatory.• Citizens cannot be denied coverage for pre-
existing conditions.• Tax increases will pay for health care reform.• A major omission from the reform is a control
on health care costs.
6-2 Protecting Income
Slide 6
Success Skills
Dealing With Health Care Fraud
6-2 Protecting Income
• Health care fraud is false billing for medical services.o Examples: falsifying a diagnosis to justify
unneeded tests, upcoding, unbundling
• Ten cents of every dollar goes toward fraudulent health care claims.
• Consumers can help prevent fraud.o Examples: ask questions about services and
charges, audit bills, report suspected fraud