This chapters focus is on HEALTH Insurance ... and ... DISABILITY Insurance.   BOTH are "must haves" ... yes - even if you are young, healthy and NEVER get sick - ever!.

So why buy health insurance ?   After all, it's sooo damned expensive!   Because - the leading cause of bankruptcy is "medical bills" (either not enough ... OR ... no insurance).   A simple(?) "visit" to an emergency room (kids = visits) typically starts with a $400 charge when you are seen by the physician.   Your bill then increases by $200 to $6,000 depending on diagnostic tests (lab, x-ray).   Once diagnosed, The actual treatment can easily rack up another few hundred (stitches) up to $40,000 (emergency surgery).   Even WITH insurance, you may still wind up owing 20% of the bill.

How about disability insurance?   The Social Security Administration claims that a "20-year old worker has a 3 in 10 chance of becoming disabled before retirement age."   For us mathematically challenged folks, this means 30% are likely to need some kind of income protection for disability.   To put it VERY COLD, if you die you are a one-time expense but if you are disabled (even for a few months) you are a continual financial drain on your family (plus think of the medical bills involved with a disability).


HealthCare Spending
Health care spending continues to rise at the fastest rate in our history.   Consider the following:

♦   Health care spending is 4.3 times the amount spent on national defense.

♦   The annual premium that a health insurer charges an employer for a health plan covering a family of four averaged $15,073 in 2011 (single coverage average is $5,429).   The worker typically pays part of this cost (via payroll deduction - over $4,000 for family coverage and $1,200 for single coverage).

♦   Since 2001, employment-based health insurance premiums have increased 131 percent, compared to cumulative inflation of 24 percent during the same period.

♦   According to the Kaiser Family Foundation and the Health Research and Educational Trust, premiums for employer-sponsored health insurance in the United States have been rising four times faster on average than workers' earnings since 2000.



  Internet Readings  
(Click on the links below, read the articles (the info may be on both the homework AND quiz.)

      Health Insurance
    1. The Basics

    2. Things To Know

    3. Health Insurance Terminology

    4. Health Savings Accounts (HSA) Explained

    5. Primary Care Explained


      The Problems With Healthcare
    6. The "Numbers"

    7. The "Problem"
    8. Rising Health Care Costs

    9. The Impact of Rising Costs


      Government Funded Health Insurance
    10. Government Health - Care Programs

    11. Obamacare - Highlights

    12. Obamacare - Simplified  (on facebook)

    13. COBRA


      Getting Health Insurance
    14. Choosing a HealthCare Plan

    15. Buying Health Insurance

    16. Long Term Care Insurance - Yes / No ?


      Disability Insurance
    17. Do I Really Need Disability Insurance?

    18. Myths About Disability Insurance

    19. Types of Disability Insurance

    20. Workers Comp


Homework Assignment Worksheet
Open the link - Answer the questions - SAVE it - Submit it using ... Canvas