2 What type of life insurances the Ricardo get? Term Life Insurance Cash-Value Whole Life Insurance None h. Explain your reasoning with evidence from the course materials: Introduction to Personal Finance Unit 7 Project Learning Goals: Understand the concept of protection and how it relates to risk and risk management. Understand the role of insurance in protecting human, financial, and property assets. Understand the importance of basic estate planning documents. Fiduark and Lucia Ricardo are al married couple. They are both 39 years old and they have a som (17 years old) and a daughter (14 years old). Eduardo is an engineer and eams 595,000 a year. Lucia is a teacher and earns $30,000 a year, Eduardo's life expectancy is 80 years and Lucia is 82. They plan on retiring wben they are 67. There are three health insurance policies that they could choose from (sce below). 1. Health Insurance: a Help Eduardo und Lucia to determine which of the three plans to choose. They want to know which plan would be best if they estimate their medical costs at approximately S4000 per year and which plan to use if they estimate their medical costs closer to $30,000 per year. Help the Ricardo's determine how much of their risk they should transfer and how much they should retain (for example a higher deductible means they are retaining more risk). 3. Disability Insurance: L What type of disability insurance should the Ricardo get? Disability Insurance Coverage for Eduardo: Short Term Long Term None Disability Insurance Coverage for Lucia: Short Term Long Term None b. Explain your reasoning with evidence from the course materials: Low Medical Exposes (-$4,000/year) Estate ErstCare Blue Choice Bronze Gold Gold High Modial Exposcs (-$30,000/you) Firstue Eirstuce Blue Choice Bronze Gold Gold 6350 Estimated Medical Cost: Out of Pocket Annual Premiuen: Total 209.97 No 4. Long-Term Care Insurance: Should the Ricardo get long-term care insurance? Yes b. Explain your reasoning with evidence from the course materials: Which plan should they cboose? And Why? h. Now suppose you are choosing the insurance for yourself. Based on your own situation, what is your annual medical cost and which insurance are you going to choose based on your fautily, history, lifestyle, etc.? Why? 2. Life Insurance: FirstCare FirstCare Health Plans Bronze Firstcare Health Plans HMO Monthly Cost $209.97 FirstCare. FirstCare Health Plans Gold Monthly Cost $271.26 HEALTH PLANS Firstcare Haath Plans HMO HEALTH PLANS Deductible 54.500 0% Premium: 5209.97 Subsidy: 50.00 Premium: 5271 26 Subsidy: 50.00 Coinsurance 30% Deductible Coinsurance Out of Pocket Maximum 20% Out of Pocket Maximum 56 350 $6,350 More Details Find a Provider More Details Find a Provider Out of Network Out of Network 10 50 In Network SO SO) am 20% SO so en SO 0 $0 SO S6, 350 SI2.700 $0 Out of Network SO SO Out of Network In Network S30 SD SSO SO SO SO 20% SO 5300 CODAY SO S250 copay S250 SSO Cory SO Deductibles and Cost Sharing In Network Deductible (Individual) $4.500 Deductible (Family) 310.000 Coinsurance 30% Out of Pocket Maximum (Individual) $6,350 Out of Pocket Maximum (Family) $12,700 Services Services In Network Primary Care Visit S60 Specialist Visit S70 Capay after deductible In Patient Hospital Services 30% Coinsurance after deductible Emergency Room Services S300 Copy after deductible Mental/Behavioral Health S70 copay Imaging (CT/PET Scans, MRIS) 30% coinsurance Kehabilitative Speech Therapy S70 copy Rehabilitative Occupational & Physical Therapy Preventative Care SO Laboratory Outpatient and SO Professional Services X-ray and Diagnostic Imaging 30% coinsurance Prescription Drugs In Network Generic Rx $20 Capay after deductible Preferred Brand Rx S50 Copay after deductible Non Preferred Brand Rx S70 Copay after deductible Specialty Drugs 30% Coinsurance after deductible SO Deductibles and Cost Sharing Deductible (Individual) Deductible (Family) C. Coinsurance Out of Pocket Maximum (Individual) Out of Pocket Maximum (Family) Services Primary Care Visit Specialist Visit In Patient Hospital Services .......... Emergency Room Services mergen Mental / Behavioral Health Imaging (CT/PET Scans, MRIS) Rehabilitative Speech Therapy Rehabilitative Occupational & Physical Therapy Preventative Cure Laboratory Outpatient and Professional Services X-ray and Diagnostic Imaging Prescription Drutes Generic Rx Preferred Brand Rx Non Preferred Brand Ry Specialty Drugs SCI 217% cainsurunce S50 copay SO SO S70 copay SO SSO copy SO SO SO SO SO SO SO SO SO Out of Network SO Out of Network In Network S20 SSO 211% Blue Choice Gold PPO 002 BlueCross BlueShield. Blue Cross Blue Shield of Texas PPO Monthly Cost $333.69 Deductible $1.500 Premium: $333.69 Subsidy: $0.00 Coinsurance 20% Out of Pocket Maximum $3,500 More Details Find a Provider In Network Out of Network Deductibles and Cost Sharing Deductible (Individual) Deductible (Family) $1,500 $3,000 $4,500 $9,000 Coinsurance 20% 40% Out of Pocket Maximum (Individual) $3,500 $10,500 Out of Pocket Maximum (Family) Services Primary Care Visit $7,000 $21,000 Out of Network In Network $10 40% coinsurance Specialist Visit $60 40% coinsurance In Patient Hospital Services 40% coinsurance $200 Copay per Stay and 20% Coinsurance $400 Copay and 20% Coinsurance a Emergency Room Services 20% coinsurance after $400 copay/visit Mental / Behavioral Health $10 copay 40% coinsurance Imaging (CT/PET Scans, MRIS) 20% coinsurance 40% coinsurance Rehabilitative Speech Therapy 20% coinsurance 40% coinsurance 20% coinsurance 40% coinsurance $0 40% coinsurance Rehabilitative Occupational & Physical Therapy Preventative Care Laboratory Outpatient and Professional Services X-ray and Diagnostic Imaging Prescription Drugs 20% coinsurance 40% coinsurance 20% coinsurance 40% coinsurance In Network Out of Network Generic Rx No Charge $35 Preferred Brand Rx Non Preferred Brand Rx $75 Specialty Drugs $150 2 What type of life insurances the Ricardo get? Term Life Insurance Cash-Value Whole Life Insurance None h. Explain your reasoning with evidence from the course materials: Introduction to Personal Finance Unit 7 Project Learning Goals: Understand the concept of protection and how it relates to risk and risk management. Understand the role of insurance in protecting human, financial, and property assets. Understand the importance of basic estate planning documents. Fiduark and Lucia Ricardo are al married couple. They are both 39 years old and they have a som (17 years old) and a daughter (14 years old). Eduardo is an engineer and eams 595,000 a year. Lucia is a teacher and earns $30,000 a year, Eduardo's life expectancy is 80 years and Lucia is 82. They plan on retiring wben they are 67. There are three health insurance policies that they could choose from (sce below). 1. Health Insurance: a Help Eduardo und Lucia to determine which of the three plans to choose. They want to know which plan would be best if they estimate their medical costs at approximately S4000 per year and which plan to use if they estimate their medical costs closer to $30,000 per year. Help the Ricardo's determine how much of their risk they should transfer and how much they should retain (for example a higher deductible means they are retaining more risk). 3. Disability Insurance: L What type of disability insurance should the Ricardo get? Disability Insurance Coverage for Eduardo: Short Term Long Term None Disability Insurance Coverage for Lucia: Short Term Long Term None b. Explain your reasoning with evidence from the course materials: Low Medical Exposes (-$4,000/year) Estate ErstCare Blue Choice Bronze Gold Gold High Modial Exposcs (-$30,000/you) Firstue Eirstuce Blue Choice Bronze Gold Gold 6350 Estimated Medical Cost: Out of Pocket Annual Premiuen: Total 209.97 No 4. Long-Term Care Insurance: Should the Ricardo get long-term care insurance? Yes b. Explain your reasoning with evidence from the course materials: Which plan should they cboose? And Why? h. Now suppose you are choosing the insurance for yourself. Based on your own situation, what is your annual medical cost and which insurance are you going to choose based on your fautily, history, lifestyle, etc.? Why? 2. Life Insurance: FirstCare FirstCare Health Plans Bronze Firstcare Health Plans HMO Monthly Cost $209.97 FirstCare. FirstCare Health Plans Gold Monthly Cost $271.26 HEALTH PLANS Firstcare Haath Plans HMO HEALTH PLANS Deductible 54.500 0% Premium: 5209.97 Subsidy: 50.00 Premium: 5271 26 Subsidy: 50.00 Coinsurance 30% Deductible Coinsurance Out of Pocket Maximum 20% Out of Pocket Maximum 56 350 $6,350 More Details Find a Provider More Details Find a Provider Out of Network Out of Network 10 50 In Network SO SO) am 20% SO so en SO 0 $0 SO S6, 350 SI2.700 $0 Out of Network SO SO Out of Network In Network S30 SD SSO SO SO SO 20% SO 5300 CODAY SO S250 copay S250 SSO Cory SO Deductibles and Cost Sharing In Network Deductible (Individual) $4.500 Deductible (Family) 310.000 Coinsurance 30% Out of Pocket Maximum (Individual) $6,350 Out of Pocket Maximum (Family) $12,700 Services Services In Network Primary Care Visit S60 Specialist Visit S70 Capay after deductible In Patient Hospital Services 30% Coinsurance after deductible Emergency Room Services S300 Copy after deductible Mental/Behavioral Health S70 copay Imaging (CT/PET Scans, MRIS) 30% coinsurance Kehabilitative Speech Therapy S70 copy Rehabilitative Occupational & Physical Therapy Preventative Care SO Laboratory Outpatient and SO Professional Services X-ray and Diagnostic Imaging 30% coinsurance Prescription Drugs In Network Generic Rx $20 Capay after deductible Preferred Brand Rx S50 Copay after deductible Non Preferred Brand Rx S70 Copay after deductible Specialty Drugs 30% Coinsurance after deductible SO Deductibles and Cost Sharing Deductible (Individual) Deductible (Family) C. Coinsurance Out of Pocket Maximum (Individual) Out of Pocket Maximum (Family) Services Primary Care Visit Specialist Visit In Patient Hospital Services .......... Emergency Room Services mergen Mental / Behavioral Health Imaging (CT/PET Scans, MRIS) Rehabilitative Speech Therapy Rehabilitative Occupational & Physical Therapy Preventative Cure Laboratory Outpatient and Professional Services X-ray and Diagnostic Imaging Prescription Drutes Generic Rx Preferred Brand Rx Non Preferred Brand Ry Specialty Drugs SCI 217% cainsurunce S50 copay SO SO S70 copay SO SSO copy SO SO SO SO SO SO SO SO SO Out of Network SO Out of Network In Network S20 SSO 211% Blue Choice Gold PPO 002 BlueCross BlueShield. Blue Cross Blue Shield of Texas PPO Monthly Cost $333.69 Deductible $1.500 Premium: $333.69 Subsidy: $0.00 Coinsurance 20% Out of Pocket Maximum $3,500 More Details Find a Provider In Network Out of Network Deductibles and Cost Sharing Deductible (Individual) Deductible (Family) $1,500 $3,000 $4,500 $9,000 Coinsurance 20% 40% Out of Pocket Maximum (Individual) $3,500 $10,500 Out of Pocket Maximum (Family) Services Primary Care Visit $7,000 $21,000 Out of Network In Network $10 40% coinsurance Specialist Visit $60 40% coinsurance In Patient Hospital Services 40% coinsurance $200 Copay per Stay and 20% Coinsurance $400 Copay and 20% Coinsurance a Emergency Room Services 20% coinsurance after $400 copay/visit Mental / Behavioral Health $10 copay 40% coinsurance Imaging (CT/PET Scans, MRIS) 20% coinsurance 40% coinsurance Rehabilitative Speech Therapy 20% coinsurance 40% coinsurance 20% coinsurance 40% coinsurance $0 40% coinsurance Rehabilitative Occupational & Physical Therapy Preventative Care Laboratory Outpatient and Professional Services X-ray and Diagnostic Imaging Prescription Drugs 20% coinsurance 40% coinsurance 20% coinsurance 40% coinsurance In Network Out of Network Generic Rx No Charge $35 Preferred Brand Rx Non Preferred Brand Rx $75 Specialty Drugs $150