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Risk Management

Risk Management. Insurance – Part II. DISABILITY INCOME. DISABILITY INCOME. DISABILITY INCOME. Types of Disabilities Total Partial Permanent Temporary Social Security Disability Income Total AND Permanent Disabilities 95% of first time applications denied Restrictions on Payment

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Risk Management

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  1. Risk Management Insurance – Part II

  2. DISABILITY INCOME DISABILITY INCOME

  3. DISABILITY INCOME Types of Disabilities Total Partial Permanent Temporary Social Security Disability Income Total AND Permanent Disabilities 95% of first time applications denied Restrictions on Payment Elimination period Probationary period Maximum benefits – DOLLAR LIMIT of benefits Less Expensive Option– Business Overhead Insurance - Inability to perform employment functions –No employment functions – Some employment functions – Never perform employment functions – Will regain the ability to perform employment functions – time between PURCHASE of policy and payment of an claim – time between ONSET OF SICKNESS or illness to payment of claim

  4. AUTOMOBILE AUTOMOBILE

  5. AUTOMOBILE Remember MULCE M Medical payments to cover yourself U Uninsured or Underinsured motorist L Liability – medical and property damage of the OTHER driver Example: 100/300/50 – $100,000 & $300,000 medical coverage – (up to $100,000/person and $300,000 total), $50,000 in property damage C Collision/Comprehensive – damage to YOUR car E Emergency Road Service Comparison Shopping in Utah http://www.insurance.utah.gov/2005%20Comparison% 20Table.pdf

  6. AUTOMOBILE

  7. HOMEOWNERS HOMEOWNERS

  8. HOMEOWNERS Six different levels of homeowners insurance Covers Home – damage Personal Property – on the premises Liability – Individuals injured while on your property Exclusions – Floods and Earthquakes – Requires separate (expensive) coverage Comparison Shopping http://www.insurance.utah.gov/2005%20Comp arison%20Table.pdf

  9. HOMEOWNERS

  10. RENTERS RENTERS

  11. RENTERS Does not cover structure – Landlord has to purchase Does cover personal property Fairly inexpensive – Add on to automobile coverage

  12. UMBRELLA COVERAGE UMBRELLA COVERAGE

  13. UMBRELLA COVERAGE Double or triple the coverage of a home owner policy or automobile policy Can include other types of coverage: • False Arrest • Libel • Slander Relatively inexpensive

  14. MUTUAL GUARANTEE ASSOCIATIONS MUTUAL GUARANTEEASSOCIATIONS

  15. MUTUAL GUARANTEE ASSOCIATIONS Life & Health / Property & Casualty Companies licensed in state pay premiums Not state funded – State supervised – No federal or state guarantee (Not FDIC Ins) Back outstanding policies of BANKRUPT insurance companies

  16. SOCIAL SECURITY SOCIAL SECURITY

  17. SOCIAL SECURITY Death Benefit- $255.00 if surviving spouse Retirement Income– Most popular Disability Income– Remember ‘Total and Permanent’ Social Security Disability Insurance (SSDI)– Based on PRIOR WORK Supplemental Security Income (SSI)– Based on FINANCIAL NEED

  18. SOCIAL SECURITY Survivors Benefits – For deceased worker’s: • Widow with children who are under 16 or are disabled • Unmarried children under 18 (19 if full-time student) • Parents over 62 if they were dependent on deceased worker

  19. SOCIAL SECURITY Medicare Part A – Hospital insurance – No charge for covered worker Part B – Medical Insurance Optional – but automatically covered if you don’t opt out Pays for the doctor or providers You pay a premium - $110.50 per month for 2010 Federal Government subsidizes 70% of the cost Part C (Medicare + Choice / Medicare Advantage) Allows you to receive all health care services through a private provider company Must have Part A and Part B to enroll in Part C Part D – Prescription drug coverage Pay a premium Must apply – not automatically covered

  20. MEDIGAP MEDIGAP

  21. MEDIGAP Medigap Policies(Supplemental Policies) Pays where social security will not cover Ten coverage types lettered ‘A through J’ A wise consumer purchase Most Comprehensive

  22. LONG-TERM CARE LONG-TERM CARE

  23. LONG-TERM CARE Potentially the largest financial risk 65% of people will spend some time in LTC Financial hardship if stay is more than one year 6% of women and 3% of men for more than 1 year

  24. MEDICAID MEDICAID

  25. MEDICAID ‘Poor man’s insurance’ you only qualify if you are very poor Funding – combination of State and Federal funds Administered by the State

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