From the course: Risk Management and Insurance Planning: Designing for Client Needs
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Public health care plans
From the course: Risk Management and Insurance Planning: Designing for Client Needs
Public health care plans
The purpose of health insurance is to split the costs of medical care between an insurance company and the individual. The insured individual pays a pre-set regular premium to the insurance company in exchange for the insurance company paying a portion of their medical costs. Like all insurance, the insured trades the certainty of a relatively small premium for protection against a potentially significant future expense. Purchasing health insurance is a way to manage this risk. As you'll see, choosing a health insurance plan is a complex process, and an experienced financial planner can significantly help their clients. At a high level, here are two types of health insurance, public and private. Let's look at the public first. In the U.S., public health insurance is provided through a government program like Medicare, Medicaid, or CHIP. People that qualify for these types of insurance are still responsible for healthcare costs, but the portion they're responsible for may not be as…
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