Insurance/Medicare Flashcards
Medicare Part A
Premium free
Deductible $1,484
Hospital care - 0-60 days have deductible no coinsurance, 61-90 have daily coinsurance $371
91-150 daily coinsurance $742
150+ no longer covered
Skilled nursing care have to have been in hospital 3 days, go to skilled nursing within 30 days of hospital release, days 0-20 are $0, 21-100 $176/day, 101+ all costs paid by you
Hospice care - end of life comfort care, life expectancy less than 6 months. Limited to 210 days
Home health care - first 100 visits covered
Blood - individual responsible for first 3 pints
Medicare Part B
Premium is required $148.50+
Physician’s fees
Outpatient Services: doctor visits, labs, diagnostics, drugs that can be self administered, x rays
80/20 plan after $203 deductible
Medicare Part C
Medicare advantage. Replaces part A and B. Optional
Medicare Part D
Prescription Drug
Medicare Supplement Plans
10 plans that cover basic benefits Part A coinsurance Part B coinsurance 3 pints of blood 365 hospital days
Actual Cash Value
Replacement Cost - depreciation
Used on personal property
Replacement Cost
Used for dwellings and structures
HO-2
Broad Form - Homeowner - 18 named perils
HO-3
Special Form Homeowner -
open peril coverage on dwelling
Broad coverage on personal property
HO-4
Contents broad form
Tenant/Renters
Loss of use limited to 30% of coverage C
HO-5
Comprehensive form Homeowners
Open peril coverage on dwelling and personal property
“Cadillac” of policies
HO-6
Unit-owners form - condominium owner
Coverage for personal property
Broad form
Loss of use is 40% of coverage c
HO-8
Modified coverage form - homeowner
Designed for homes where replacement exceeds market price
Uses functional replacement cost
Theft coverage for premises $1,000/occurrence
Homeowner Section 1 Coverage
A - Dwelling - everything ATTACHED to dwelling - land excluded - need 80% coverage, we always recommend 100% of Replacement cost
B - Other Structures - not attached to dwelling - 10% of Coverage A - additional coverage can be purchased
C - Personal Property - contents of the home - 50% of coverage A - Special limits apply to jewelry, furs, silverware, firearms, collectibles
D - Loss of use - 20% of coverage A. For HO-1 and HO-8 limited to 10%
Additional Coverage - debris removal, damage to trees, credit card loss
Homeowner Section II Coverage
Coverage E - personal liability
Coverage F - medical payments to others
