Day 32 (PF)

LAST DAY OF THIRD QUARTER THIRD QUARTER EVALUATION–PLEASE COMPLETE THIS HONESTLY–IT MEANS A LOT TO ME. PRACTICE FOR THE PERSONAL FINANCE CHALLENGE–2018 Get register at www.everfi.com course code: 5442ca1c
Pit Stop Summary: New employees make health care insurance decisions within the first week of employment. For an individual in their first job, the terminology alone can be daunting. The purpose of this Pit Stop is to provide students with general information about health care terminology, types of insurance plans available and how employer provided insurance works. Terminology Tune Up
  1. Health Maintenance Organization (HMO): Medical insurance plan that requires a primary care physician as the gatekeeper to medical care.
  2. Preferred Provider Organization (PPO): Medical insurance plan that allows the insured to select their own doctor, with lower fees for in-network providers.
  3. Co-insurance: The % of a medical bill that is the responsibility of the insured.
  4. In-network: Refers to a health care provider that the insurance company contracts with to provide care at discounted prices.
  5. Out-of-network: Refers to health care providers that the insurance company does not contract with to provide care therefore costs are higher than an Innetwork provider
Navigation Tips: Health care is a complex topic. The following tips will help you navigate the world of health insurance.
  1. Health care insurance can be obtained through an employer.
  2. Health care insurance can be expensive.
  3. The two major health care plan types are HMO and PPO.
  4. Thoroughly review your certificate of coverage before purchasing an insurance plan.
  5. There is an appeal process for health insurance claims
Through the character in the Budget Challenge Road Test, students will experience a health care situation with employer provided health care insurance. The simulation scenario allows for practicing Navigation Tips #1, 2, & 3. Navigation Tip #1: How employer provided insurance works.
  1. In the simulation, ProperLiving Widget Engineering & Design provides health insurance for its full-time employees as a benefit to employment.
  2. With an employer sponsored plan, the employee’s portion of the monthly premium is less than if he/she had to purchase insurance on their own.
  3. The employee’s portion of the monthly premium is deducted from the employee’s paycheck pre-tax.
  4. The health care insurance premium amount can be found in the Paycheck Calculator found at the bottom of the Student Home>Vendor Selections page.
Navigation Tip #2: HMO or PPO? What is the difference?
  1. An HMO requires the patient first contact their primary care physician (PCP) before receiving services from another physician or specialist.
  2. An HMO is more restrictive, but can be less expensive than a PPO.
  3. With a PPO, the patient can receive services from the physician or specialist of their choosing and no referral is required.
  4. If the insured received services from a physician or specialist in-network, the cost of care will be less expensive than receiving services from a physician or specialist that is out-of-network.
EXAMPLE: You break your ankle and need to see an orthopedic surgeon.
  • With an HMO, you first have to contact your PCP to get a referral that states the orthopedic surgeon has permission to provide services to you. Your PCP is managing your care.
  • With a PPO, you choose the orthopedic surgeon from a list of providers and if they are in-network, at a cost savings vs. an out-of-network provider
Did You Know? The average annual healthcare cost for a 25 year old is $3,370. In this Test Drive, students will calculate the financial cost of a visit to a physician in a Peferred Provider Organization using in network and out-of network providers. Teachers will need to be prepared to discuss the terminology and concepts provided in this Pit Stop, as well as, be familiar with the cost advantages of using an in-network provider rather than an out-of network provider. RIGHT NOW:
  1. Log in to your Budget Challenge account
  2. From your Dashboard under Written Tests click  VIEW DETAILS and next to (CW5) BUILDING CREDIT click UNIT MATERIAL
  3. READ EVERYTHING & WATCH ALL THE VIDEOS!! TODAY IS A LEARNING DAY!!
  4. Once you feel like you know everything there is to know from the Unit Materials, take the quiz–you do not have to do this today!!
BUILDING CREDIT ACTIVITY
https://docs.google.com/document/d/1haNG5bhGuUw13WOcjswDOe6JjLpzO4JwgI7CUSzpkpA/edit?usp=sharing
CASE STUDY: MANAGING CREDIT: https://docs.google.com/document/d/1mpFCrPmEzyVszeLTO7szc6Wm91Zijct_kjZv3yWX5SA/edit?usp=sharing
CREDIT CARD ACTIVITY: https://docs.google.com/document/d/1EFdsmGUXus3uQczXvkNde_LAqwH31l_-y4YLPt3BjdM/edit?usp=sharing
WHAT CREDIT CARD HAS THE LOWEST INTEREST RATE: https://docs.google.com/document/d/1dmXvOB0WjXFG1K7ZC1TWJg9kCVmwNgk8GO4YRRps4w4/edit?usp=sharing
In Week 7 students learn about protecting their data and personal identity. According to government and private sector statistics, approximately 17 million people become victims of identity theft every year. College students are not immune to identity theft, yet a 2015 Javelin Research study found 64% of college students responding “They were not very concerned about identity theft”. The same study found that college students were the demographic segment least likely to detect identity fraud themselves. In fact, the study found that college students were three times as likely to find out they had been victimized only after being denied credit or contacted by a financial institution and four times as likely as the general population to be a victim of “familiar” fraud. In the Budget Challenge, there are several unexpected events that occur during the simulation. In the event of identity theft, students may or may not be responsible for financial consequences of an event such as their credit card information being stolen. Like in real life, it would depend on the circumstances.
Before you leave class today you will learn about:
  • Password Protection and safeguarding personal information (CW7.1)
  • Identify Theft (CW7.2)
  • Online fraud (CW7.3)
  • Credit Card Fraud (CW7.4)
RIGHT NOW:
  1. Log in to your Budget Challenge account
  2. From your Dashboard under Written Tests click  VIEW DETAILS and next to (CW7) DATA PROTECTION click UNIT MATERIAL
  3. READ EVERYTHING & WATCH ALL THE VIDEOS!! TODAY IS A LEARNING DAY!!
  4. Once you feel like you know everything there is to know from the Unit Materials, take the quiz–you do not have to do this today!!

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