Determining
Insurance Needs
Basically, the process of determining health insurance needs is similar
to
identifying an individual’s life insurance requirements. The
principal difference
is the risk being insured—premature death or health insurance
expenses.
The individual’s and family’s health insurance needs
must be identified.
These needs are then prioritized in terms of their importance to
the family.
Other forms of health insurance benefits should be reviewed with
regard to
this needs analysis:
- Workers compensation benefits for job-related
disabilities
- Social security disability benefits
- Medicare, if the individual is eligible
- Work-related benefits through employer-sponsored plans
- Health coverage under any statutory plans
After the individual’s total health insurance needs analysis
has been completed,
meaningful recommendations can be made as to the type and amounts
of
health insurance required.
