[Health Insurance] 63, Critical Illness and Hospital Indemnity Plans

[Health Insurance] 63, Critical Illness and Hospital Indemnity Plans

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Critical Illness insurance pays a one-time, lump-sum cash benefit directly to you upon diagnosis of a covered condition like cancer or a stroke. - Hospital Indemnity insurance pays a fixed daily or weekly amount directly to you for each day you are confined in a hospital. - Benefits from both plans are paid regardless of, and in addition to, any other major medical insurance you have. - These are considered 'stated amount' or 'valued' policies, not 'reimbursement' policies; the payout is a fixed amount, not based on actual medical bills. - A common exam trap is confusing these policies with disability income insurance, which replaces lost wages, not costs associated with a specific health event. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

[Health Insurance] 62, Accidental Death and Dismemberment Insurance

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The difference between the Principal Sum (for accidental death) and the Capital Sum (for dismemberment). - Why AD&D will not pay for a death caused by a sickness, like a heart attack, even if it results in an accident. - How the 90-day time limit between the accident and the loss is a critical factor for a claim to be paid. - The key distinction between a standalone AD&D policy and a double indemnity rider on a life insurance policy. - Common policy exclusions such as suicide, war, commission of a felony, and intoxication. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

[Health Insurance] 61, Mental Health Parity and Addiction Equity Act

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - MHPAEA requires parity for financial requirements and treatment limitations between mental health/substance use disorder benefits and medical/surgical benefits. - The 2026 'Meaningful Benefits Standard' mandates that plans cover core mental health and substance use disorder treatments in every classification where medical benefits are offered. - Non-Quantitative Treatment Limitations (NQTLs), like prior authorization, cannot be applied more stringently to mental health benefits than to medical benefits. - A key exam trap is misunderstanding that MHPAEA mandates parity in limitations, not that it forces plans to offer mental health benefits in the first place. - The Act generally applies to group health plans with more than 50 employees, a detail often used in scenario-based exam questions. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

[Health Insurance] 60, Flexible Spending Accounts and Health Reimbursement Arrangements

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - Flexible Spending Accounts (FSAs) are employee-funded, subject to a "use-it-or-lose-it" rule, with a 2026 maximum carryover of $680. - Health Reimbursement Arrangements (HRAs) are exclusively funded by the employer, and unused funds typically roll over without a limit. - A key exam distinction is ownership: FSAs and HRAs are employer-owned, while Health Savings Accounts (HSAs) are employee-owned and portable. - For 2026, the Health FSA contribution limit is $3,400, and the Dependent Care FSA limit is $7,500 per household. - Unlike HSAs, neither FSAs nor HRAs require an individual to be enrolled in a High-Deductible Health Plan (HDHP). For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

[Health Insurance] 59, Health Savings Accounts HSAs

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - HSA eligibility requires enrollment in a qualified High-Deductible Health Plan (HDHP) and not being enrolled in Medicare. - HSAs feature a powerful triple-tax advantage: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. - The 2026 HSA contribution limits are $4,400 for self-only coverage and $8,750 for family coverage, with an additional $1,000 catch-up contribution for individuals 55 and older. - A critical exam trap is the 20% penalty plus income tax applied to non-qualified withdrawals for individuals under age 65. - A new rule allows individuals with certain Direct Primary Care (DPC) arrangements to remain eligible for an HSA, creating a new testable exception. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep