5-3 Final Project Milestone Two (Part B): Draft of Social Security, Medicare, and Medicaid Plans

Please see attachments…This is PART B.
FIN 355 Milestone Two Case Study

Part A

Don't use plagiarized sources. Get Your Custom Essay on

5-3 Final Project Milestone Two (Part B): Draft of Social Security, Medicare, and Medicaid Plans

Just from $13/Page

Order Essay

Health Insurance

Johns company recently changed their health insurance offering. Jennys dental office does not
offer any health insurance options. John and Jenny can choose between the following two
health offerings:

Option 1 Option 2

Annual Deductible

$1,500 if you cover yourself
only
$3,000 if you cover yourself
plus one or more dependents

$2,500 if you cover yourself
only
$5,000 if you cover yourself
plus one or more dependents

Medical Coinsurance

10% of all covered in-
network services other than
certain preventive care
30% up to MRC of all
covered out-of-network
services other than certain
preventive care

Prescription Coinsurance

15% of the cost of the
generic (tier 1) drug up to
the per-prescription
maximum ($25 pharmacy,
$63 home delivery)
30% of the cost of the
preferred brand name (tier
2) drug up to the per-
prescription maximum
($100 pharmacy, $250 home
delivery)
50% of the cost of the non-
preferred brand name (tier
3) drug up to the per-
prescription maximum ($150
pharmacy, $375 home
delivery)

Annual Out-of-Pocket
Maximum
total amount of deductible
plus coinsurance
for covered in- and out-of-
network
medical and prescription
drug expenses
you may pay in a calendar
year

$3,000 if you cover yourself
only
$6,000 if you cover yourself
plus one or more dependents

$4,500 if you cover yourself
only
$9,000 if you cover yourself
plus one or more dependents

Cost $750/month $280/month

Long-Term Disability Insurance

Both spouses have group disability insurance from their employers.

John: Benefits equal 50% of salary subject to a maximum of $2,500 per month.

Coverage benefits are limited to 5 years. Johns employer pays for this
coverage.

Jenny: Benefits equal to 50% of salary subject to a maximum of $2,000 per month.
Jenny pays a premium for this, and she has a choice to pay with pre-tax
dollars or after-tax dollars. She currently has the premiums paid with pre-tax
dollars.

Additional Client Notes

Clients John and Jenny have a nice-size savings account with around $40,000 and a 401K

through Johns work that has a balance of $265,000. Jenny does not have a retirement account.

Part B

John and Jenny also want your help in answering questions about Social Security, Medicare,

Medicaid, and long-term care insurance. Below is information they have provided for your

analysis.

Demographics

Family Members Age Occupation Health

Jenny 54 Office manager Treated for mild depression.
5’4″, 135 pounds. No other health issues.

John 56 Sales manager Treated for high cholesterol.
6’1″, 186 pounds. No other health issues.

Emily (Child) 30 Married, lives in
another state far
away

No health issues

Tiffany (Child) 28 Single, attending
a graduate
program in
England

No health issues

Incomes

Income for the past three years and projected current year income for each spouse is shown
below in Table 1:

Table 1

Family Income

Year John Jenny

2013 $64,000 $0

2014 $67,000 $0

2015 $71,000 $47,000

2016 $74,000 $50,000

Table 1: Income for the past three years and projected current year income for each spouse

Current Assets/Information

Home valued at $550,000 is almost paid for. Six years remaining with a balance of $100,000.

John has a 401K with an approximate value of $480,000.

Jenny has a Roth IRA with an approximate value of $25,000.

Joint savings of roughly $50,000.

Both cars are paid for and in reasonable shape. John and Jenny expect to replace at least one
car in the next 5 years.

John has worked full-time as a sales manager for more than 30 years. Jenny has worked as an
office manager for the last 2 years and did not work previously. Jenny is uncertain about her

future with her current company and may not work much longer. She plans to work on some
home improvements around the house should she stop working and is hoping to spend more
time with some of her hobbies that she has missed over the years.

Johns expected Social Security benefits are as follows:

Age 62: $1,780/month
Age 66 (full retirement): $2,456
Age 70: $2,914 FIN 355 Milestone Two Guidelines and Rubric

Overview: For Milestone Two, you will submit a draft of the health, disability, and long-term care insurance, and social security, Medicare, and Medicaid sections
of the insurance plan. There are two parts of Milestone Two. In the first part of Milestone Two (Part A), you meet with your clients John and Jenny Smith to
discuss questions they have about health insurance and disability insurance. They want your help in evaluating both their insurance needs and the insurance
coverage they already have. The Smiths have also decided they would like to start planning for retirement and would like some information on long-term care
insurance. Review the case notes and background of your clients, and address the assigned critical elements regarding health, disability, and long-term care
insurance.

In the second part of Milestone Two (Part B), 20 years have passed, and John and Jenny now have some new questions, concerns, and needs regarding Social
Security, Medicaid, and Medicare. Review the case notes and background of your clients, and address the assigned critical elements regarding Social Security,
Medicare, and Medicaid.

Prompt: Review the case notes and background of your clients, and address the assigned critical elements regarding health, disability, and long-term care
insurance.

Specifically, the following critical elements must be addressed:

IV. Health, Disability, and Long-Term Care Insurance (Part A): In this section, you will evaluate the clients current health, disability, and long-term care
insurance coverage and make appropriate recommendations for their needs. To effectively address the critical elements in this section, you must use the
client information in the first scenario.

A. Analyze potential health insurance options for the clients, and recommend a health insurance option that best meets the clients needs.
Support your recommendation with relevant client information.

B. Discuss the ability of the clients disability insurance to meet their coverage needs, making recommendations where appropriate. Support your
response with relevant client information.

C. Analyze the clients health information and determine at what age the clients should purchase long-term care insurance. Support your
determination with relevant client information.

V. Social Security, Medicare, and Medicaid (Part B): In this section, you will analyze the eligibility requirements for and benefits of Social Security,
Medicare, and Medicaid and make recommendations to the clients about the age at which they should retire to maximize their retirement benefits. To
effectively address the critical elements in this section, you must use the client information in the second scenario.

A. Summarize common eligibility requirements for Social Security, and explain how the clients can maximize their Social Security benefits.
B. Differentiate between Medicare and Medicaid, and explain how and why the clients will or will not benefit from the programs. Support your

explanation with relevant client information.
C. Recommend a retirement age for each client that will allow them to take full advantage of all retirement benefits. Support your

recommendation with relevant client information.

http://snhu-media.snhu.edu/files/course_repository/undergraduate/fin/fin355/fin355_milestone_two_case_study.pdf

Part A Rubric
Guidelines for Submission: Your draft should adhere to the following formatting requirements: 34 pages, double-spaced, using 12-point Times New Roman
font, one-inch margins, and APA format.

Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value
Health, Disability, and

Long-Term Care Insurance:
Potential Health Insurance

Options

Analyzes potential health
insurance options for the
clients, recommending a health
insurance option that best meet
the clients needs, and supports
recommendation with relevant
client information

Analyzes potential health
insurance options for the
clients, recommending a health
insurance option to the clients,
but analysis is cursory or
contains inaccuracies, or
recommended insurance option
is not appropriate, or
supporting client information is
irrelevant or nonexistent

Does not analyze potential
health insurance options for the
clients, recommending a health
insurance option to the clients

Health, Disability, and
Long-Term Care Insurance:

Disability Insurance

Discusses the ability of the
clients disability insurance to
meet their coverage needs,
making recommendations
where appropriate, and
supports response with relevant
client information

Discusses the ability of the
clients disability insurance to
meet their coverage needs,
making recommendations
where appropriate, but
response is cursory or illogical
or contains inaccuracies, or
supporting client information is
irrelevant or nonexistent

Does not discuss the ability of
the clients disability insurance to
meet their coverage needs,
making recommendations where
appropriate

Health, Disability, and
Long-Term Care Insurance:
Long-Term Care Insurance

Analyzes the clients health
information, determining at
what age the clients should
purchase long-term care
insurance, and supports
determination with relevant
client information

Analyzes the clients health
information, determining at
what age the clients should
purchase long-term care
insurance, but response is
cursory or illogical or contains
inaccuracies, or supporting
client information is irrelevant
or nonexistent

Does not analyze the clients
health information, determining
at what age the clients should
purchase long-term care
insurance

Articulation of Response Submission has no major errors
related to citations, grammar,
spelling, syntax, or organization

Submission has major errors
related to citations, grammar,
spelling, syntax, or organization
that negatively impact
readability and articulation of
main ideas

Submission has critical errors
related to citations, grammar,
spelling, syntax, or organization
that prevent understanding of
ideas

Total 100%

Part B Rubric
Guidelines for Submission: Your draft should adhere to the following formatting requirements: 34 pages, double-spaced, using 12-point Times New Roman
font, one-inch margins, and APA format.

Critical Elements Proficient (100%) Needs Improvement (75%) Not Evident (0%) Value
Social Security, Medicare,
and Medicaid: Common
Eligibility Requirements

Summarizes common eligibility
requirements for Social Security
and explains how the clients can
maximize their Social Security
benefits

Summarizes common eligibility
requirements for Social Security
and explains how the clients can
maximize their Social Security
benefits, but response is cursory
or illogical or contains
inaccuracies

Does not summarize common
eligibility requirements for Social
Security and explain how the
clients can maximize their Social
Security benefits

Social Security, Medicare,
and Medicaid: Medicare

and Medicaid

Differentiates between
Medicare and Medicaid,
explaining how and why the
clients will or will not benefit
from the programs, and
supports explanation with
relevant client information

Differentiates between
Medicare and Medicaid,
explaining how and why the
clients will or will not benefit
from the programs, but
response is cursory or illogical
or contains inaccuracies, or
supporting client information is
irrelevant or nonexistent

Does not differentiate between
Medicare and Medicaid,
explaining how and why the
clients will or will not benefit
from the programs

Social Security, Medicare,
and Medicaid: Retirement

Age

Recommends a retirement age
for each client that will allow
them to take full advantage of
all retirement benefits, and
supports recommendation with
relevant client information

Recommends a retirement age
for each client that will allow
them to take advantage of
retirement benefits, but
recommendation is illogical or
does not allow clients to take
full advantage of all benefits, or
supporting client information is
irrelevant or nonexistent

Does not recommend a
retirement age for each client
that will allow them to take
advantage of retirement benefits

Articulation of Response Submission has no major errors
related to citations, grammar,
spelling, syntax, or organization

Submission has major errors
related to citations, grammar,
spelling, syntax, or organization
that negatively impact
readability and articulation of
main ideas

Submission has critical errors
related to citations, grammar,
spelling, syntax, or organization
that prevent understanding of
ideas

Total 100%

FIN 355 Milestone Two Guidelines and Rubric
Part A Rubric
Part B Rubric FIN 355 Milestone Two Part B Rubric
Activity: 53 Final Project Milestone Two (Part B): Draft of Social Security, Medicare, and Medicaid Plans

Course: FIN355H7385 Risk Mgmt and Insurance Plan 22EW4

Name: Cierra Bogan

Criteria Proficient
Needs
Improvement

Not Evident Criterion Score

Social Security, Medicare, and

Medicaid: Common Eligibility

Requirements

22.5 / 30
30 points

Summarizes

common

eligibility

requirements for

Social Security

and explains

how the clients

can maximize

their Social

Security benefits

0 points

Does not

summarize

common

eligibility

requirements for

Social Security

and explain how

the clients can

maximize their

Social Security

benefits

Criterion Feedback

Nice job with explaining how SS is funded. There are more than two options for collecting SS.

They can start as early as 62 or as late as 70, and anywhere in between. There is a normal

retirement age, which is 67 for John and Jenny. Social security are not always paid when

taxpayers retire. They have to meet age and other requirements.

22.5 points

Summarizes

common

eligibility

requirements for

Social Security

and explains

how the clients

can maximize

their Social

Security

benefits, but

response is

cursory or

illogical or

contains

inaccuracies

Feedback for 5-3 Final Project Milestone Two (Part B): Draft of Social S… https://learn.snhu.edu/d2l/lms/dropbox/user/folder_user_view_feedback….

1 of 3 4/24/2022, 10:40 AM

https://learn.snhu.edu/d2l/home/1014989

https://learn.snhu.edu/d2l/lms/dropbox/user/folders_List.d2l?ou=1014989

https://learn.snhu.edu/d2l/common/viewFile.d2lfile/Database/NjQ2NzI0Mjc/FIN%20355%20Part%20B.pdf?ou=1014989

https://learn.snhu.edu/d2l/le/dropbox/1014989/turnitin/1661671/submission/24818432/64672427/RetrieveOriginalityReport

Criteria Proficient
Needs
Improvement

Not Evident Criterion Score

Social Security, Medicare, and

Medicaid: Medicare and

Medicaid

22.5 / 30

Social Security, Medicare, and

Medicaid: Retirement Age

22.5 / 30

30 points

Differentiates

between

Medicare and

Medicaid,

explaining how

and why the

clients will or

will not benefit

from the

programs, and

supports

explanation with

relevant client

information

0 points

Does not

differentiate

between

Medicare and

Medicaid,

explaining how

and why the

clients will or

will not benefit

from the

programs

Criterion Feedback

Not all people receiving SS automatically qualify or are eligible for Medicare. A person who

starts at age 62 has to wait three years before qualifying. Spouse’s and children do not qualify

for Medicare just because one family member received Medicare.

30 points

Recommends a

retirement age

for each client

that will allow

them to take full

advantage of all

retirement

benefits, and

supports

recommendation

with relevant

client

information

0 points

Does not

recommend a

retirement age

for each client

that will allow

them to take

advantage of

retirement

benefits

22.5 points

Differentiates

between

Medicare and

Medicaid,

explaining how

and why the

clients will or

will not benefit

from the

programs, but

response is

cursory or

illogical or

contains

inaccuracies, or

supporting client

information is

irrelevant or

nonexistent

22.5 points

Recommends a

retirement age

for each client

that will allow

them to take

advantage of

retirement

benefits, but

recommendatio

n is illogical or

does not allow

clients to take

full advantage of

all benefits, or

supporting client

information is

irrelevant or

nonexistent

Feedback for 5-3 Final Project Milestone Two (Part B): Draft of Social S… https://learn.snhu.edu/d2l/lms/dropbox/user/folder_user_view_feedback….

2 of 3 4/24/2022, 10:40 AM

Total 77.5 / 100

Overall Score

Criteria Proficient
Needs
Improvement

Not Evident Criterion Score

Articulation of Response 10 / 10

Criterion Feedback

Good suggestion suggesting that they wait to collect SS. Jenny is not eligible for Medicare at

60 unless she collects SS disability insurance.

7.5 points

Submission has

major errors

related to

citations,

grammar,

spelling, syntax,

or organization

that negatively

impact

readability and

articulation of

main ideas

0 points

Submission has

critical errors

related to

citations,

grammar,

spelling, syntax,

or organization

that prevent

understanding of

ideas

Criterion Feedback

In the future, please use commas for each thousand, i.e. $1,000 instead of $1000.

Proficient
76 points minimum

Instructors should not modify

this row (it will automate from

the scores above). This score

represents the average

evaluation across all rubric

criteria.

Needs Improvement
1 point minimum

Instructors should not modify

this row (it will automate from

the scores above). This score

represents the average

evaluation across all rubric

criteria.

Not Evident
0 points minimum

Instructors should not modify

this row (it will automate from

the scores above). This score

represents the average

evaluation across all rubric

criteria.

10 points

Submission has

no major errors

related to

citations,

grammar,

spelling, syntax,

or organization

Feedback for 5-3 Final Project Milestone Two (Part B): Draft of Social S… https://learn.snhu.edu/d2l/lms/dropbox/user/folder_user_view_feedback….

3 of 3 4/24/2022, 10:40 AM

5-3 Final Project Milestone Two (Part B): Draft of Social Security, Medicare, and Medicaid Plans

Leave a Reply Cancel reply

Related Post

Question 1 (1 point) Persons with ADRD have a past filled wiQuestion 1 (1 point) Persons with ADRD have a past filled wi

Hi I need help with this whole question pleaseImage transcriHi I need help with this whole question pleaseImage transcri

1. Explain why nursing is critical to you 1. Explai1. Explain why nursing is critical to you 1. Explai