5-2 Final Project Milestone Two (Part A): Draft of Health, Disability, and Long-Term Care Insurance

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FIN 355 Milestone Two Case Study

Part A

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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 A Rubric
Activity: 52 Final Project Milestone Two (Part A): Draft of Health, Disability, and LongTerm Care

Insurance

Course: FIN355H7385 Risk Mgmt and Insurance Plan 22EW4

Name: Cierra Bogan

Criteria Proficient
Needs
Improvement

Not Evident Criterion Score

Health, Disability, and Long

Term Care Insurance: Potential

Health Insurance Options

22.5 / 30
30 points

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

0 points

Does not

analyze potential

health insurance

options for the

clients,

recommending a

health insurance

option to the

clients

Criterion Feedback

Great job with the analysis of the two plans. Which one would you recommend?

22.5 points

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

Feedback for 5-2 Final Project Milestone Two (Part A): Draft of Health, … https://learn.snhu.edu/d2l/lms/dropbox/user/folder_user_view_feedback….

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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/NjQ2NzE2MjU/FIN%20355%20Part%20A.pdf?ou=1014989

https://learn.snhu.edu/d2l/le/dropbox/1014989/turnitin/1661670/submission/24817944/64671625/RetrieveOriginalityReport

Criteria Proficient
Needs
Improvement

Not Evident Criterion Score

Health, Disability, and Long

Term Care Insurance: Disability

Insurance

22.5 / 30

Health, Disability, and Long

Term Care Insurance: Long

Term Care Insurance

22.5 / 30

30 points

Discusses the

ability of the

clients disability

insurance to

meet their

coverage needs,

making

recommendation

s where

appropriate, and

supports

response with

relevant client

information

0 points

Does not discuss

the ability of the

clients disability

insurance to

meet their

coverage needs,

making

recommendation

s where

appropriate

Criterion Feedback

Nice job recommending 70% or more in income protection. Please note John has 50% coverage

up to $2,500/month, not plus $2,500. It is highly unlikely John would be able to negotiate

better coverage through his employer. He would have to go purchase a disability plan through

an agent. 30 points

Analyzes the

clients health

information,

determining at

what age the

clients should

purchase long

term care

insurance, and

supports

determination

with relevant

client

information

0 points

Does not

analyze the

clients health

information,

determining at

what age the

clients should

purchase long

term care

insurance

22.5 points

Discusses the

ability of the

clients disability

insurance to

meet their

coverage needs,

making

recommendatio

ns where

appropriate, but

response is

cursory or

illogical or

contains

inaccuracies, or

supporting client

information is

irrelevant or

nonexistent

22.5 points

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

Feedback for 5-2 Final Project Milestone Two (Part A): Draft of Health, … https://learn.snhu.edu/d2l/lms/dropbox/user/folder_user_view_feedback….

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Total 77.5 / 100

Overall Score

Criteria Proficient
Needs
Improvement

Not Evident Criterion Score

Articulation of Response 10 / 10

Criterion Feedback

You make some good points, but I do not quite understand what you are trying to convey.

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
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
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
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 5-2 Final Project Milestone Two (Part A): Draft of Health, … https://learn.snhu.edu/d2l/lms/dropbox/user/folder_user_view_feedback….

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5-2 Final Project Milestone Two (Part A): Draft of Health, Disability, and Long-Term Care Insurance

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