Each employer tries to create work benefits that pulls in quality applicants, from discounted massages on Fridays to several days of vacation upon starting. However, medical insurance remains one of the workplace benefits that’s highly coveted. Rising medical costs make insurance a necessity, but there are several types available that have different applications for employees and their families. Not all coverage is meant for everyday office visits.
Long Term Care Insurance
When you are older or have a serious accident, you may need a caregiver to help you with daily activities. These activities typically include bathing, eating and dressing. Basic medical insurance doesn’t cover these incidental costs, but they do add up. Long term care insurance reimburses the insured person for any associated costs. However, there is often a limit to the coverage. For example, there can be a daily, yearly or lifetime maximum applied to the insurance. Make sure to read through all the fine print to understand the policy completely.
Disability Insurance
If you work in a particularly dangerous profession, such as commercial fishing or construction, disability insurance is smart coverage. Although many people are familiar with state and federal disability through worker’s compensation, these benefits are limited. Disability insurance actually pays you a monthly amount if you become disabled. This amount should cover the primary income to avoid tapping into retirement, college or personal savings accounts. Some coverage differs if the disability is permanent or temporary. It’s best to read over the coverage to find the right policy for your needs. Some jobs are more dangerous than others.
Accident Insurance
Your basic medical insurance will cover expenses incurred for treatment of an accident, from anesthesia to stitches. However, there are other expenses that add up with any minor or major accident occurrence. Accident insurance pays out benefits to cover incidentals not covered by primary insurance. For example, your deductible is $500 just to visit the emergency room. The accident insurance covers this amount to free your personal income from unexpected expenses. There’s typically no lifetime maximum or doctor restrictions, making accident insurance very versatile for families on-the-go.
Critical Illness Insurance
If you’ve just had a stroke or heart attack, but pulled through successfully, you still have a rough treatment road ahead of you. There are countless doctors’ visits that may be further than normal and extra childcare expenses. Critical illness insurance is coverage that provides you with a lump sum amount after specific diseases. You use the lump sum to cover extra gas charges to the treatment center or for co-pays. It’s essentially supplemental insurance that protects your savings from dwindling downward. Because critical illnesses take months to recover from, added expenses accumulate quickly.
Cancer Insurance
Cancer is a disease that takes countless doctor visits and treatments to control. Cancer insurance boosts your basic medical insurance with payments for both non-medical and medical needs. Pay off the ambulance or medical transport company that takes you to therapy sessions. Cover chemotherapy, radiation or immunotherapy with these funds. Even preventive screening can be part of the coverage. This insurance makes it possible to concentrate on cancer recovery rather than the charges incurred. Some policies even cover surgery along with your medical benefits. With co-pays and deductibles that can be in the hundreds of dollars, matching cancer insurance with your at-risk loved ones is a smart decision.
When considering your workplace benefits, talk to your human resource contact to clear up any questions you may have. Finding the right coverage before it’s needed protects your family from financial loss and encourages a healthy household. Consider bundling all these coverages into your insurance package to have well-rounded protection.