Unexpected illnesses and injuries often require expensive treatments and long absences from work. Workplace benefits offer additional insurance plans such as disability, accident, and long-term care. Supplemental insurance plans can also be purchased by individual policy holders. Learn more about supplemental insurance to discover how it can help you prepare for unanticipated illnesses and injuries.
Long Term Care Insurance
Long term care insurance is an excellent way to prepare for an unanticipated illness, injury, or disability. Policies cover stays at nursing homes, rehabilitation centers, assisted living communities, and adult daycares. Benefits also include hospice and home care. Long-term services are ideal for people who need help with daily activities such as eating, bathing, and walking. People might not be eligible for long-term care insurance if they are already in poor health. Traditional policies are paid on a regular basis. People can also choose a hybrid plan that combines life and long-term care insurance.
Disability insurance provides income protection for people who are unable to work due to an injury or medical condition. Policy holders can usually receive up to 65 percent of their gross income if a disability prevents them from working. Disability insurance does not cover healthcare or long-term services. People will not be eligible for disability insurance after the age of 65.
It’s difficult to plan for an unexpected injury, but accident insurance helps people pay medical and out-of-pocket expenses. Policies cover major medical expenses such as hospital stays and ambulance bills. Accident insurance will also pay for emergency treatment and medical exams. People can also rely on accident insurance when they need lodging or transportation.
Critical Illness/Cancer Insurance
Critical illness insurance provides coverage for serious medical conditions that usually require expensive treatment. Common critical illnesses covered under this plan include cancer, heart attack, and stroke. Cancer insurance covers additional expenses such as doctor bill and hospital stays. Critical illness and cancer insurance pays people one lump sum that can be used for medical expenses, bills, childcare, and transportation. Individual plans reimburse members up to $50,000. Fully underwritten plans reimburse people up to $500,000.
Universal Life Insurance
Universal life insurance is a combination of term life insurance and a savings plan. The cost of insurance must be paid to keep coverage, but the premium can be adjusted to accommodate individual needs. Premiums paid over the minimum cost will be transferred into cash value. People can also use cash value funds to pay for premiums.
Work benefits often include supplemental insurance plans to cover medical and personal expenses when someone becomes injured, disabled, or physically ill. Supplemental insurance plans pay for expenses that are usually not covered by a medial heath plan. Common types of supplemental plans include long-term care, disability, accident, critical illness, and universal insurance.
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