To be assured of having the proper and desired coverage, it is important to learn the details of your workplace benefits before you make your choices. Below are some of the more common options available.
Long-term care insurance is a choice for those who realize that, for despite being young and healthy, the unexpected could happen at anytime. This type of coverage helps provide for the costs incurred by when you are stricken with certain conditions or disabilities. It can also be very helpful in assisting you to remain in your home as you receive assistance from skilled medical professionals who visit to help with your care.
Long-term care policies pay for many different potential expenses, so it is highly suggested to purchase a policy with as many flexible options as possible. It doesn’t matter if you are young or old, whether you have any current medical problems or not. It may still be very helpful down the road, so you should certainly consider this kind of coverage, especially if it is offered as one of your workplace benefits.
Disability insurance, both short and long-term, is often offered by employers. These policies cover you if you become unable to show up at the job for anywhere from a few weeks up to a more extended period of time. If you should need surgery or were sick enough to be unable to work for several weeks, short term disability is perfect. It compensates you for a part of your pay that is lost due to you being unable to work for a bit. On the other hand, long-term disability insurance works similarly to the other, but for a longer duration of time – often a year or even more.
Benefit options often include quite a few accident insurance policies with sometimes significant differences, including many offered for both your spouse and children in addition to yourself. Accident insurance policies vary greatly. Some pay medical costs that your basic health insurance doesn’t cover; others will compensate you for each day you are in the hospital. This can be an extremely helpful ‘supplement’ to regular health insurance, one that is important to seriously consider.
Often workers will opt to have critical illness/cancer insurance coverage. This kind of policy pays out a certain sum should you need to be hospitalized or are simply unable to work due to a covered illness. Many critical illness policies also offer coverage for heart attacks and strokes, too. Policies designed for cancer will often pay out a lump sum when the policyholder is diagnosed. Should you be unable to work, even for a period of weeks, these payouts can be financial life-savers.
Become familiar with the work benefit options available at your place of employment. Ponder your situation, what you may need, and what you would feel comfortable adding to your policy.