Below are the most common kinds of insurance policies offered as part of employer benefits.
Long-term care insurance
This kind of coverage is meant to cover expenses for an individual who is in need of hospice care for an indefinite length of time. This care is applicable to those who can no longer perform normal daily activities by themselves, like dressing and undressing, eating and using the bathroom, and bathing themselves. Both hospice and assisted care programs are a part of this category. This form of insurance is not directed towards paying medical bills. It specifically covers the expenses of an assisted living facility or the employment of an in-home caregiver.
Disability insurance
Staggeringly, statistics lead us to believe that about a quarter of this country’s employed will eventually suffer some kind of a disabling injury prior to retirement. This kind of insurance covers a person if they can no longer work with usual monthly payments. Disability insurance beneficiaries can receive either short or long term benefits depending on the policy and their specific situation. This coverage can also include paid sick leave. Disability insurance can also provide coverage to someone who is suffering from psychological disorders and, as a result, cannot function in their workplace.
Accident insurance
Accident insurance is again what the name suggests. It assists in covering out-of-pocket expenses as a result of accidental injuries. The myriad of possible expenses to be covered makes this kind of insurance invaluable as a supplement to normal insurance policies. If you are injured, your usual coverage will handle such things as your examination and the actual hospital visit, but having accident insurance can also give you coverage for whatever non-medical related expenses you might incur. For example, emergency transportation to and from the hospital and lodging are some of the many items that can be covered. Accident insurance provides peace of mind and protection from unexpected extra costs.
Critical illness insurance
Forms of this insurance can vary depending on the provider, but normally the insurer pays out a pre-determined lump sum to the insured if he or she is diagnosed with a covered critical illness. Alternatively, payouts can be made like regular income. This might help the insured to have the resources necessary overtime to keep up with long term treatment costs. Policies most often include coverage for Alzheimer’s disease, paralyzed arms or legs, organ failure and transplants, and many other diseases that are chronic, life-threatening and/or degenerative.
Cancer insurance
As one of the most often diagnosed serious diseases, cancer insurance coverage may very well be one of the best insurance investments you can make. Beyond normally covered treatment expenses, cancer insurance covers other related costs that can easily add up and be a great burden. Examples include experimental treatments that are not covered or the utilization of out-of-network specialists. Cancer insurance can also be helpful in covering the costs of travel and lodging when treatment and care facilities are far away from the insured’s place of residence. Even seemingly unrelated expenses like child care, household assistance, and everyday living expenses can be covered by this kind of insurance.
It is important to take the time to study all the options available through employment. When you are empowered to make an informed decision, you can be assured of great peace of mind and a sense of protection and safety.