Employee benefits insurance is a great way to protect yourself and your loved ones from unexpected events. This type of plan is designed to provide you with flexibility and peace of mind in a severe illness, accident or disability. An adequate employee benefits insurance plan will also provide for your family’s needs should something happen to you.
If you’re an employee, you probably know that your employer offers health insurance benefits to help cover the cost of your medical expenses. However, many people don’t realize that serious accidents or unexpected illnesses can significantly affect their overall financial status. In addition to having money set aside for paying the bills and helping with household finances, you might want to consider a comprehensive benefit plan if there’s any chance you’ll become incapacitated due to illness or injury – or even death. Depending on how much coverage you purchase and what type of policy it is (term life insurance vs. whole life), getting access to these funds can be vital when maintaining proper cash flow during times of crisis.
There are an array of employee benefits insurance packages with varying levels of coverage available. Here are some examples:
Long-term care (LTC) – provides healthcare and financial assistance for seniors who need help caring for themselves due to illness or injury. A primary LTC benefit may include around two years’ worth of living expenses. Still, other policies can offer much more extensive coverage, including home health care and nursing home/assisted living fees if you have a long-term condition like Alzheimer’s disease. Other benefits may also include adult day care, transportation services, homemaker assistance, and respite care.
Health savings accounts (HSA) – these types of plans are designed to help you pay for medical expenses out of pocket. The account is funded by a portion of your salary being set aside in a tax-free savings account. When you use the money to pay for qualified medical care, it can be withdrawn tax-free. This provides a way for people to pay for medications or other healthcare expenses without being subject to taxes on that income.
Health insurance – plans typically include individual and family coverage with options ranging from bronze (lowest level of coverage) to platinum (highest level). Most employer’s contributions tend to be reasonably modest, and it may be necessary to purchase insurance through the marketplace to receive additional benefits.
Long-term disability (LTD) – provides a portion of your salary if you can no longer work because of illness or injury. Some plans will pay approximately 50% of your income for a certain period, while other policies offer up to 65% after six months. Any employer contributions tend to run around 25%. Life insurance – most types of individual coverage provide death benefit protection if you die due to an accident or illness. It’s essential to determine whether term life insurance vs. whole life is the best option for you based on your circumstances and preferences. For example, a twenty-five-year-old who was beginning a family would likely get better coverage and protection by going with a term plan, while a seventy-five-year-old who had lived with their spouse for decades might want to look into whole life plans.
You must talk these details over with an agent to know what kind of policy is right for your particular situation.