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Modern Benefits

Introduction

Corporate benefits are important to employers and employees. Both parties benefit from having a strong workplace benefits program. Not only does it make a job attractive to an employee, but it also offers a degree of protection for employers.  Workplace benefits offer additional insurance coverage to help in the event of an emergency. These benefits help you prepare for unanticipated illnesses and injuries. If your job does not offer this coverage, you might consider looking into supplemental insurance.

Type of Benefits Available at Some Jobs

  1. Long Term Care Insurance. This helps pay costs associated with illness, injury, or disability. You can receive financial help to pay for nursing homes, rehabilitation centers, assisted living communities, and adult daycare. This coverage usually also extends to hospice and home care. Long-term care coverage is for people who need help with daily activities such as eating and bathing.
  2. Disability Insurance. This provides income when you are unable to work because of an injury or illness. The amount you can receive varies, but it is usually up to 65 percent of your gross income. You will not receive all of your income, but the money will help pay some of your expenses. Disability does not cover healthcare or long-term services.
  3. Accident Insurance. This is useful for paying medical and out-of-pocket expenses associated with injury obtained during an accident. Policies cover major medical expenses such as hospital stays and ambulance bills. This coverage also pays for emergency treatment and medical exams. You also might be eligible for assistance if you need lodging or transportation.
  4. Critical Illness/Cancer Insurance. This provides financial assistance for serious medical conditions that require expensive treatment. Illnesses covered under this plan include stroke, cancer, and heart attack. This coverage pays a lump sum that can be used for medical expenses, bills, childcare, and transportation. You might be able to receive up to $50,000. Some fully underwritten plans can reimburse you up to $500,000. You must have this insurance before you get sick.
  5. Universal Life Insurance. This coverage is a combination of term life insurance and a savings account. You must pay your premiums as usual, but the premium can be adjusted to suit your needs. If you pay any premiums in excess of the minimum cost, then the extra will be transferred into cash value. You can even use the accumulated funds to pay for premiums.





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