What if you fall in fall? Are you protected? One thing that is important to our health is proper insurance! It is crucial to arm ourselves with the essentials that are necessary for living a healthy and happy life.
1. Protect Yourself. Perhaps the first step is to protect yourself. Get coverage that makes sense. Today’s workforce is comprised of a number of different generations, including baby boomers, Generation X, millennials/Generation Y and the incoming generation of workers known as Generation Z. Many of today’s families are also spanning more generations than in the past, which means one-size-fits-all benefits options aren’t enough anymore. For instance, the type of benefits options a young, single employee needs are significantly different than those for an employee who is supporting multiple dependents or facing more health issues due to advanced age.
So, it is important to know your family, your risks, and to research all of your options.
2. Pay attention to open enrollment. For most U.S. companies, fall marks open enrollment season, a time when workers can review their employer-sponsored benefits offerings and choose the health insurance policies that best meet their financial and health care needs. Although selecting the right health care benefits may be one of the most important decisions Americans will make all year, an Aflac survey found that many workers do very little research to learn which plans and products really work best for them. In fact, 34 percent of employees spent 15 minutes or less researching their benefit options in 2014.1 Those who don’t set aside time to research their insurance options often end up with inadequate health care protection for themselves and their families. I nearly panicked last year when I thought we had missed the open enrollment period! This year, we won’t forget!
3. Consider voluntary insurance policies offered by your employer. I only wish I had learned more about these policies when I was pregnant, because I certainly needed short-term disability but I didn’t have it. When an unforeseen medical event occurs, many people are often faced with paying copayments, deductibles or treatment costs not covered by major medical insurance, as well as other daily living expenses – all while paying increasing health insurance premiums. Voluntary policies, which complement major medical coverage, are specifically designed to help pay for out-of-pocket expenses that can be associated with an unexpected illness or injury. In addition, the cash benefits can be used to help pay rent, gas, groceries, child care or any other out-of-pocket expenses that continue to roll in even if someone is too sick or injured to work.
Voluntary Insurance Policies
Critical Illness Insurance
According to the Centers for Disease Control and Prevention (CDC), heart disease is the leading cause of death in the United States; more than 600,000 Americans die of heart disease annually. To put that in perspective, that’s 1 in every 4 deaths in this country.2
The truth is that no one is immune to life-altering illnesses. Critical illness protection helps you stay ahead of the medical and out-of-pocket expenses that result from certain medical issues, such as a stroke or heart attack. Critical illness insurance helps cover expenses from initial diagnosis through treatment for covered health events.
Those who should consider this product –
Generation X
Baby boomers
Those who have a family history of heart disease, stroke or heart attack.
Accident Insurance
The National Safety Council indicates that the average medical expense for an accidental injury is $5,500. And according to the Centers for Disease Control, there are more than 80 million injury-related visits to doctors’ offices, hospital outpatient departments and emergency-treatment facilities in the U.S. each year.4
Accident insurance helps provide everyday financial protection in the event of a covered accident. Benefits are paid for things like x-rays, physical therapy, appliances, emergency treatment and more.
Those who should consider this product –
Everyone, especially parents with accident-prone children as well as active adults (athletes and adventure-seekers).
Cancer Insurance
In the U.S., the lifetime risk of developing cancer is slightly less than a 1 in 2 risk for men and a little more than 1 in 3 for women. In addition, more than 1.6 million new cancer cases are expected to be diagnosed in 2015 alone.5
Having a cancer insurance policy in place can help protect you from the sometimes overwhelming costs associated with being diagnosed with cancer. These types of voluntary policies can be used not only for treatment expenses not covered by major medical insurance, but also for extra child care that may be needed, transportation to and from the doctor or treatments, and even everyday living expenses, such as mortgage payments or groceries.
Those who should consider this product –
Millennials
Parents
Those who have a family history of cancer.
Hospital Indemnity Insurance
Hospital inpatient care accounts for nearly a third of U.S health care costs, and there’s no relief in sight: The average length of a hospital stay is 4.5 days at a cost of $10,400.6
Even if you have major medical insurance, it likely won’t be enough to cover every expense associated with a hospital stay, such as rising deductibles, copayments and out-of-pocket maximums. Hospital insurance pays cash for covered hospital stays, with optional benefits for diagnostic procedures, surgery, ambulance transport and more.
Those who should consider this product –
Millennials/Generation Y
Parents
Those who plan to enroll in health plans with high deductibles.
Life Insurance
Life insurance is not a one-size-fits-all benefit, but it is something to consider, no matter what stage of life you are in. In fact, 50 percent of U.S. households (58 million) say they need more life insurance.7
For those who are young and single, life insurance can be used to cover funeral/burial expenses, pay off creditor debt or provide parents with funds for retirement. If you are a mom or dad, benefits can help cover your child’s college education, or help your spouse continue to pay the mortgage or any other financial need following the loss of a loved one.
Those who should consider this product –
Generation Z and millennials/Generation Y, who may have student loans co-signed by parents or other loved ones.
Parents with young children and/or other dependents.
Baby boomers approaching retirement age.
Disability Insurance
Many people mistakenly believe that the Social Security Administration will provide adequate financial assistance if they become disabled, but that’s not true in all cases. In fact, more than 59 percent of disability claims are denied by the Social Security Administration.2
In addition, workers’ compensation only covers on-the-job injuries and disabilities, and considering that off-the-job injuries are three times more common than on-the-job injuries, having disability insurance can help you avoid devastating financial situations resulting from an unexpected accident that may leave you unable to work.1
Short-Term Disability insurance pays a percentage of your income if you are unable to work due to a covered illness or injury. Benefits are paid directly to you, unless otherwise assigned, to help cover things like deductibles, car payments, utility bills and more.
Those who should consider this product –
Parents with young children and/or other dependents.
Those who agree they should take better care of their health (feel stressed or need more sleep and a better diet).
1. 2015 Aflac WorkForces Report conducted in February 2015 by Research Now on behalf of Aflac, accessed Sept. 2, 2015 – http://workforces.aflac.com/
2. Centers for Disease Control and Prevention, “Heart Disease Facts,” accessed Sept. 2, 2015 – http://www.cdc.gov/heartdisease/facts.htm
3. Injury Facts, 2014 Edition, National Safety Council
4. Social Security Administration, “Annual Statistical Report on the Social Security Disability Insurance Program,” accessed Sept. 2, 2015 – http://www.ssa.gov/policy/docs/statcomps/di_asr/2013/di_asr13.pdf
5. American Cancer Society, “Cancer Facts & Figures 2015,” accessed Sept. 16, 2015 – http://www.cancer.org/acs/groups/content/@editorial/documents/document/acspc-044552.pdf
6. Agency for Healthcare Research and Quality, “Healthcare Cost and Utilization Project Statistical Report #180,” accessed Sept. 2, 2015 – http://www.hcup-us.ahrq.gov/reports/statbriefs/sb180-Hospitalizations-United-States-2012.pdf
7. LIMRA, “Facts About Life,” accessed Sept. 2, 2015 – http://www.limra.com/uploadedFiles/limracom/Posts/PR/LIAM/PDF/Facts-Life-2013.pdf
What health insurance tips would you add? Are you using any voluntary policies?
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.
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