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Health insurance — whether it is provided by a group policy, an individual plan or a government program — does not cover every eventuality. Often, a specialized policy may provide the extra income protection you seek.
| Long-Term Care Insurance |
Most health insurance and government programs do not provide coverage if you are chronically ill or disabled for an extended period
of time. Long-term care insurance gives you control over how and where you receive services — at home, in a community program or in
a nursing home, for example. When evaluating policies, you will have many options, including the daily benefit, the length of the
benefit period and the length of the waiting period before coverage begins.
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| Disability Insurance |
If an illness or injury prevents you from working, disability insurance will provide you with an income. Many employers offer group
disability insurance at little or no cost to employees. However, the coverage might not replace all of your income, so you may want
to consider supplemental coverage to fill the gap. You will pay federal income tax on some or all of the benefits if your employer pays
for the plan.
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| Hospital Indemnity Insurance |
An extended hospital stay could quickly wipe out your savings. Hospital indemnity insurance is a source of income —
it pays you a specific amount for each day you are hospitalized.
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| Critical Illness Insurance |
These policies are very specific — you receive benefits only if you are diagnosed with the specific disease or diseases named in the plan.
Critical illness insurance generally covers cancer, heart attack, stroke or Alzheimer’s Disease.
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When Should You Review Your Health Insurance Coverage?
At least once each year, or when there is a change in your personal life, financial situation or medical needs. Your health insurance policy is a key element of your ongoing financial security.
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