Other Voluntary Benefit Plans
Long Term Care Insurance - What is it?
- Pays for costs associated with care in a nursing home, assisted living facility, or in a person's own home
- Group discount on rates, which typically remain level
- Underwritten where benefit is portable for plan participants
- Employees and extended family members are eligible
- Benefit is typically not taxed when paid out
- Benefit level inflation protection available
Accident Insurance - What is it?
- Main objective is to help pay for out of pocket costs that are not covered by group health insurance
- Provides financial protection in the event of a wide range of injury and accident related expenses
- Covered expenses include hospitalization, physical therapy, transportation, lodging, deductibles and copayments
- Usually covers accidental deaths and catastrophic accidents
- Covers either actual charge or up to a predetermined maximum amount
- Policy is portable
Critical Illness Insurance - What is it?
- Provides financial protection in the event of a sudden, life threatening event
- Pays in addition to medical coverage
- Benefit coverage amounts are lump sums and typically range between $5,000 and $50,000
- Typical covered illnesses include heart attack, stroke, bypass surgery, cancer
- Rates remain level and policies are portable
Other Type Plans - What are they?
- Automobile/Homeowners Insurance
- Vision Plans
- Pet Insurance
- Legal Assistance
