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Workplace Benefits

Workplace Benefit Insurance

Many companies give their employees several options to obtain workplace benefits. The business owner is able to do this through a purchase on a “group” basis that both make the process simple and usually less expensive.

Long-term care coverage is for those employees who may find themselves in a position in which they cannot fully care for themselves without assistance. This kind of coverage would enable long-term care beyond the time spent in a hospital. In order to qualify, the potential policyholder must meet the following qualifications for long-term care insurance: The policyholder must be at the point in which he or she can no longer perform normal daily activities. This would include normal life tasks such as bathing, using the restroom, dressing, eating, etc. The policyholder must also be afflicted with some kind of cognitive impairment, such as Alzheimer’s. Other forms of covered cognitive impairment would include that which was caused by an accident, illness, some form of disability or via the process of aging. This coverage can also be extended to the insured’s spouse.

Two kinds of disability insurance are offered as a work benefit. Short-term disability offers the insured income when temporarily disabled due to an accident or illness. It is temporary in nature and there is a waiting period before the insurance will pay out benefits. The benefits end usually after 26 weeks. This short term disability insurance usually can replace 50-67 percent of an employee’s lost income.

Long-term disability insurance is not too different from short-term insurance, with the exception being it is coverage for employees who have become disabled and cannot work for over six months. These benefits, which cover about 50-60 percent of the employee’s former income, may continue until retirement age is reached. For eligibility, employees must have been full-time for at least a year or more.
The Social Security Administration also is a provider of benefits for qualified people. However, these benefits are reduced equal to the amount received from workers’ compensation. The great benefit of workplace insurance is that the benefits of either long or short term disability coverage are not reduced.

Accident insurance is also a form of supplemental insurance that helps as an add-on to primary insurance. For instance, health insurance usually covers medical expenses, but does not pay compensation for such things as daycare, utility bills, and other daily expenses that can be a problem for an injured person to handle. The beauty of a group accident insurance plan is that it pays out cash to you to use at your discretion. There are no stipulations and one cannot be refused coverage. This monetary benefit helps to pay for expenses for death, dismemberment, injury, hospital boarding, intensive care, ambulance trips, miscellaneous medical expenses and outpatient care.

Critical illness insurance pays out to the policyholder if they are afflicted with a specific and serious illness. Only acute, as opposed to chronic, illnesses are covered. A normal policy usually limits its payout to the policyholder with cancer, a stroke, a heart attack, kidney failure, or surgery for coronary artery bypasses. More comprehensive policies provide coverage for more issues such as organ transplants and other diseases not ordinarily covered, like Lou Gehrig’s disease. Talk to your insurance agent for more detailed information.

Universal life insurance is what provides the policyholder with a permanent death benefit and also offers the convenience of flexible payments of premiums. The premiums one pays, not including the insurance company charges, become part of the policy value as they accrue over time. Those with this kind of life insurance plan can also choose to increase or decrease premiums within the set limits the insurance company has predetermined. Another benefit of universal life is the option for the policyholder to access the policy’s cash value through a loan or a withdrawal. Upon the death of the policyholder, the beneficiaries receive the payout. However, this benefit is subject to deductions relating to any outstanding policy loans, withdrawals, and any interest due.






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