Even the best health insurance plans won’t cover all your medical needs. You may not find out the limitations of your plan until something serious or expensive happens. You should consider other specialized insurance options which may be available through your employer or from an insurance agency.
Critical Illness
Critical illness insurance covers serious or life-threatening conditions such as cancer, heart attack, and stroke. These policies aren’t government-regulated and don’t provide coverage for routine medical care and health screenings. Plans vary on the types of illnesses or injuries that are covered.
If you have a high-deductible, low-coverage health insurance plan, think about supplementing it with critical illness insurance. It can pay you a lump sum that can be spent on medical bills or living expenses. The cost is linked to age, so the younger you are, the less your premiums will be.
Vision and Dental
Vision and dental insurance can help you reduce costs on checkups and treatments. Vision insurance typically pays a percentage of your eye exams and eyeglasses or contact lenses, if you need them. Annual screenings are crucial in detecting diseases such as glaucoma that can lead to vision impairment.
For a small monthly premium, a dental plan will pay for your cleanings and a portion of treatments such as fillings and root canals. Another alternative is the discount plan. Instead of a monthly premium, dental discount plans charge an annual fee.
Short Term Disability
If your employer offers short-term disability insurance, it’s worth the small premium taken out of your check each month. If you miss work for an extended period because of illness or injury, a short-term disability plan will pay you a portion of your salary. This can be a big help if you use all the sick days your employer allows, and you’re no longer receiving any wages.
Most short-term plans will pay only after a waiting period. Some policies provide coverage for 3 to 6 months, whereas others will make payments for up to a year. For permanent disabilities, progressive diseases, or nursing home care, you may need long-term disability insurance instead.
While you may be healthy today, you never know what tomorrow will bring. The purpose of insurance is to help you deal financially with unexpected health needs. The cost of premiums today can make a big difference in your future needs.
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