Be Prepared For The Unexpected

Sunday, March 1, 2009

(NAPSA)—While medicalinsurance coverage continues to be con- sidered by employees their most important workplace benefit, it does not provide complete protection against some financial losses that are the results of illnesses or injuries. Many workers may be underestimating the value ofdisability income insurance andcritical illness insurance as comple- mentary solutions to their medical insurance to help bridge potential coverage gaps. Research shows that 45 percent of employees live paycheck to paycheck, according to the 7th annual MetLife Study of Employee Benefits Trends. That means many people may not be prepared to face the costs of an illness or injury that are not covered by medical insurance. Depending on the plan, medical insurance provides coverage for things such as doctor visits, hospital stays, surgery, rehabilitation and prescription drugs. If you are ever unable to work due to sickness or injury, disability income coverage will pay a portion of your income so day-to-day living expenses are covered and long-term financial goals can be addressed. Critical illness insurance, on the other hand, is designed to help people be able to address the spike in expenses that a seriousillness can cause. Somecritical illness insurance plans provide a lump-sum payment, which can be very convenient, since it can be spent on anything the employee chooses. Possible uses include rehabilita- tion costs, deductibles, experimen- tal and/or alternative medicine, travel to and from treatment centers, child care or a family vacation. The lump-sum payment can help bridge the gap between medical coverage and additional expenses if an employee experi- ences one of the covered conditions: heart attack, stroke, cancer, kidneyfailure, major organ trans- plant or coronary artery bypass graft. Both disability income insurance and critical illness insurance may prevent employees from tapping into retirement and other savings, which mayalready below. Advantages of buying financialservices products through the workplace: e The convenienceof payroll deduction; limited underwriting; group rates. @ Employees should be sure to understand and take advantage of enrollment opportunities when disability income insurance and critical illness insurance are offered through the workplace. Some employers even offer some level of employer-paid coverage, and then give employees the option to “buy up” supplemental disability coverage and additional amounts of critical illness insurance. The MetLife study also shows that more than a third of employees say they have no disability insurance coverage and more than half do not have critical illness insurance. Since most working Americansget their financial protection products through the workplace—in fact, 41 percent of workers strongly consider their workplace benefits to be the foundation of their financial safety net—it’s important to determine your personal financial needs and what solutions might be available through your employer. You can learn more when you visit www.metlife.com/benefits and access the free Employee Benefits Simplifier Tool. L0409030022[exp0410][All States]

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