Help Safeguard Your Family’s Finances

-

Help Safeguard Your Family’s Finances - 14663

Help Safeguard Your Family’s Finances

Every year, millions of American workers enroll in employee benefits through their workplaces during a period known as annual enrollment. It’s usually a short window of time, but employees make crucial financial decisions for their families for the coming year.

In addition to medical insurance, many employers offer a range of voluntary benefits – those you select and pay for yourself, often by having the cost deducted directly from your paycheck. These voluntary benefits can help bridge the gap between what health insurance covers and what you’re financially responsible for, especially as more employees opt for high-deductible health insurance plans.

In fact, according to a poll of 1,512 full-time U.S. workers conducted by employee benefits company Unum, 49% of working adults plan on enrolling in a high-deductible health plan for the coming benefit year, with Millennials (58%) and Gen Z’ers (54%) at even higher rates.

“While high-deductible health plans offer lower monthly payments, that can mean more financial responsibility for policyholders when they need to use the benefit,” said personal finance expert Laura Adams. “Combining a high-deductible health plan with a health savings account can offset out-of-pocket costs, but it’s also a good idea to consider voluntary benefits like disability, accident and hospital insurance to further financially protect your family.”

If an accident, illness or injury prevents you from working, disability insurance replaces a portion of your income. While it may seem unlikely to many they would ever experience a disability, it’s more common than some realize. Based on 2019 information from the Social Security Administration, more than 1 in 4 of today’s 20-year-olds will become disabled before reaching age 67.

Accident and hospital insurance can pay a lump sum directly to you to offset out-of-pocket costs associated with medical care often not covered by health insurance.

  • Accident insurance can provide financial benefits for urgent care and emergency room visits, ambulance and other transportation to the hospital, initial care and surgery, hospital stays and lodging expenses related to an accident and even follow-up care such as doctor’s visits and physical therapy.
     
  • Hospital insurance can pay a benefit directly to you when you are admitted to the hospital. This could include immediate medical costs and travel expenses or to help cover other bills.

Voluntary benefits, policies and details vary, so it’s essential to review your options and discuss with your family before your benefits enrollment begins.

“Investing a little additional time on the front end can help reduce your family’s financial risk down the road,” Adams said.

For more information about employee benefits, visit Unum.com/benefits.

Source:

Unum

Share this article

Recent posts

Teachers’ Top Needs for 2019

0
Teachers’ Top Needs for 2019Great classrooms don’t happen by accident. Teachers across the country work hard to build vibrant, energizing learning environments for their students, which often means ev

Top Tips to Transition Back to Work After Baby

0
Top Tips to Transition Back to Work After BabyMany new parents spend hours preparing for the arrival of a new baby – reading books, seeking professional advice and consulting friends and family. Howev

Get Away Without Going Away

0
Get Away Without Going Away5 family staycation ideas that won’t break your budgetFamily vacations are a great way to bond and take a step back from the hectic schedules that accompany everyday life, b

5 Common Questions for Memorializing a Loved One

0
5 Common Questions for Memorializing a Loved OneOne of the most difficult conversations in a person’s life typically takes place near the end of that life. Planning for a funeral can put an emotional

Boat Safe

0
Boat SafeEnsure your boat is ready for the water with this checklist No matter how much experience you have on the water, prepping your boat – and your passengers – before leaving the dock can make fo

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Recent comments