Insurance Benefits to Consider During the Time of COVID-19

menu
Insurance Benefits to Consider During the Time of COVID-19
0 of 0 Search Results
 |   Displaying

Sorry, we couldn't find any results matching 

Please:

Workplace Benefits

Insurance Benefits to Consider During the Time of COVID-19

3 min read September 02, 2020

The COVID-19 pandemic has changed how many of us think about our lives and plan our financial goals. We all want to protect our families in this uncertain environment, and open enrollment is an excellent time to act. By choosing the right insurance benefits to supplement your employer-provided medical insurance plan, you can help yourself be more prepared for the unexpected and feel more confident about the future. Here are four voluntary benefits worth consideration:

Hospital indemnity insurance

You might be shocked to discover that the average three-day hospital stay costs around $30,000, according to healthcare.gov. That's where hospital indemnity insurance can help.

It provides coverage for hospital stays,1 accident-related inpatient rehabilitation expenses, and a variety of expenses related to being in the hospital. This insurance pays a lump sum directly to the policyholder, providing funds for things medical insurance may not cover.

For example, you can use hospital indemnity insurance to pay the cost of co-pays, deductibles, household expenses, childcare expenses, or out-of-network costs—you decide how to spend the money.

Another benefit: With MetLife, the benefit can be extended to family members, and coverage is guaranteed, if you're actively employed.2 And if you leave your current employer, the policy may be able to go with you.3 Paying the premium is painless—deductions come right out of your paycheck.  Costs vary, depending on your employer demographics and upon whether you elect a single or family plan. Internal estimates show a MetLife single plan could cost between $9-$20 per month, depending on the amount of the benefit.

Critical illness insurance

Like hospital indemnity insurance, critical illness insurance also pays a lump sum directly to the policyholder, if you have a qualifying illness, like a heart attack or even COVID-19 (in some cases). You can use the money as you see fit for any expenses, including groceries, co-pays, transportation expenses, rent or mortgage payments—you name it. This money pays you on top of what medical insurance covers, so think of it as a supplement to cover expenses that you'd have to pay out of pocket.

Bonus: Critical illness insurance can be affordable. Plan premiums vary, depending on your employer demographics as well as your own, such as age, smoking status, and whether it's a single or family plan,4 for example.  But the cost may be less than you think: Internal estimates reveal that a 40-year-old female nurse could pay between $25-$30 per month for a single plan benefit of $30,000. Ask your employee benefits representative about costs for your plan.

Life insurance

While there are several types of life insurance, two of the most common are term and whole life insurance. Term life insurance is designated around a specified time frame and pays a death benefit to the beneficiaries, if the policyholder dies while the policy is in effect. Whole life insurance covers the policyholder throughout their life, if the premiums are paid. Whole life insurance also pays a death benefit, but unlike term insurance, it can also build cash value.

Life insurance benefits can offer financial support for things like funeral expenses, family living expenses, school tuition, and more. Many employers offer life insurance as a benefit, but it may not be enough to cover your family’s financial needs or preferences. As a rule of thumb, experts recommend a life insurance policy that's at least 10 times a person’s salary.

Legal plan

Setting up an estate plan may feel more urgent this year, due to COVID-19. But it’s not fun to think about—especially when attorney fees average $370 an hour.5 That’s why a legal plan may be a good investment. For a small fee that's deducted from your paycheck (it costs around $20 a month with MetLife6), you can have unlimited access to experienced lawyers who can help with some of the most common personal legal issues, from creating your estate plan to buying or selling a home to debt collection. The savings—and convenience—might be worth it.

It's hard to make decisions about insurance coverage in a changing world, but we're here to help. Take our quiz  to see what types of insurance might be right for you.

1 Hospital does not include certain facilities such as nursing homes, convalescent care or extended care facilities. See your Disclosure Statement or Outline of Coverage/Disclosure Document for full details.

2 Coverage is guaranteed provided (1) the employee is actively at work and (2) dependents to be covered are not subject to medical restrictions as set forth on the enrollment form and in the Certificate. Some states require the insured to have medical coverage. Additional restrictions apply to dependents serving in the armed forces or living overseas.

3 Eligibility for portability through the Continuation of Insurance with Premium Payment provision may be subject to certain eligibility requirements and limitations. For more information, contact your MetLife representative.

4 Coverage for Domestic Partners, civil union partners and reciprocal beneficiaries varies by state. Dependent child coverage varies by state. Please contact MetLife for more information.

5 Based on the average hourly rate of $370 based on years of legal experience, National Law Journal and ALM Legal Intelligence, Survey of law Firm Economics (2018).

6 Your price may vary please see your plan for details.

METLIFE'S HOSPITAL INDEMNITY INSURANCE IS A LIMITED BENEFIT GROUP INSURANCE POLICY. The policy is not intended to be a substitute for medical coverage and certain states may require the insured to have medical coverage to enroll for the coverage. The policy or its provisions may vary or be unavailable in some states. Prior hospital confinement may be required to receive certain benefits. There is a preexisting condition limitation for hospital sickness benefits. MetLife’s Hospital Indemnity Insurance may be subject to benefit reductions that begin at age 65. Like most group accident and health insurance policies, policies offered by MetLife may contain certain exclusions, limitations and terms for keeping them in force. For complete details of coverage and availability, please refer to the group policy form GPNP12-AX, GPNP13-HI, GPNP16-HI or GPNP12-AX-PASG, or contact MetLife. Benefits are underwritten by Metropolitan Life Insurance Company, New York, New York. In certain states, availability of MetLife’s Group Hospital Indemnity Insurance is pending regulatory approval.  Hospital does not include certain facilities such as nursing homes, convalescent care or extended care facilities. See MetLife's Disclosure Statement or Outline of Coverage/Disclosure Document for full details.

METLIFE CRITICAL ILLNESS INSURANCE (CII) IS A LIMITED BENEFIT GROUP INSURANCE POLICY. Like most group accident and health insurance policies, MetLife’s CII policies contain certain exclusions, limitations and terms for keeping them in force. Product features and availability may vary by state. In most plans, there is a pre-existing condition exclusion. In most states, after a covered condition occurs, there is a benefit suspension period during which most plans do not pay recurrence benefits. MetLife offers CII on both an Attained Age and an Issue Age basis. Attained Age rates are based on 5-year age bands and will increase when a Covered Person reaches a new age band. MetLife’s Issue Age CII is guaranteed renewable and may be subject to benefit reductions that begin at age 65. Premium rates for MetLife’s Issue Age CII are based on age at the time of the initial coverage effective date and will not increase due to age; premium rates for increases in coverage, including the addition of dependents’ coverage, if applicable, will be based on the covered person’s age at the time of that increase’s effective date. Rates are subject to change for MetLife’s Issue Age CII on a class-wide basis. A more detailed description of the benefits, limitations, and exclusions applicable to both Attained Age and Issue Age CII can be found in the applicable Disclosure Statement or Outline of Coverage/Disclosure Document available at time of enrollment. For complete details of coverage and availability, please refer to the group policy form GPNP07-CI, GPNP09-CI or GPNP14-CI, or contact MetLife for more information. Benefits are underwritten by Metropolitan Life Insurance Company, New York, New York. In New York, availability of MetLife's Issue Age CII product is pending regulatory approval.  MetLife's Critical Illness Insurance is not intended to be a substitute for Medical Coverage providing benefits for medical treatment, including hospital, surgical and medical expenses. MetLife's Critical Illness Insurance does not provide reimbursement for such expenses.