Critical Illness/ Long Term Care/ Accident/ Disability Insurance

Critical Illness Insurance

When you take out a critical illness insurance policy, you must make sure that you are prepared to use it. These policies are going to provide for you when you are struck by an illness that does not allow you to work. When you are out of work, these policies protect you so that you can get better without taking a huge financial hit.

Everyone who is dependent on their work to pay the bills should have a critical illness insurance policy in place. These critical illness policies are designed to pay for you to be out of work for long periods of time and they will allow you to get payments for the salary that you are missing out on when you are not working.

You can file a claim with these policies based on the doctor’s appointments and surgeries that you must have as a result of your illness. You can file with the insurance company when you miss work, and they will pay you a percentage of your salary. These are long-term care insurance policies that will help you get compensation for the many different financial burdens that can happen when you are not able to work.

You can get these policies at many different values. You must share with your insurance company how much money you make in a year, and they can help you plan the policy to be valuable enough for you and your family. They often allow you to buy policies made just for cancer patients, or you can get a policy that covers a wide range of illnesses.

The benefits of these policies are stability and coverage. You get the stability that comes from the paychecks that you need to survive, and you get to pay for the medical expenses that you incur. The policies cover a wide range of items, and they change the way that you are able to care for yourself and your family when you are sick.

Never worry about what will happen to your home, your family, or your lifestyle should you become critically ill. Talk to your Allstate insurance agent at J. Thomas & Associates for a free critical illness insurance quote.

Long-Term Care Insurance

Long-term insurance covers the expenses that come with care provided that is not handled under the primary policy. This type of coverage is typically applied to expenses not covered by your health insurance, Medicaid or Medicare plan. This plan saves the family money on costs incurred with a long-term care policy.

What It Is And How It Relates To Workplace Benefits Offered By Employers

Long-term care insurance can be offered through an employer or pursued independently. This form of coverage is used to address costs in caring for a sick or aging loved one who requires long-term care. This coverage is important in that it meets care needs that are uncovered by other types of plans.

Who It Is For

Middle-income families are generally a good fit for this type of policy. The coverage reduces the financial costs that have been incurred for surviving family members that could be otherwise responsible for the costs. Any person who wants to make long-term care more affordable for their family may find this type of coverage beneficial.

How It Works

Long-term care plans cover assisted living needs, home care support, and nursing home stays. The insurance plan may even be used toward adult day care and other support services. Some plans permit modifications and adjustments to the home to make the place more suitable for the person with mobility needs.

Different Types Of Coverage In Existence

There are stand-alone policies available that can be purchased in monthly, quarterly or semi-annual terms. Long-term care insurance can be attached as a rider for a life insurance policy. The long-term care insurance plan can be attached to a life insurance policy and offered in lieu of the traditional death benefit. Long-term care can be combined into an annuity and offer a lump sum payment to the beneficiary. As a part of a disability policy, the long-term care benefit can be offered after the insured reaches age 65.

A care insurance policy can be applied toward any type of care requirements for people in need of additional support not covered by Medicare and existing policies. It reduces the financial burden of long-term care and helps families provide quality medical support, care, and supervision in the event of an illness. To learn more about long-term care insurance and to get a free quote, contact your Sugar Land and Houston insurance agent today.

Accident Insurance

Accident insurance supplements existing medical coverage. The plan benefits are usually applied to medical expenses incurred after an accident has happened. Any out of pocket expenses left over after the original medical coverage plan benefits are used can be covered by the accident insurance protection plan.

Who It Is For

Accident coverage is for anyone who already has medical insurance. Anyone who may find it difficult to afford high out of pocket costs should consider an accident coverage plan. Plan benefit amounts should factor in deductibles, copays, childcare, medical exams, transportation and other needs that may arise if an accident happens.

How It Works

The accident protection plan can be for any amount and it can be applied toward any medical costs. Expenses are only covered if they are incurred within 90 days of the injury happening. The benefit amount is initially applied to coinsurance and deductibles. Payments are made directly to the healthcare provider. The benefits are covered under an additional premium. There are plans that send cash benefits directly to the applicant.

Different Types Of Coverage In Existence

The types of coverage provided are for initial care, surgery, follow-up care, transportation, and lodging. Personal accident plans can cover a person or multiple members of a family. There are special group plans for firefighters, hobbyists and sports enthusiasts that can cover members for a more affordable rate.

Major Benefits

With some types of accident insurance plans, a cash payment is paid out if the claim is approved. This gives the recipient latitude to how their benefits are paid. In plans that require payments be issued to providers for care, the claimant can be assured that their out of pocket costs will be minimized. The benefit amount remains consistent regardless of how many claims are filed. Many of these plans have no mandatory waiting period.

Some people would be financially affected by co-pays and additional expenses incurred after an accident. Minimizing out of pocket costs with an accident policy makes it possible to cover medical-related expenses stemming from an emergency room visit. These plans can cover a range of medical costs to eliminate medical debt. To learn more about accident insurance and to get a free insurance quote, get in touch with your Houston insurance agency today.

Disability Insurance

Disability insurance plans cover the patient when they are unable to work for a period of time due to pregnancy or illness. Disability protects the person’s income and offers a payout to patients. The person receives payment after a certain amount of days missed due to a medical condition.

What It Is And How Does It Relates To Workplace Benefits Offered By Employers?

This form of insurance is used once a person misses a certain number of days of work. Most employees have access to this workplace benefit through their job. The benefit amount pays out a percentage of the person’s regular pay. The individual can choose how much is needed.

Who It Is For

All employees have access to this form of coverage. Any person who is employed full time or part time may be eligible for the benefit directly through their employer. The person can also be able to seek coverage independently through a local insurance agent.

How It Works

First, the employee must make it through the waiting period. After this period, which is often simply called a “waiting period,” the person may collect the benefit. The first few days taken off are either treated as vacation or sick days by the benefits administrator.

Different Types Of Coverage In Existence

There are two main types of disability insurance available. Short-term insurance is available for a maximum of two years while long term insurance can last for the remainder of the person’s life. Some policies will pay a set amount to patients for a fixed period. Other policies may pay a certain amount for an indefinite period of time. Chat with your insurance agent to determine what type of coverage is right for you and to help you better understand your policy.

Major Benefits

While a person is ill, their monthly expenses are handled through their disability policy. The partial replacement income available through the policy prevents a person from losing too much in income due to an unforeseen illness. Sole breadwinners and heads of households don’t have to worry as much about issues like a potential foreclosure or major debt as a result of lost income. Costs of medications are more affordable for those who utilize this benefit. Those who have families to support don’t have to worry about disrupting the family’s finances.

Short-term and long-term disability insurance protect families and their loved ones from financial uncertainty when they become ill and unable to provide for their family. These benefits are available through an employer or an insurance provider. If you need short term or long term disability insurance in Houston or the surrounding cities, get in touch with J. Thomas & Associates today.