A comprehensive benefits package at most places of employment includes work benefits. These workplace benefits are available for employees to protect them in the unfortunate event that an illness or injury disrupts their ability to work for a period of time. There are many types of benefits that employees can choose from to protect themselves from loss of wages, including:
1. Long Term Care Insurance: Long term care insurance can be used to cover the costs of nursing home, in-home, or assisted living costs for people can no longer perform day-to-day activities.
2. Disability insurance: In the event that an employee is unable to work to due an illness or injury, disability insurance can be used to help insure his or her income.
3. Accident insurance: Much like disability insurance, accident insurance will help cover the beneficiary in the event that an accident causes him or her to be unable to work. This insurance may also cover medical costs in addition to health insurance.
4. Critical Illness/Cancer Insurance: Critical Illness or Cancer Insurance can be purchased in addition to health insurance. The medical costs of critical illnesses and cancers are often more than health insurance will cover, so this additional insurance can be used in excess of traditional health care.
5. Universal Life Insurance: Life insurance is paid to the beneficiary of the owner’s choosing. This type of insurance provides money to cover funeral costs and can be used to help the family of the deceased in the loss of income.
These work benefits are not just for older employees who are near retiring, but can be selected at any age. There is much uncertainty in the world, and these benefits can provide some peace of mind for employees who might not otherwise be able to handle a disruption in work and income. Each type of insurance has a range of options in terms of monthly premiums, which should be able to fit a variety of budgets. Employees should contact their human resources representatives for information about the types of insurance plans available to them.