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Hospitals Are Expensive

Hospital Visits Can Bring Financial Worry To Employees

We all know that a trip to the doctor or running a medical test without insurance can be costly. Imagine the cost of being hospitalized for days, or expensive testing to know what is really wrong. The cost of insurance allows you and your team to stay focused on the work at hand when life is happening elsewhere. Life always happens.

 

Since the Affordable Care Act altered the health insurance landscape, companies have been focusing more than ever on benefits that cover the areas where traditional health insurance often falls short. One of those areas is hospitalization costs.

 

The average health-plan deductible has more than doubled in the past decade — increasing from $584 in 2006 to $1,318 in 2015 according to the The Kaiser Family Foundation, Employer Health Benefits Survey, 2015.  

 

Hospital indemnity insurance can be an important way to help employees bridge this gap.

 

Fewer worries, higher productivity

When employees have financial worries, it draws their attention away from their work.

1 in 5 employees report that issues with personal finances have been a distraction at work according to PricewaterhouseCoopers, Employee Financial Wellness Survey, April 2015.

 

Think of all the little worries that come with the prospect of a hospital visit. “That test is so expensive — do I really need it? How will I pay for my next doctor’s appointment?”

Hospital indemnity insurance can help alleviate those worries.

 

Employees can use this type of insurance to help cover the cost of high deductibles, co-pays and other out-of-pocket expenses for:

  • Hospital stays
  • Surgeries
  • Diagnostic tests
  • Emergency room tests
  • Other hospital expenses

 

Keeping your employees focused at work will be way less costly to your organization than them not being there. Plus offering solutions to rising medical costs, like hospital indemnity insurance, is a way to show you care for those that work for you.

 

Highest regards,

 

Stacia

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accident, accident insurance, The BeneChoice Companies, Stacia Robinson

Accident Insurance: Learn Why You Want It Today

What does accident insurance actually do?

We all know that accidents happen. But what does that mean for you and your pocketbook? Think about the all too typical sprains and dislocations – these are the most common reason for accident insurance claims. A normal emergency room visit normally costs more than $2,000. For those Americans with a high-deductible health insurance plans – which is the majority of Americans – you would be responsible for paying the entire bill out of pocket.

 

This is where accident insurance comes to play.

 

Accident insurance pays benefits to help with the costs of unexpected injuries, such as a sprain, dislocation, fracture, cut or a burn. The payments from the accident insurance will go directly to you for usage. The money can be spent however you need the money to be used. Accident insurance pays the out-of-pockdet medical expenses and / or other costs not covered by insurance such as your transportation. Accident insurance can even be used to pay the babysitter while you go to the medical appointments. Additionally, your benefit payments will not be reduced by other coverages you have through your current health insurance plan.

 

Commonly, you and your children all have active lifestyles. Sports, dance, exercising, hiking and more all hold the potential for an accident. Accident insurance covers the void between an unexpected medical bill and what you may have in savings for emergencies that will happen. Approximately 40 million Americans seek medical help for injuries every year.

 

Accident insurance may be available through your employer or as a supplemental choice to add to a benefits package. Some benefits packages will have accident insurance as a voluntary supplemental choice. If you are not sure if you have it as an option, ask your HR department if it is available. If it is a voluntary benefit, you would pay for the protection yourself so there is not direct cost to your employer. The bonus? It’s really affordable. Generally, the cost is around $5-$8 a week for coverage, although it may vary in cost depending on the number of family members covered. (Costs will vary obviously by plan, how many people are covered, and state guidelines too.)

 

Look into the options you may have available. The initial cost would be low to you, and the savings potential would be exponential.

Highest regards,

Stacia


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benefits, yours, spouse, partner, beneficiary, best coverage, cost, The BeneChoice Companies, Stacia Robinson

Whose Benefits Should You Choose? Yours or Your Partners?

Determining who to select as a beneficiary for your insurance from your employer can present a challenge initially. Typically, the difficulty in choosing what to do increases when both you and your partner receive benefits from your employers. Nearly half of married couples had both partners working in 2016, according to the Bureau of Labor Statistics (BLS).

Options come in many ways:

  • which plans offer the best coverages
  • overall cost.

Keep these things in mind as you look at your benefit options:

1) Health Insurance
Think about these initial questions when comparing each plan option: What are the plan and network types of each package? Can you continue to use your primary physician? Do you take any regular prescriptions? If so, how would they be covered under each plan? What would be your our of pocket expenses? Are there any expected medical needs for the following year?

2) Cost
Look at the difference between being on separate plans, each through your own employer, or the cost of being on one plan together. Typically, when it comes to medical coverage, it’s more cost efficient to add a spouse than to get an individual medical plan. In 2017, the average employee saw a 5% increase in premiums compared to a near 25% increase for people buying coverage on their own.

3) Other Benefits: Disability Insurance Long & Short Term, Flexible Spending Accounts (FSA)/Health Savings Accounts (HSA), Childcare Aubsidy and Wellness Programs
There will likely be varying options from each employer. Compare all options to see which is best for your particular situation, both in terms of coverage and affordability.

When looking at disability insurance, ensure that you cover the earnings being replaced to the greatest extent available and the most cost-effective amount. (Do the same with the life insurance policy options as well.) Look to see if both you as the employee and your partner will receive benefits – if needed. If not for some reason, it may be best to consider single coverage through each respective employer.

Choosing between benefit plans as a couple can be an initial challenge, but there’s no reason for it to be difficult. The most important part will be to look at your options and make the best selections to fit your household needs.

Highest regards,

Stacia

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What You Need to Know About Cancer Insurance

Cancer insurance, also sometimes referred to as critical illness insurance, is a relatively new addition to the arsenal of world of health insurance programs. It was created as a response to the increasing rate of cancer diagnoses worldwide and the rising costs of cancer care and treatment. The supplemental insurance is designed to help reduce the out-of-pocket cost of cancer care and to bridge the gap between what your primary health insurance covers and what it doesn’t.

 

Introduction to Cancer Insurance

 

Cancer insurance is a type of supplemental insurance policy that helps to reduce the out-of-pocket cost of having cancer treatment. It is not designed to replace a traditional health insurance policy, but instead to complement it by covering additional cancer-related expenses that may not be covered by your current policy. The premium covers you for certain types of cancer-related expenses if you are diagnosed while the policy is in effect.

 

To be eligible, you cannot have any pre-existing cancerous conditions. For example, you cannot have been diagnosed with lung cancer and then apply for a policy. In most cases, people who have previously been diagnosed and treated for cancer are also ineligible.

 

What It Covers

 

Cancer insurance coverage varies based on the provider and policy details, but most plans cover both medical and non-medical expenses. Medical expenses can include co-pays, extended hospital stays, medical tests, procedures like stem cell transplants, and other disease-specific treatments.

 

The non-medical expenses that are covered with a supplemental cancer policy can include loss of income benefits, child care expenses, home health care, and dietary restriction aids.

 

Is It Worth It?

 

There is a lot of debate about disease-specific health insurance plans like cancer insurance. Some people firmly support them, while others believe that they are “junk plans” sold on fear. Here are some points to consider when thinking about buying a cancer insurance plan:

  • What is your cancer risk? Do you have a strong, familial history of cancer? If so, cancer insurance might be a solid decision. Those with a strong family history of cancer may want to take a look at their current policy and see how cancer insurance may complement their current policy. Remember, cancer insurance only kicks in if you are diagnosed with cancer. It will not provide any coverage for other common, chronic diseases.
  • Would upgrading my current health insurance plan be a better idea? Choosing to upgrade your current policy may be a better alternative to buying a cancer protection plan, especially for those who are at average risk of developing cancer. It may cost less to upgrade your current plan than adding an additional cancer policy. Perhaps most importantly, upgrading your existing policy would provide a wider range of coverage benefits than a cancer-specific policy.
  • Remember that two policies may not equal double the coverage. Having a basic comprehensive health insurance plan along with a cancer insurance plan does not necessarily mean that you will get double the benefits. Most major insurance policies have a coordination of benefits clause that states that it won’t cover expenses that the other plan does. By purchasing cancer insurance, you may be degrading the coverage of your primary health insurance policy!

 

Before You Buy

 

Before purchasing a cancer insurance plan, it is important that you understand exactly what is covered in the policy. You should also compare the benefits to your current health insurance plan to see if and where there is any overlap in coverage or redundancies. There is no sense in buying a cancer insurance policy if your current policy covers most or all of the same expenses.

 

If after careful consideration you decide that a cancer insurance policy may be the right move for your and your family, get in touch with your insurance agent who can help you work out exactly how much coverage you need. Many plans are available and comparing them is highly recommended. This includes shopping around for other types of insurance plans like long-term disability insurance, which may be a better option for you than cancer-specific protection.

Highest regards,

Stacia

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