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Workplace Benefits

An Overview of WORKPLACE BENEFITS Insurance

An employee benefit package is often a tantalizing offering from employers to lure in the best workers for open positions. Having such a perk can be a boon for workers and their loved ones. A good workplace benefit plan can pay out handsomely for a myriad of health benefits, provide various pluses that enhance an employee’s overall experience while also lending crucial coverage protections. It is not uncommon these days for a job-seeker to make his or her choice based on an employer’s job benefits package. Typical workplace benefits may include such elements as long-term care and disability insurance, accident insurance coverage, universal life insurance policies, and even critical Illness insurance protection. Such packages can go a long way in assuring the employee that he or she and family can enjoy healthy lifestyles and the peace of mind of extra added financial security while being employed.

The following are the aforementioned components of these packages:

Long-Term Care

Know as LTC or LTCI (Long-term care insurance), this what can provide the employee compensation for the costs associated with needed long-term care should the unexpected happen. Keep in mind that long-term care insurance is separate from Medicaid, Medicare or standard health insurance. The benefits associated with Long-term care can pay out to employees or family members who find themselves unable to conduct what are activities of daily living (or ADL), such as using the restroom, bathing, walking, eating, dressing, and so on.

Disability Insurance Coverage

Disability Insurance, also known as “income protection” or “disability income insurance”, is a kind of insurance plan that protects the employee by providing compensation for any missed income due to a covered disability that renders the employee unable to perform his or her normal duties.
Accident Insurance Coverage

Good accident insurance helps the employee by paying for the usual out-of-pocket and medical expenses following a major accidental injury. Accident insurance helps to pay for medical examinations, stays at the hospital, treatment and other costs, such as lodging and transportation when obtaining care.

Critical Illness Insurance

Critical illness (sometimes known as cancer insurance) is a type of insurance protection in which a lump sum cash payment is made to the employee after he or she is diagnosed with a covered disease. The plan can also be tailored to pay out replacement monies for lost regular income when a worker is undergoing treatment.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance that offers both term life insurance protections along with a savings element that allows for a build-up of the policy’s cash value over time.