Preparing for unexpected life changes is a necessity. Most people are not prepared for sudden illnesses or accidents which put them out of work. Depending upon the situation, some people may not be able to return to work, which is why preparation is key. In these instances, investing in short-term and long-term insurance will reduce a significant amount of financial stress.
Short-Term Medical Insurance
Short-term insurance usually starts after a person has been at their job and enrolled in the program for about a year. It is important to speak with your employer’s health care benefits coordinator to find out when you are eligible to participate. Most short-term insurance policies will cover time out for childbirth and months home with the new born. Short-term insurance also provide financial relief due to an accident, illness or minor surgery. Most people need this steady flow of income to keep paying household bills and health care costs. Obviously short-term disability will eventually reach its course, and that is when long-term disability will replace it.
Long-term Medical Disability
Long-term disability is needed when dealing with health issues that may keep you out of work for an extended period of time. The insurance is offered to everyone, and individuals can enroll through an employer. Those who are self-employed can find out from insurance companies what type of coverage that is provided for them. Individuals who have suffered from conditions such as a stroke, heart attack or other long-term illness will benefit from the insurance.
Both insurances help reduce a significant amount of stress in a person’s life. The money received each week can be used to pay all expenses, and employers deduct a certain amount each pay period to participate in the programs. Because the amount deducted is never really missed from one’s paycheck, it can make a big difference when the unexpected arrives.