Workplace Benefits
Insurance Benefits to Consider During the Time of COVID-19
The COVID-19 pandemic has changed how many of us think about our lives and how we plan our financial goals. We all want to protect our families in this uncertain environment, and open enrollment provides an excellent time to act towards our protection goals. By choosing the right insurance benefits to supplement your employer-provided medical insurance plan, you can help yourself be more prepared for the unexpected and help yourself feel more confident about the future. Here are four voluntary benefits worth consideration:
Hospital Indemnity Insurance
You might be shocked to discover that the average three-day hospital1 stay costs around $30,000, according to healthcare.gov. That's where hospital indemnity insurance can help.
It provides coverage for hospital stays,1 accident-related inpatient rehabilitation expenses, and a variety of expenses related to being in the hospital. This insurance pays a lump sum directly to the policyholder, providing funds for things medical insurance may not cover.
For example, you can use hospital indemnity insurance to pay the cost of co-pays, deductibles, household expenses, childcare expenses, or out-of-network costs—you decide how to spend the money.
Another benefit — with MetLife hospital indemnity insurance, the benefit can be extended to family members, and coverage is guaranteed, if you're actively employed.2 And if you leave your current employer, the policy may be able to go with you.3 Paying the premium is easy —deductions come right out of your paycheck. Costs vary, depending on your employer demographics and upon whether you elect single coverage or family coverage. Internal estimates show a MetLife single plan could cost between $9-$20 per month, depending on the amount of the benefit. Ask our employee benefits representative about costs for your plan.
Critical Illness Insurance
Like hospital indemnity insurance, critical illness insurance also pays a lump sum directly to the policyholder, if you have a covered critical illness, like a heart attack4 or even COVID-19 (in some cases). You can use the money as you see fit for any expenses, including groceries, co-pays, transportation expenses, rent payments or mortgage payments—you name it. This money pays you on top of what medical insurance covers, so think of it as a supplement to cover expenses that you'd have to pay out of pocket.
Bonus — Critical illness insurance can be affordable. Plan premiums vary, depending on your employer demographics and on your own demographics such as age, smoking status, and whether you elect single coverage or family coverage.5 But, the cost may be less than you think — Internal estimates reveal that a 40-year-old female nurse could pay between $25-$30 per month for a single plan benefit of $30,000. Ask your employee benefits representative about costs for your plan.
Life Insurance
While there are several types of life insurance, two of the most common are term and whole life insurance. Term life insurance is designated around a specified time frame and pays a death benefit to the beneficiary(s), if the policyholder dies while the policy is in effect. Whole life insurance covers the policyholder throughout his or her life if the premiums are paid. Whole life insurance pays a death benefit, but unlike term insurance, it also can build cash value.
Life insurance benefits can offer financial support for things like funeral expenses, family living expenses, and school tuition. Many employers offer life insurance as a benefit, but it may not be enough to cover your family’s financial needs or preferences. As a rule of thumb, experts recommend a life insurance policy that's at least 10 times a person’s salary.
Legal Plan
Setting up an estate plan may feel more urgent this year, due to COVID-19. But it’s not fun to think about—especially when attorney fees average $370 an hour.6 That’s why a legal plan may be a good investment. For a small fee that's deducted from your paycheck (it costs around $20 a month with MetLife7), you can have unlimited access to experienced lawyers who can help with some of the most common personal legal issues, from creating your estate plan to buying or selling a home to debt collection. The savings—and convenience—might be worth it.
It's hard to make decisions about benefits in a changing world, but we're here to help. Take our quiz to see what types of insurance might be right for you.
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