44 RETIREWISE: A FINANCIAL EDUCATION WORKSHOP SERIES
Many of us don’t take enough time to consider the value of all of the benets oered by our
employers. These additional benets are paid completely or mostly by employees. They are
important because they can close gaps in employer-sponsored coverage, allow easy access through
payroll deduction, and help ease the burden of what can be high and unpredictable out-of-pocket
expenses. Here are some of the traditional additional benets your employer may oer:*
Take time to look at additional
Accident insurance: Helps offset costs that
may not be covered under your employer’s
existing medical plan. It generally provides a
lump-sum payment after an accident and
helps with out-of-pocket expenses such as
deductibles, copays, and transportation to
medical centers, childcare and more. It may
also include benefits for injuries: fractures,
dislocations, concussions, lacerations, eye
injuries, torn knee cartilage, ruptured discs,
and second and third-degree burns.
Cancer insurance: A cancer diagnosis
can mean unexpected expenses such as
deductibles, copays, and costs for
out-of-network care. Even if you have a
disability plan, it may only cover a portion
of your income. There could also then be a
significant gap between any disability
payments you receive and your family’s
everyday living expenses like utilities,
groceries, and rent.
Critical illness insurance: Critical illnesses
can happen when you least expect them –
and they can be costly. Even quality medical
plans can leave you with extra expenses to
pay. Costs like plan deductibles, copays for
doctor visits, and extra costs for out-of-
network care can add up fast. A critical illness
insurance policy can help close those gaps.
Hospital indemnity insurance: A hospital
stay can be expensive. Be ready for costs not
covered by your medical plan with hospital
indemnity insurance which may include coverage
for hospital admission, accident-related
inpatient rehabilitation and hospital stays.
Legal services: Group legal plans provide
affordable, convenient access to a highly
qualified network of attorneys for everyday
personal legal matters which may include
preparation of wills, living wills and trusts,
purchase, sale and refinancing of a residence,
debt collection and foreclosure defense,
identity theft defense, tenant negotiations,
civil litigation defense, and adoptions.
Pet insurance: Vet visits can be expensive.
Pet insurance helps cover the cost of injuries
and illnesses so you can give your pet the
best possible care.
Auto insurance: Whether it’s a car, boat, or
RV; auto insurance protects your vehicles,
yourself and your family. Policies generally offer
a wide variety of coverage options, including
liability protection, collision and comprehensive
coverage, personal injury protection and
uninsured motorists’ coverage.
Home insurance: If you own a house, condo,
or apartment; a homeowner’s insurance policy
can protect you if you have to rebuild your
home and replace lost or damaged property.
Some policies may also include customizable
coverage in the event of tornadoes, hail, fire,
theft, and vandalism.
*Not all companies will offer these benefits