Man and woman walking in the woods

Protecting Against Accident or Illness with Supplemental Insurance

Aug 23, 20208/23/2020

Learning Center


Life's Challenges

Supplementing Your Health Insurance

When you have your health, you have everything. Especially when you’re young, your greatest asset is probably your ability to work and earn a steady income. But our health is something we often take for granted, until it deteriorates. And when your health goes, too often your finances follow.

Most people obtain health insurance at their place of employment. But sometimes company-sponsored health plans don’t provide adequate coverage, and they are often quite expensive. In addition, for those who are self-employed, retired, work part-time or work for a small business, company-sponsored health insurance isn’t an option.

Consider these three supplemental ways to hedge against the rising costs of health care:

Long Term Care Insurance

As life expectancy goes up, the likelihood of needing long term care increases, too. Medicare doesn’t cover everything, and state-provided Medicaid is usually only for people near the poverty line. LTCI may help cover some costs not covered by Medicare, such as nursing home care. LTCI can be expensive, but in the long run, it might be worth it to retain your hard-earned assets.

Disability Income Insurance

These are policies purchased in case of extended injury or illness. The key to determining your needs is to see how much you need to spend each week or month that you would be unable to earn your normal income. Even if you have group coverage, a certain amount of individual coverage may be needed to fill any gaps.

Health Savings Accounts

You save for retirement, for higher education, or just to treat yourself. But you probably aren’t saving for health care. HSAs are tax-deductible accounts that let you make withdrawals for any “qualified medical expense,” such as doctor’s visits, prescriptions, dental and vision care, even over-the-counter drugs.

Plan Ahead Financially

Finally, remember the old rule of thumb: have three to six months’ worth of living expenses set aside in a bank savings account in case of emergencies. This could help to cover everything from a job loss to car repairs to hospital bills.

There are many plans and types of insurance that can help you prepare, and ensure a healthy financial future. Eligibility varies for each; a qualified insurance professional can help you decide which is best for you1.

  1. Products are offered through Woodmen Insurance Agency, Inc., a wholly owned subsidiary of Woodmen of the World Life Insurance Society. Products are issued by carriers not affiliated with Woodmen of the World Life Insurance Society.
130 years strong shield with words 130 years strong with stars

We’ve been helping to protect the financial future of families like yours, making a difference in hometowns across America and honoring our country since 1890. As a not-for-profit life insurance company, we put money back into the community. We’re here when you need us most.

Learn More About WoodmenLife

Connect With WoodmenLife

Fill out the form below to have your local Representative contact you about our life insurance and retirement products, or about getting involved in our local community service efforts.

To protect your privacy, we do not provide quotes over email.

  • Required
  • Required
  • Required ###-###-####
  • Required #####
  • Optional

This is a solicitation of insurance and an agent may contact you. By submitting the above request, I consent to receive phone calls from a licensed insurance producer on behalf of Woodmen of the World Life Insurance Society (WoodmenLife) and its affiliates at the phone number(s) above regarding WoodmenLife products and services. I understand that I can contact a Sales Representative directly to make a purchase.

Customer Service: 1-800-225-3108
Monday – Friday | 7:00 a.m. – 5:00 p.m. (Central Time)

© 2020 Woodmen of the World Life Insurance Society
Omaha, Nebraska

This is a solicitation of insurance and an agent may contact you.

Securities are offered through Woodmen Financial Services, Inc., 1700 Farnam Street, Omaha, NE 68102, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with Woodmen of the World Life Insurance Society.

Benefits are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a WoodmenLife product. These fraternal benefits are not contractual, are subject to change and have specific eligibility requirements.

Some fraternal benefits include additional membership requirements including length of membership, number of qualifying members in household and/or a qualifying event.

Check out the background of Woodmen Financial Services, Inc. on FINRA’s BrokerCheck.

Business Continuity Plan | Products are not available in New York and all products may not be available in all states. | Not all Representatives are licensed to sell all products.

Fraud, Ethics and EEO Reporting Hotline: 1-844-339-3053

A+ Financial Rating

This company was issued a A+ (Superior) rating by the A.M. Best Company, click for additional details. WoodmenLife has been awarded a rating of A+ (Superior), the second highest ranking out of 15, for its financial strength and operating performance in 2020 by A.M. Best, an independent rating company that is nationally recognized for its objective reporting and rating of insurers.

International Use

This Site is not intended for access outside of the United States, including those individuals who reside in the European Economic Area (“EEA”). WoodmenLife makes no representation that materials on the Site are appropriate or available for use in locations outside of the United States, and accessing them from territories where their contents are illegal is prohibited. Those who choose to access the Site from outside of the United States do so on their own initiative and are responsible for compliance with local laws.