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Protecting Against Accident or Illness with Supplemental Insurance

Aug 23, 20208/23/2020

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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.
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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.

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