There are other types of insurance you may want to consider to help ensure you have no gaps in your coverage.
Long-Term Care Insurance
Long-term care includes a wide range of medical and support services for individuals with a degenerative condition, which most health insurance and government programs either do not cover or limit coverage. Long-term care insurance provides the funds that can help ensure you will have a range of options when you need care. You will have more choices and control over where and how you receive services.
Many employers are starting to offer long-term coverage. However, individual plans through insurance companies typically offer more features and lower prices, so it is important to compare.
The USAA Educational Foundation publication, Long-Term Care, offers more information.
Disability
Disability insurance provides you with an income if an injury or illness prevents you from working. Many employers provide disability insurance, often at little or no cost to employees, or you can purchase an individual plan. However, group disability plans through employers will usually provide no more than two-thirds of your current income, so you may want to consider supplementing it with an individual plan. If you do, be sure the individual plan will provide payments in addition to the group plan.
If you pay the premiums, payments you receive are not subject to federal income tax. If your employer pays for the plan, some or all of the benefits received may be taxable for federal income tax purposes.
Hospital Indemnity — In-Hospital “Cash” Plans
Hospital indemnity plans pay a fixed cash amount for each day you are hospitalized, up to a specific number of days. The cash benefit is paid directly to you and you can use it for any purpose. Most plans do not pay until you have been hospitalized for a certain number of days. Before choosing this type of insurance, remember that most patients stay in the hospital for a very brief period. If the plan does not pay until you have been hospitalized for a week, it may not benefit you.
Critical Illness
Specified illness plans pay benefits in a lump-sum payment only if you are diagnosed with the specific disease or group of diseases named in the plan. These plans generally cover cancer, heart attack, stroke or Alzheimer’s disease.
Review Your Coverage
It is a good idea to review your health insurance coverage annually to ensure you are properly covered, especially when you experience a major life event — marriage, divorce, birth or adoption of a child, home purchase or new job.
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