There is often much to sort through when it comes to insurance, especially if some of your coverage has been provided by your employer.
HEALTH INSURANCE
From routine doctor’s visits to treatment for a chronic disease like Parkinson’s, health insurance is meant to protect you and your family from being solely responsible for the cost of healthcare services.
Most people obtain health insurance coverage from their employer or from a family member’s employer. These group health insurance plans are generally less expensive than individual health insurance plans, but typically require that you enroll at the time you or your family member begins working.
If you or the family member who carries the insurance policy changes jobs or leaves work altogether, it is best to avoid gaps in your health insurance coverage. Be sure you understand your continuation of coverage options through COBRA and HIPAA. When transferring your coverage to a new employer’s group plan, find out exactly when your coverage will go into effect and what, if any, coverage restrictions the new plan places on pre-existing conditions.
The specific time frame each type of health insurance policy covers will vary. The Disability and Medical Coverage Timelines may help you understand which options are available to you and when, from the time you are diagnosed until you become eligible for Medicare.
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OTHER TYPES OF COVERAGE
Frequently, employer-based group plans offer employees healthcare insurance benefits as well as other types of insurance coverage including:
- Disability (Short-term and Long-term): An insurance product that usually replaces approximately 50-60% of your income (tax-free) should sickness or illness prevent you from working for an extended period of time. Every disability insurance policy from every insurance company is very different, so understand the waiting period (0-14 days before benefits begin) and the duration of benefits for your particular plan. Employer-provided disability insurance can be a very helpful, just be sure you understand the impact it can have on a future award of SSDI benefits.
- Supplemental insurance: A policy typically used to pay for medical expenses not covered by your primary health insurance plan. In addition to medical expenses, these policies may include cash benefits that help offset lost income due to illness and the cost of treatment for pre-existing conditions. (ie. Aetna, Cigna, Aflac, AARP, Medicare)
- Long-term care insurance (LTC): Policies that provide for a person’s long-term care in cases of chronic illness or disability and can protect families from incurring the high cost of round-the-clock care. Premiums as well as types of care (nursing home, home health, adult day care, etc.) and limitations of coverage are highly variable, so ask questions. Though people with Parkinson’s are typically not eligible for LTC insurance, a partner or spouse (particularly if younger) may be able to purchase the policy privately or through an employer at a reasonable rate.
- Life insurance: Term life insurance is usually the simplest and least expensive type of life insurance. It stays in effect for a specific period of time or until the insured becomes a certain age and pays out to the identified beneficiary only if the insured dies within the specified coverage term. Many employers offer employees 1-2 times their salary in “free” life insurance with an option to purchase additional coverage.