Family discussing specialty insurance

Specialty Benefits: The Best Choices for Employees of Different Ages

In addition to traditional group health insurance plans, Blue Cross Blue Shield of Michigan and Blue Care Network also offer specialty benefits through partners, including life, short-and-long-term disability, accident, critical illness and hospital recovery insurance. Adding some of these options to a business’ benefits packages can create holistic insurance coverage that in turn makes employees feel more supported and better prepared for the future.

As a business, knowing which of these benefits to offer employees can be difficult. While some benefits can be enjoyed by employees of all ages, others are better suited for specific age groups who tend to need the same things based on their shared moments in life.

With so many options available, we’ve created a simple guide breaking down how different benefits packages can be tailored to enhance the lives of employees based on their age groups:

All ages:   

  • Accident Insurance: By definition, an accident is something for which people can’t prepare. Accidents often happen out of the blue and the costs can vary dramatically. Not only are there medical bills, but lost wages and living expenses can add up while the person is injured. Luckily, accident insurance is an option that can help pay bills during the recovery process.
  • Critical Illness: Just like an accident, no one can prepare for the onset of a critical illness – sometimes they are discovered by accident, like cancer, or have a sudden onset of symptoms, like a stroke or heart attack. In fact, the average American employee has a five times greater chance of suffering a critical illness before retirement. Medical bills can pile up from care, treatments and other out-of-pocket costs, and that’s where businesses can help their employees by offering critical illness insurance.
  • Short-Term & Long-Term Disability Insurance: This type of insurance helps protect an employee’s income in the event that they are unable to work for certain periods of time. In 2014, 39 percent of employees in the private industry had short-term disability insurance and 33 percent had long-term disability insurance, according to the United States Department of Labor. If an employee has this insurance, the benefits provide a portion of their salary that can cover other out-of-pocket living expenses so that they can focus on getting better and not on the stresses of affording their life without working.

 30 and older:

  • Life Insurance: People—especially those who are married or who have children—often want to protect their loved ones from potential financial burdens. This is where life insurance comes in. Life insurance can help pay for medical bills, funeral expenses and even personal debts. In 2015, 60 percent of Americans were covered by some form of life insurance and 34 percent said that they would like to purchase a life insurance policy within the next year, making it a good option to consider.

 55 and older:

  • Hospital Recovery: As bodies age, they are likelier to need corrective procedures, like joint replacements, or experience an unexpected health issue. These often require hospital stays and additional recovery time at home. Hospital recovery insurance pays out money based on how long the person was in the hospital, reducing financial stress so they can focus on getting better and getting back to work or regular life.

For more information on our specialty benefit options, visit our website or reach out directly to learn more.

Photo Credit: Pxhere

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