Many companies are in or soon to be in the Open Enrollment Season for their company benefits. For most employees, this will be the only time in a year that changes can be made to your company benefits package. Given the pandemic that we have all experienced this last year and a half, insurance carriers have made some changes to their benefits offering.
The carrier that we offer to our business clients and our employees has come out with a rather robust offering in the critical illness package to include COVID. It is a great benefit that can be used upon diagnosis that will provide you with the extra cash to help cover even more while you are out sick. Many have health insurance coverage and disability insurance. The problem is many plans have opted for a higher deductible and disability insurance will only cover approximately 60 to 66% of your income. Having the critical illness benefit will help bridge the income gap.
When I was a background investigator, one of the biggest issues that people who held clearance had was money/credit. One of the biggest drivers for credit problems was a health problem. People would have a health event that would decimate their credit which would then trigger a Special Investigation, (SPIN) or a Reimbursable Suitability Investigation (RSI). In almost every case that I investigated, extra insurance that could have been purchased through their company benefits package would have prevented it. The other thing to keep in mind is purchasing this through your employers benefit plan is the least expensive way to obtain this extra coverage. For people here in Huntsville, this is especially important.
Mike Mickels is President of CochranMickels Retirement Specialists and an avid sporting clay competitor. CochranMickels Retirement Specialists provides personalized planning and investment services to individuals approaching and in retirement. They also provide retirement and benefits training to Federal employees. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc, a Registered Investment Advisor. CochranMickels and Cambridge are not affiliated.