Every year, millions of American workers enroll in employee benefits through their workplaces during a period known as annual enrollment. It’s usually a short window of time, but employees make crucial financial decisions for their families for the coming year. In addition to medical insurance, consider these voluntary benefits that can help bridge the gap between what health insurance covers and what you’re financially responsible for.Help Safeguard Your Family’s Finances![]() (Family Features) Every year, millions of American workers enroll in employee benefits through their workplaces during a period known as annual enrollment. It's usually a short window of time, but employees make crucial financial decisions for their families for the coming year. In addition to medical insurance, many employers offer a range of voluntary benefits - those you select and pay for yourself, often by having the cost deducted directly from your paycheck. These voluntary benefits can help bridge the gap between what health insurance covers and what you're financially responsible for, especially as more employees opt for high-deductible health insurance plans. In fact, according to a poll of 1,512 full-time U.S. workers conducted by employee benefits company Unum, 49% of working adults plan on enrolling in a high-deductible health plan for the coming benefit year, with Millennials (58%) and Gen Z'ers (54%) at even higher rates. "While high-deductible health plans offer lower monthly payments, that can mean more financial responsibility for policyholders when they need to use the benefit," said personal finance expert Laura Adams. "Combining a high-deductible health plan with a health savings account can offset out-of-pocket costs, but it's also a good idea to consider voluntary benefits like disability, accident and hospital insurance to further financially protect your family." If an accident, illness or injury prevents you from working, disability insurance replaces a portion of your income. While it may seem unlikely to many they would ever experience a disability, it's more common than some realize. Based on 2019 information from the Social Security Administration, more than 1 in 4 of today's 20-year-olds will become disabled before reaching age 67. Accident and hospital insurance can pay a lump sum directly to you to offset out-of-pocket costs associated with medical care often not covered by health insurance.
Voluntary benefits, policies and details vary, so it's essential to review your options and discuss with your family before your benefits enrollment begins. "Investing a little additional time on the front end can help reduce your family's financial risk down the road," Adams said. For more information about employee benefits, visit Unum.com/benefits. Photo courtesy of Getty Images Unum
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Research suggests that most Americans turning age 65 will need some form of assistance with everyday activities, known as long-term care, as they grow older. The amount of care needed will depend on many variables, including overall health, cognitive functioning and home environment. Three simple steps can help you start planning for care you may need as you age.Why Everyone Should Plan for Long-Term Care(Family Features) Research suggests that most Americans turning age 65 will need some form of assistance with everyday activities, known as long-term care, as they grow older. The amount of care needed will depend on many variables, including overall health, cognitive functioning and home environment. Age is a strong predictor of the need for help, and because women live longer on average, they are more likely than men to require long-term care. Factors such as a disability, injury or chronic illness also increase the chance that long-term care will be needed. Three simple steps can help you start planning for care you may need as you age. 1. Know what to expect Understanding long-term care is the first step in creating a plan. Key things to know include:
2. It’s not just about you Take the time to make clear your preferences for what kind of help you value most and where you want to receive it. Family and friends will feel better knowing that you are thinking about your needs – and theirs – by planning for long-term care. 3. Better active than reactive For more information and resources to develop a care plan, visit longtermcare.gov. SOURCE: Administration for Community Living
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Retirement is supposed to be a reward for decades of hard work, but if you haven’t planned well, the milestone may be a dark cloud on your horizon. New data shows that nearly 50 percent of Americans are most afraid of outliving their income or the inability to maintain their current lifestyle, and nearly 20 percent are worried about having enough money to cover health care expenses. Take control of the uncertainty and create peace of mind when it comes to retirement with these simple steps.
Face Your Financial FearsTake action to save for retirement(Family Features) Retirement is supposed to be a reward for decades of hard work, but if you haven’t planned well, the milestone may be a dark cloud on your horizon. In fact, new data shows that nearly 50 percent of Americans are most afraid of outliving their income or the inability to maintain their current lifestyle, and nearly 20 percent are worried about having enough money to cover health care expenses. The research, released by the Indexed Annuity Leadership Council (IALC), also found that despite these very real fears, Americans are failing to take action to address them. For example, a quarter of Baby Boomers, the age group closest to retirement, have less than $5,000 saved for retirement and nearly one in five Americans have no idea how much they’ve saved. The findings indicate that Americans are afraid of the unknown when it comes to managing their money and retirement. While you can budget for leisure and travel, health care expenses and life expectancy are unpredictable. “Americans are living longer than ever, so it’s no surprise that the No. 1 retirement fear is that they’ll run out of money in their final years,” said Jim Poolman, executive director of the IALC. “Thankfully, there are strategies and products out there that can help you create sufficient retirement income to last throughout your lifetime, which can help with this crippling fear.” To take control of the uncertainty and create peace of mind when it comes to retirement, here are some simple steps you can follow: Make a budget. Balance is key. Plan to adjust. Monitor the balance. Small changes count. Make it automatic. Understanding Fixed Indexed Annuities According to the Indexed Annuity Leadership Council’s research, 45 percent of Americans are interested in retirement products, such as Fixed Indexed Annuities, that offer steady lifetime income and protect your principal even if the stock market goes down. Find more tips and tools to guide your retirement planning at FIAinsights.org. Photo courtesy of Getty Images
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