William Penn Life, 2003 (38. évfolyam, 1-12. szám)
2003-09-01 / 9. szám
Moneywi$e Supplemental Insurance. Supplemental policies provide coverage beyond, or in addition to, what is provided in your basic policy. • Hospital indemnity insurance pays a fixed amount specified in your policy for daily, weekly or monthly hospital stays. The benefits paid are not based on your actual expenses and are intended to supplement rather than substitute for other broader forms of coverage. • Disability insurance pays a monthly or weekly amount if the policyholder is disabled and cannot work. Some policies pay only in case of an accident, others pay only if the policyholder has an illness and some pay benefits in either case. A disability policy usually includes an elimination period—a specified number of days the policyholder must be disabled before the policy begins to pay benefits. The longer the elimination period, the lower the premium. A short-term disability policy provides benefits for a specified time, usually 13,26 or 52 weeks. A longterm policy may provide for benefits to age 65. The longer the benefit period, the higher the premium. Disability insurance policies will not cover claims that are covered by workers' compensation. » Long-term care insurance may cover services ranging from nursing home care to home health care, to providing benefits during an extended period of convalescence. Medicare does not pay benefits for long nursing home stays or other types of long-term care. Other types of health insurance also may exclude such benefits. Money Links For more detailed information about the types of health insurance discussed here, as well as information about other types of insurance, log onto the website of the Pennsylvania Insurance Department’s at: O www.ins.state.pa.us Long-term care policies offer either fixed daily benefits or expenses incurred up to the daily benefit selected for skilled nursing care, intermediate care and custodial care for at least one year. Some policies also may offer home health care. • Specified disease insurance pays benefits only for the treatment of a specific disease, such as cancer, stated in the policy. Specified disease policies generally are not available if you previously have been diagnosed or treated for the specified disease. These policies usually have a waiting period before benefits begin and some do not pay for separate treatment or other conditions or diseases caused by the specified disease. • Accident insurance limits payment to a stated amount for specific losses due to an accidental injury under circumstances specified in the policy. Some examples are the loss of an arm, leg, eye or accidental death. This type of policy also may pay some medical costs resulting from an accident. Some common forms of this type of coverage are accidental death, travel accident, specified hazard or school accident insurance. • Credit accident and sickness insurance is a special type of disability policy offered in connection with loans or other credit transactions. Generally it provides a benefit equal to the amount of the monthly loan payment if the insured debtor becomes totally disabled. The benefit is paid directly to the creditor. You do not, except in unusual circumstances, have to buy credit accident and sickness insurance. If a creditor requires such coverage as security, you do not have to buy the coverage through the creditor. Instead, benefits may be assigned under a policy you already own or you may buy a separate disability policy through another insurance company. • Medicare supplement insurance is designed to provide benefits to help pay what Medicare does not pay. However, these policies may not pay all the expenses that are not covered by Medicare. Copyright (c) 2003 Commonwealth of Pennsylvania. All Rights Reserved. THAT’S A QUESTION YOU MAY not have asked yourself very often, if ever. But, it’s one you should ask yourself at least once a year. We can’t stress enough the importance of regularly checking the beneficiaries listed on your life insurance policies. It is the only way to ensure that the people you want to receive the benefits of your life insurance are the ones who will receive it. Think about the changes that have occurred in your life since you purchased your life insurance. Getting married, having children, losing a loved one, getting divorced, getting remarried-all these life changes affect your responsibilities. Do the beneficiaries currently listed on your life insurance policies reflect such changes? If you think you need to update the beneficiaries listed on your policies—either primary or secondary beneficiaries-contact your WPA representative. Or, call our Home Office toll-free at 1-800-848-7366. William Penn Life, September 2003 5
