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Insurance Benefits to Consider During the Time of COVID-19

The COVID-19 pandemic has changed how many of us think about our lives and plan our financial goals. We all want to protect our families in this uncertain environment, and open enrollment is an excellent time to act. By choosing the right insurance benefits to supplement your medical insurance plan, you can help yourself be more prepared for the unexpected and feel more confident about the future. Here are three voluntary benefits worth consideration:

Extra Med insurance

It provides coverage for hospital stays,1 accident-related rehabilitation expenses, and a variety of expenses related to being in the hospital. This insurance pays a lump sum directly to the policyholder, providing funds for things medical insurance may not cover.

For example, you can use Extra Med insurance to pay the cost of co-pays, deductibles, household expenses, childcare expenses, or out-of-network costs—you decide how to spend the money.

Another benefit: With MetLife, the benefit can be extended to family members, and coverage is guaranteed, if you're actively employed.2 And if you if you leave your current employer, the policy may be able to go with you.3 Paying the premium is painless—deductions come right out of your paycheck.  Costs vary, depending on your employer demographics and upon whether you elect a single or family plan. Internal estimates show a MetLife single plan could cost between $9-$20 per month, depending on the amount of the benefit.

Critical illness insurance

Like Extra Med insurance, critical illness insurance also pays a lump sum directly to the policyholder, if you have a qualifying illness, like a heart attack or even COVID-19 (in some cases). You can use the money as you see fit for any expenses, including groceries, co-pays, transportation expenses, rent or mortgage payments—you name it. This money pays you on top of what medical insurance covers, so think of it as a supplement to cover expenses that you'd have to pay out of pocket.

Bonus: Critical illness insurance can be affordable. Plan premiums vary, depending on your employer demographics as well as your own, such as age, smoking status, and whether it's a single or family plan, for example.  But the cost may be less than you think: Internal estimates reveal that a 40-year-old female nurse could pay between $25-$30 per month for a single plan benefit of $30,000.

Life insurance

While there are several types of life insurance, two of the most common are term and life insurance plus a savings plan. Term life insurance is designated around a specified time frame and pays a death benefit to the beneficiaries, if the policyholder dies while the policy is in effect. Life insurance plus a savings plan covers the policyholder throughout their life, if the premiums are paid. Life insurance plus a savings plan also pays a death benefit, but unlike term insurance, it can also build cash value.

Life insurance benefits can offer financial support for things like funeral expenses, family living expenses, school tuition, and more.

1 Hospital does not include certain facilities such as nursing homes, convalescent care or extended care facilities. See your Disclosure Statement or Outline of Coverage/Disclosure Document for full details. 

2 Coverage is guaranteed provided (1) the employee is actively at work and (2) dependents to be covered are not subject to medical restrictions as set forth on the enrollment form and in the Certificate. Some states require the insured to have medical coverage. Additional restrictions apply to dependents serving in the armed forces or living overseas.

3 Eligibility for portability through the Continuation of Insurance with Premium Payment provision may be subject to certain eligibility requirements and limitations. For more information, contact your MetLife representative.