What's your contingency plan for an unforeseen event that puts you out of work for a month? Whether it's a sudden hospitalization or a prolonged illness of a family member, typical group insurance policies often come up short. They usually kick in after 60 to 90 days of disability, leaving you without income during the initial crucial period. Moreover, many group plans lack provisions for compassionate care, leaving families vulnerable in times of need unless the illness is deemed terminal.
This gap in coverage can lead to financial strain, with lost wages compounded by additional expenses like hospital parking, dining out, and childcare, not to mention ongoing bills at home. The good news is, there's a solution. Certain companies offer specialized coverage for hospitalization and fractures, providing financial security when you need it most.
With this coverage, you can receive up to $400 tax-free for each day spent in the hospital, along with a 3x recovery benefit at home. There's also coverage for fractures or day surgeries, available for both accidents and illnesses ($4000 coverage). And with cost-effective options and discounts for family bundles, it's a sensible investment in your peace of mind.
Consider this scenario: you're on a family skiing trip and have an accident, requiring hospitalization for two weeks and a two-month recovery period. Under most group plans, you'd receive no disability payments. If you had accident hospitalzation coverage you would receive the following; $400 a day for 14 days in the hospital = $5,600. You also receive a recovery benefit while at home which is 3x the amount of days in the hospital. In this case that would be another 42 days also at $400 a day. This equates to another $16,800. Adding these two benefit together, the insured in this situation would receive over $22,000 in tax free benefits that they can use for whatever they want and coverage starts from the first day you are admitted into hospital.
Plus, this coverage extends to ambulance rides, offering comprehensive protection at an affordable rate. Options are individual coverage as well as discount pricing for a family.. Don't leave your financial well-being to chance—reach out to explore these plans and safeguard your most valuable asset: yourself and your family.
You can reach me at cboyle@legacyfg.ca or direct at 780 966 5084