5 "hidden" medical costs and how voluntary benefits help

Did you know that if you have voluntary benefits like hospital, critical illness, or accident insurance, that money is paid directly to you when you make a claim? Many people assume the payments are applied to bills automatically similar to your medical insurance. Nope! The money you receive is deposited into your bank account to use however you’d like.



So, why are voluntary benefits set up this way? Well, if you’re in a situation requiring a hospital, critical illness or accident claim, it’s important to use your money wisely…and there are probably expenses associated with treatment that you wouldn’t think about! Here are some of the common ”hidden” medical costs you might run into:

1. Medical bills
This is the main reason you’re being paid a benefit. Hospital stays, surgeries, treatments and other medical bills add up fast when you’re dealing with injuries and illnesses. Even with medical insurance, many people run into surprises with high deductibles, copays, coinsurance or just have a treatment that isn’t covered by their major medical. The purpose of voluntary benefits is to help cover your finances where medical insurance isn’t enough.
 

2. Travel, lodging and food
If you have an extended hospital stay or are being treated for a serious illness, travel, lodging, and food are common extra expenses. Family members often stay at hotels for days at a time or need to drive many miles back and forth from the hospital. They also tend to order out and pick up meals more often since they aren’t home to cook. All of these factors can add to already expensive situation. Since the cash you receive from voluntary benefits can be used however you see fit, you can use your benefits to help recoup losses from paying for lodging, travel, and food for your family and support system during recovery.
 

3. Child (or pet) care
For those with children or fur children, being knocked off your feet can mean that you need extra assistance with child or pet care. Especially if your spouse is helping take care of you or you don’t have family nearby, you’ll likely needs an extra set of hands, which (of course) costs more money. Having extra money to help pay for a nanny, more hours of daycare, or someone to look after your furry friends is another way voluntary benefits can come in handy during a health challenge.
 
4. Supplementing income
When an injury or illness has you down and out, you’re probably not going into work. Especially if you work an hourly job, don’t have paid time off, or live paycheck to paycheck, missing even one shift can cause financial stress. Having some extra cash from a voluntary benefits claim can help recover the money you missed out on and pay your regular bills. Even if you have disability insurance from your employer, a voluntary policy can help supplement that coverage to make ends meet.
 
5. Changes to the home
If your injury is severe or if you have additional needs during recovery, how do you pay for it? For example, what if you need a ramp to get a wheelchair into your house? What if you need a new chair that reclines for comfort during recovery? These sorts of costs can add up. They’re also not covered by your medical insurance. These might not be the immediate things you think about when dealing with an injury or illness, but they’re one of those hidden costs which the direct payment from voluntary benefits can be used to address.

Dealing with injuries, serious illnesses, and hospital stays can rack up more than just medical costs. There is collateral financial damage of paying for travel, missing out on work, and needing to keep your family running when you have an experience like this. The money you receive from voluntary benefits can help lessen the financial burden and provide for your support system while you get back on your feet.