In-Person is Best, But Are Teachers Adequately Protected?

The reopening of schools is a balancing act like none other. We have children eager to go, parents desperate to send them, and school officials tasked with keeping them safe. But more than just for students, the safety and health of teachers and school staff are also on the line.

High-deductible plans with less coverage are becoming the norm

For decades, school officials have faced the pressures of rising health care costs paid for out of decreasing budgets. With limited options, officials have had little choice but to respond by offering higher deductible health plans that push more costs onto educators and staff themselves. Increased premiums for lower coverage amounts has become the sad and frustrating norm.

Against this backdrop, the current COVID-19 pandemic has raised the risk we all face of needing medical care, and this risk is even higher for those required to work in essential services, like schools.

Insurance that pays you

While no one thing can solve everything, here’s where supplemental indemnity insurance plans can help. Supplemental insurance works on top of your existing health plan coverage. So while your major medical bills will eventually be covered by your health plan, you will most likely have out-of-pocket costs that come with using that plan’s coverage. These out-of-pocket costs can range from doctor visit co-pays to meeting a deductible to pharmacy costs. Moreover, an accident or illness serious enough to need a hospital stay could also mean you have to miss work or are less able to handle things at home.

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"You are then free to use that cash on whatever makes the most sense for you."

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Indemnity insurance will pay you, or a designated beneficiary, a cash benefit for covered events. You are then free to use that cash on whatever makes the most sense for you. For some, it might mean paying hospital bills. For others, it might mean paying for childcare or grocery deliveries. By providing unrestricted funds, this insurance lets you manage your cash flow based on your needs and helps prevent a medical event from having outsized financial consequences on your life.

What insurance should be

At Liferaft, we are focused on building simpler, streamlined products that help address surprise events and the associated financial risks you may face. By paying out cash benefits when you need it, our plans prioritize simplicity and flexibility, letting you determine what costs to cover and how.