5 Insurance Types Every Nurse Needs
Nurses are the backbone of the healthcare industry. They’re on the front lines of patient care. But as necessary as nurses are, even they can’t always predict what will happen during their shifts at work. For example, they can experience unexpected emergencies, or their medical equipment may break down unexpectedly, putting their patient at risk.
As such, nurses should get insured to be prepared for anything that could go wrong while on duty. Not all nurses have the same experience or risk factors. That’s why it’s important to research which insurance plans are right for you.
Here’s a list of different types of insurance coverage every nurse needs.
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Nurses need health insurance just like everyone else. They are also prone to illness or injury, which can happen at any time while you’re on duty or even on the weekend off from work. With health insurance, they can get the care they need and avoid any financial hardship from paying off expensive medical fees.
Some employers offer medical insurance as part of their benefits package. It’s often called “group coverage.” It’s usually the most cost-effective option since the premium cost will be split between your employer and you. However, the coverage is typically controlled by employers. It could be possible that you’re paying for coverage you don’t need.
If you want more freedom over your policy, you can purchase health insurance on your own or through an independent agent. This is called an “individual plan.” It’s more expensive than employer-sponsored plans, but you can choose the coverage that meets your needs.
Individual plans also let you change plan. Doing so can help you find better rates, coverage, and providers. However, note that changing plans can result in another medical underwriting. Still and all, it can be very valuable, depending on your situation. Most of the time, it’s a must if there’s a change in your financial situation or your old insurance isn’t available anymore.
Disability insurance is a type of insurance that will provide benefits if you’re unable to work due to an injury or illness. To be clear, it’s not a substitute for health insurance, but it provides additional coverage. The coverage pays out a fixed amount each month until you can return to work or for life if necessary. It varies based on your job, but it can be as much as $2,000 per week.
As nurses, you need to have disability insurance for many reasons. First, it’s not uncommon for nurses to suffer from stress-related illnesses or be infected with an infection. Second, nurses are also at a high risk of injuries due to their work environment. Hospitals and other medical facilities require a lot of needles, sharp instruments, and heavy lifting, potentially harming nurses in some ways.
More importantly, as a nurse, you spend so much time and money training for your career. It would be devastating if all your hard work would suddenly be put on hold because of an injury or illness.
Professional Liability Insurance
Professional liability insurance protects you in case of a claim against your actions. This type of insurance is important for any nurse who works in a hospital or private practice. In fact, many hospitals require their staff to have this type of coverage as a condition for employment.
It covers legal fees and court costs related to claims made against your actions and damages that may result from those claims. For example, if you’re working alone in an emergency room or surgical center, professional liability coverage can protect you from lawsuits filed by patients and family members who believe they were wronged during treatment.
Travel Nurse Health Insurance
If you need to travel for work or train abroad, travel nurse health insurance is a must. It’s similar to your standard health plan, except it can be used in a foreign location and has more travel perks.
Travel nurse health insurance doesn’t only cover emergency dental care, out-of-network medical costs, and prescription drugs. It can also cover the cost of an ambulance ride or air ambulance if your injury is serious enough to warrant one.
Apart from medical expenses, it also covers loss or damage to luggage and theft when you’re traveling. It can also provide transportation costs, especially if you’re hospitalized and need to switch facilities urgently, and emergency cash needs for other purposes.
Life insurance is a contract that protects your family financially after you pass. It helps pay off debts, cover funeral expenses and provide income for your beneficiaries while they mourn the loss of their loved one. You may also use it as part of an estate planning process so that your wishes are carried out after death takes place unexpectedly.
You can also take advantage of life insurance while still alive. For nurses, life insurance can provide financial security during stressful times like job losses or unexpected illnesses (e.g., cancer). Plus, it can be used as a tax-free savings plan and investment in your future.
Being a nurse is a rewarding career, but it also comes with its share of risks. Hence, protecting yourself and your family by taking out the right insurance policies is essential. If you’re unsure which type of coverage is right for you, talk to an expert who can help guide you through the process.