These are plans you take up for a particular situation or specific needs. Gather a lot of information before enrolling for such a plan. Make sure the plan meets your specific needs. Also clarify the costs you have to undertake as these plans are often expensive.
- COBRA allows you and your family continuation of health covers even after you leave a job or retire. You may continue in the group health plan provided by your employer for some time. You will have to pay the full premium including that being paid by your employer. You must also fill out forms within 60 days of leaving your job. Remember, it may be expensive to continue this cover yourself. But this cover will be better if you have a health concern which might prevent you from taking other covers.
- Critical Illness Policies - These policies give you either a lump sum amount or a fixed income if you are diagnosed with certain fixed conditions like cancer, Alzheimer’s etc. It is a type of indemnity policy which gives you a lump sum amount, sometimes even after you make a full recovery. These plans typically have long waiting periods, fixed conditions for receiving payments etc.
- Life insurance riders are specific facilities you buy together with your life insurance covers. These riders give you additional protection for certain conditions. These conditions are disability waivers, long term care and others.
- You can also get Medical Expenses Policies for College Students. These are available through colleges and universities. Some companies also offer health plans for students only. They may vary between states. But you might find one for your state. They offer many choices and the covers remain even if you change your school.
- Medigap is a plan you take up if you already have the eligibility for Medicare. This plan just helps you add to the existing Medicare plans. It covers certain costs not provided for by Medicare. There are 12 plans from which you can choose.You will need separate ones for yourself and your spouse. Always compare costs as these may vary between plans.