World Cup Victory – If you are a sports fan or have been following the news, you will have heard the US Women’s Team won the Women’s World Cup hosted in France this year. It was an exciting tournament that hosted 24 teams from around the world and cultivated into a great final match between the USA and Netherlands. The USA is coming home the victors, 2-0!
On the same day, the Men’s National team played Mexico for the Gold Cup final match, which was held in Chicago on Wrigley’s field. Unfortunately, the men couldn’t hold a torch to the women, as usual, and came away with 2nd place. Watching the game got me thinking about what type of<em> insurance coverage</em> professional athletes have and what they do when they retire. Here are some interesting facts about that.
Athletes are Employees
It is their professional career so they are in turn, employees of the team. This means that they are covered under the team’s health insurance. Teams have an advantage of numbers. It is easier, as a large corporation, to obtain health insurance for its employees, unlike a small business. However, the type of insurance they get pretty much only covers the normal sports injuries which are cheaper. Those type of injuries, such as knees, bones, ankles, and arms are less risk. Comparatively, surgery for a torn rotator cuff is cheaper than dialysis for a kidney patient. The risk factors for insurance companies to cover athletes is less because of the types of injuries. Also, because the athletes are working for the team, the injuries fall under workers compensation.
Post Insurance Care
The sticky part of an athletes contract, just as anyone who wants to retire, is post health care. The system struggles are the same for athletes and non-athletes alike. Trying to figure out <strong>retirement insurance</strong> is murky at best. Whether you are a professional athlete with lingering injuries that are no longer covered under workman’s comp, or a retired master plumber – the concerns over retirement health care are the same.
The Final Word
At the end of the excitement, we are all similar. We have health insurance needs that need to be met. Whether your career was a star professional athlete or a high school teacher. The funds available for secondary insurance may be vastly different but each needs retirement insurance. The best way to go about this is to call John from Miller Insurance to find out the best course of action for retirement insurance before you retire. Plan ahead so that you can enjoy yourself and watch the next World Cup Match to take place for the Men in Qatar in 2022!
Contact John Miller today at: 801-637-4420 or Toll Free at 1-800-224-3229