Critical Illness Insurance
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Critical illness insurance to help safeguard your employees.
No one wants to think about getting cancer, having a heart attack, or suffering a stroke. Illnesses like these can be devastating for your employees and their families in many ways, not the least of which is financially. Even with health insurance, situations like these can leave someone owing tens of thousands of dollars in medical bills. Critical illness insurance can help.
Help employees consider critical illness insurance, just in case.
Your employees may not know about critical illness insurance and how it can help them. People don’t often expect to suffer from a critical illness. There may or may not be warning signs and, even when there are, they might not know a serious medical event is imminent. By offering critical illness insurance to your employees, you can educate them on how beneficial this coverage can be.
Health insurance is often not enough.
Many people believe that health insurance will be enough to protect them, even in the event of a significant illness. While health insurance will typically cover some of the expenses, patients can be left with huge medical bills. High deductible health plans, cost sharing, out-of-network providers, and plan limitations can all contribute to these out-of-pocket costs. Even with a rich insurance plan, your employees could still face tremendous expenses.
There are additional expenses associated with critical illnesses.
Someone who is facing a critical illness is likely missing income while in treatment. However, there are still groceries to buy, rent or mortgage to pay, and child care expenses to fund. In addition, they may be incurring additional expenses such as transportation costs to receive care. Many critical illness insurance policies will offer benefits in the form of cash to be used in any way the policyholder sees fit, making this a more desirable product for employees.
Educate employees on what constitutes a critical illness.
What may seem like a critical illness to someone may not be considered one under the rules of the critical illness insurance policy, and the definition can vary from one insurance company to the next. Typically, illnesses such as heart attack, stroke, cancer, organ transplants, coronary bypass, and renal failure are included. Some cancers may be excluded if they aren’t life-threatening, and recurrences of illnesses also might not be covered.
To find out more about offering critical illness insurance to your workforce, reach out to us today.