Critical Illness Insurance

In the event that your employees suffer a critical illness, they will not have adequate protection under normal medical and disability insurance plans to cover their expenses, as suffering from a critical injury can be extremely expensive – especially during the recovery process. Some of the expenses associated with critical injuries are not even covered on many plans. Especially now, critical illness insurance can play an important role in strengthening your employees’ financial safety net.

With a growing market that has limited savings, your employees may have a large financial exposure in the event of a critical illness. Beyond traditional medical costs, your employees and their families may also suffer financially because of the following:

• Traveling expenses to go to treatment facilities
• Lost wages from taking time off to care for a critically ill relative
• Out-of-network treatment charges
• Alternative treatment charges

To combat these expensive medical costs, consider providing critical illness insurance coverage for your employees. This coverage provides a lump sum benefit for the six leading illnesses and health events:

• Cancer
• Heart attack
• Stroke
• Major organ transplant
• Kidney failure
• Coronary artery bypass graft

An innovative hospital admission rider can also be added to the policy to provide added coverage for inpatient hospital stays for other medical conditions and accidents.

Benefits of Critical Illness Insurance to the Employer and Employee

• Complements high-deductible health plans (HDHPs) by eliminating the worry of having to pay for a high deductible in the middle of suffering a major illness
• Serves as an affordable way to fill a gap in coverage
• Employees reduce their financial risks in the event that serious illness occurs
• Employers can offer the benefit as a recruiting tool or as a way to compensate for changes in core medical plans
• Employers can offer a wellness benefit option under a critical illness plan that reimburses an employee each year for having certain tests and routine exams done

Overall, a critical illness can have a devastating effect on your employees, both to their health and their pocketbook. Consider offering this coverage in your benefits package to alleviate some of the financial burdens of suffering a major illness or accident.