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Serious health events and illnesses 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 or more in medical bills. Critical illness insurance can help.
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 this coverage to your employees, you can educate them on how beneficial this coverage can be.
Many people believe that health insurance will be enough to protect them, even in the event of a significant illness. While health insurance may 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.
Someone who is facing a critical illness is likely missing income while in treatment. However, there are still groceries to buy, rent and mortgages to pay, and child care expenses to fund. In addition, they may be incurring additional expenses such as transportation costs to receive care. Many policies may 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.
If you have a family history of illness such as heart disease or cancer and if you don't have financial stability, you might want to consider this coverage.
The specifics will vary from policy to policy, but typically heart attacks, strokes, certain cancers, and major organ failure may be included.
What may seem like a critical illness to someone may not be considered one under the rules of an insurance policy, and the definition can vary from one insurance company to the next. Typically, illnesses such as heart attack, stroke, cancer, organ transplant, coronary bypass, and renal failure would be included. Some cancers may be excluded if they aren't life-threatening, and recurrences of illnesses also might not be covered.
Want to find out more about offering critical illness insurance to your workforce? Contact us to get started.