All About Voluntary Benefits (Part 7) - Critical Illness Coverage
We’ve covered a lot of ground throughout our voluntary benefits blog series, and we’re wrapping things up today with our last featured benefit: critical illness coverage. In the unfortunate event that a serious illness strikes, this coverage can help protect employees and their finances.
What It Covers
Critical illness coverage protects your employees during life-changing health events such as a heart attack or stroke, major organ failure, blindness, cancer or kidney failure. Benefits paid by this coverage can help employees with deductibles, co-pays and other out-of-pocket costs that their medical plan may not provide.
Why It Matters to Employees
Critical illnesses like heart attacks and cancer are devastating diagnoses – they’re typically severe, have long recovery times and result in employees having to take time off work. Many people assume they’re fully covered with their standard health insurance plan, but with a serious illness there’s usually significant out-of-pocket costs to deal with.
In 2018, heart attacks ranked as the 5th most expensive health condition, with an average hospital bill of $20,246 – just for the stay alone. That doesn’t include other costs like medications, follow-up visits, travel to and from appointments or additional treatments. Critical illness coverage helps protect employees from medical costs not covered by their traditional health insurance plan and can also cover non-medical costs related to an illness.
Why It Matters to Organizations
Even with a strong health insurance plan, a serious illness can be a huge financial burden. Many employees are worried about high out-of-pocket expenses, especially those with a high-deductible plan. Critical illness coverage can alleviate financial worry for your employees and help them focus on recovery so they can return to their lifestyle and career as soon as possible.
So we've reached the end of our voluntary benefits blog series, but it doesn’t have to be the end of the discussion! To learn more about how we take an EnrollSMART approach to help employers offer custom benefit plans to employees, contact a member of the ‘A’ Team. Thanks for following along!
- All About Voluntary Benefits (Part 1) – Accident Coverage
- All About Voluntary Benefits (Part 2) - Identity Theft Insurance
- All About Voluntary Benefits (Part 3) - Short-Term Disability
- All About Voluntary Benefits (Part 4) - Permanent Life & Long-Term Care
- All About Voluntary Benefits (Part 5) - Hospital Indemnity
- All About Voluntary Benefits (Part 6) - Legal Services
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