When critical illnesses occur, your employees’ finances can still stay strong
Almost everybody knows someone who has suffered a critical medical condition, such as a heart attack, stroke, or cancer, making this a common occurrence. Such conditions can be financially draining for your employees, and can have a negative impact on your company’s productivity as a result.
While the average American family has about $3,800 in their savings account1, the average out-of-pocket medical cost for treating a critical illness can be prohibitive – $14,234 for a heart attack, for example.2 On top of that, employees with a serious illness generally have to pay for a flood of extra expenses that routinely accompany the circumstances.
Critical illness insurance is designed around a genuine need – paying for expenses that would not normally be covered any other way. In the event that covered employees and dependents are diagnosed with a critical illness, they’ll receive a lump sum payment, paid directly to them, regardless of any other existing insurance coverage. The employee can then determine how to spend that money. A list might include the many uncovered expenses related to medical treatment, such as co-pays and travel to a treatment center, in addition to non-medical expenses, such as child care, utilities, groceries, rent, mortgage, etc. In fact, there are no restrictions on the way employees use the payment. The intent is that, instead of being left with a stack of bills, your employee will have the ability to maintain a level of financial equilibrium through a potentially difficult time.
As an employer, offering critical illness insurance will provide you with a way to strengthen your employees’ financial security, while building an attractive benefits package. And you can offer this coverage affordably to employees at no additional cost to you.