In modern-day America, health insurance is not a luxury, but a requisite. Many practitioners and medical offices charge hundreds for a simple, standard physical, whereas specialists, hospital visits, emergency treatment, and medications from the pharmacy are equally astronomical.
There are many options for getting health insurance, but the most common by far is through an employer and job. As an employer, you will position yourself as a great workplace with good company culture by providing an excellent and comprehensive benefits package including high-quality healthcare for your employees.
That package may or may not include critical illness insurance.
What is critical illness insurance?
Many people assume that health insurance is the answer to every medical-related expense and situation. Comprehensive health insurance will cover some or all of many medical bills, but it will not cover everything.
In fact, costs associated with some of the most major illnesses are extremely high. Even with standard insurance, it’s not uncommon for an individual or employee to become buried in debt and unable to pay the bills as they accumulate.
Critical illness insurance is available specifically for major critical illnesses and provides one lump sum to eligible candidates for the purpose of paying down medical debt. If an eligible individual with critical illness insurance is diagnosed and treated for one of the covered illnesses per the terms of their plan, they will be awarded a payment to help manage the costs.
In some cases, it’s the only thing standing between a sick individual and financial ruin.
What illnesses does critical illness insurance cover?
Critical illness insurance provides a payout to individuals that have been diagnosed and received treatment for eligible illnesses. The illnesses vary depending on your plan, but often include:
- Heart attack
- Organ transplants
- Coronary bypass
These illnesses are grave and often have dire implications. Survivors are left with recovery plans that include extensive medical treatment, expensive pharmaceuticals, and extended hospital stays.
Even with excellent health coverage, a plan may reach its limit and the unpaid portion of these costs will be expected to be paid out-of-pocket. Unless there is a substantial savings account set aside or a health savings account, this may drive someone to bankruptcy.
Your Role as an Employer
A job is often only as good as the benefits package. Many employers do not include critical illness insurance, which provides an opportunity to you as an employer and the representative of an organization.
It’s often that employees leave a bad job not because the work is not great, but because they received an offer that is superior in terms of salary or benefits. Choosing to include a component like critical illness insurance sets you apart from similar companies in the industry, positioning you as an industry leader and a covetable organization.
Offering critical illness insurance has significant upside, but may not be right for everyone.
Contact Employee Retention Benefits today to discuss if this insurance plan is right for your business.