Employers are looking for affordable solutions that they can provide to their employees. Many Employers today are realizing that to continue to afford the rising cost of Health Insurance for their employees, they must increase their Major Medical Plans out of pocket expenses for deductible and co-insurance. This means, the employees are often faced with more out-of-pocket expenses. A Critical Illness Plan can be a low-cost solution for employers and employees, and these insurance plans have rapidly grown in popularity as both a voluntary benefit and/or employer paid offering.
It is not a new concept in an insurance product, but rather, it is the combinations of several insurance plans, such as Heart Attack, Stroke, and Cancer, into one more economical insurance policy. Additionally the lump sum cash payment upon the initial diagnosis of one of the covered major illnesses truly helps address the financial concerns often associated with moving to higher deductible and/or coinsurance plans.
Critical Illness plans can be applied for in varying amounts from $5K-$100K in coverage. Most purchases by employees tend to be in the $5K-$30K range. The following are the highlights of most of our Critical Illness Plans:
Critical Illness plan features can include:
- Benefits paid for Heart Attack, Stroke, End Stage Renal Failure, Permanent Paralysis, Coma, Blindness, Coronary Artery Bypass Surgery, Major Organ Transplant, Cancer, etc.
- Various levels of coverage amounts available typically from $5,000 up to $100,000 of coverage
- Benefits for initial as well as subsequent diagnosis of a critical illness
- Guaranteed Issue available with no medical underwriting - participation requirement may be required
- Benefits paid to designated beneficiary
- Benefits paid for annual wellness checks for early detection and prevention