Critical illness insurance exists as a supplement to health insurance, and it helps take some of the financial sting out of experiencing a critical illness. Here are 4 reasons why your employees need critical illness insurance.
1. They Need It Because Of Higher Survival Rates
You may not have heard your parents or grandparents talking about critical illness insurance but that's not because they were tougher back then, it's because if you had a stroke or a heart attack no one expected you to live very long.
Thanks to advances in medical science conditions that used to be a death sentence like cancer, heart disease, and stroke are more survivable than ever. Survivability comes with a catch though, and that catch is expensive medical bills.
2. They Need It To Protect Their Finances
The average out-of-pocket cost from having a heart attack is $1600, and it's projected to continue increasing. That's assuming you don't need any kind of long term care and that there are no further complications. Essentially, even in the best case scenario you're paying a significant portion of the medical bill with your own money.
Medical debt is the number one cause of bankruptcy in the United States, even among families with health insurance, which is why having supplementary coverage such as critical illness insurance is more important than ever.
3. They Need It To Absorb Unexpected Costs
Health insurance doesn't cover everything during times of illness. You have to consider indirect costs like loss of work, travel expenses, and home-care expenses. For many families these costs are completely unexpected and this contributes to the high level of medical debt bankruptcy.
Fortunately, there are very few strings attached to critical illness insurance. You receive a lump sum payment and can allocate it however you see fit, whether it's paying for groceries, travel, or even mortgage payments. Having this reliable safety net to fall back on will reduce financial stress greatly.
4. They Need It Because The Odds Are Against Them
It's no fun to talk about the statistics of potentially deadly illnesses such as cancer and heart disease, but it's something we all must do if we want to plan for the future.
Each year over 700,000 Americans have a heart attack, and 1 in 4 deaths are related to heart disease. Around 39% of men and women will be diagnosed with cancer during their lifetime. These are alarming statistics and it's clear that being prepared for a critical illness is more important than ever.
Critical illnesses come with a host of unexpected costs and it's likely that we will all go through an experience like this at some point in our lives. Couple that with the fact that bankruptcy due to medical debt is at an all time high and you get a pretty bleak picture. Critical illness insurance is a lifeline that you don't want your employees to be without.
At Summerlin-Roberts we can help you further develop your benefits package with voluntary options like critical illness insurance. Please contact us today to learn more about our employee benefits programs and how they can benefit your business.