Health insurance isn't always enough to deal with the financial impact of an illness, and there are often gaps in coverage that can result in thousands of dollars in out-of-pocket expenses. Voluntary benefits like critical illness insurance exist to fill in these gaps and ease a bit of that financial burden.
Critical Illness Insurance Explained
Critical illness (CI) coverage is a supplement to health insurance that covers the costs associated with the treatment of serious health issues and the time spent recovering. CI can help compensate for lost wages by paying for housing, care for children, and travel expenses. Essentially it is meant to help cover many of the costs that arise as a consequence of illness but that aren't necessarily medical in nature, among other things. For the most part, CI plans pay out in a lump sum, allowing you to choose exactly how you allocate the money. This money is tax-free as well, so you don't have to worry about that.
As far as what conditions constitute a critical illness the specifics can vary from plan to plan, but you can generally count on things like the following being covered:
- Heart attacks
- Many kinds of cancer
- Organ failure
- Alzheimer's disease
Why Your Employees Need it Now More Than Ever
The good news is that serious illnesses like heart disease and cancer have better survival rates than ever, the bad news is that healthcare costs are rising and many employees don't have the savings necessary to cover the out-of-pocket expenses that pile up when they come down with a long-term illness. This is especially true when the illness prevents them from coming to work. Mortgage payments don't stop when you get sick, and neither do many of your other day to day living expenses.
Critical illness insurance is an invaluable safety net for your employees, allowing them to focus on their recovery instead of sitting around worrying about finances. You can't put a price on the peace of mind that comes with knowing that you and your family have a plan in place.
How It Can Benefit Your Business
Critical illness insurance isn't just a boon for your employees, it can also reap many benefits for your business. Studies show that employees who are offered voluntary benefits are more confident and less stressed, two things that lead to higher productivity at work. In addition, voluntary benefits like CI are very cost-effective, allowing you to give your benefits package a competitive edge without breaking the bank. Benefits are more important to employees than ever, and a competitive benefits package will allow you to attract the new talent your business needs to thrive.
At Summerlin-Roberts we can help you develop your benefits package and please your employees while attracting new hires. Please contact us today to learn more about voluntary benefits like CI and how they can benefit your business.