Employees rely on workplace benefits. Providing a benefits package that works for every employee can be a challenge for any employer. There is an array of voluntary products designed to help employees deal with the financial impact of life-changing events. Supplemental health insurance plans enrich a company’s benefits portfolio at no direct cost to the bottom line.
When a Critical Illness strikes, the financial burden can be difficult to bear. As High Deductible Health Plans (HDHPs) increase in popularity, more employees are facing higher out-of-pocket expenses. However, many of those plans include deductibles, coinsurance and copays, which are all out-of- pocket expenses.
How does it work?
Critical Illness Insurance can pay a lump sum benefit directly to your employee if they are diagnosed with a covered illness (i.e. Heart Attack, Stroke, and Cancer). This policy is designed to help employees offset the financial effects of a catastrophic illness.
■ The benefit can be used however employees choose
■ No coordination with their health plan
■ Coverage options are available for the employee and their family members
■ Guarantee Issue Coverage options are available
Combining Critical Illness Insurance with your health plan is an effective way to provide employees more coverage while facing rising health care costs.
*Carrier internal data, 2013, for illustrative purposes only. GCI rate: Age 40–44, with cancer and wellness benefit, non-tobacco.
For more information, contact our Non-Medical Benefits Practice Team:
Tina Santelli, CBC, GBDS
Vice President, Specialty Benefits
Tiffany Brown, GBDS