If you suffer a critical illness, you will not have adequate protection under normal medical and disability insurance plans to cover your expenses, as suffering from a critical injury can be extremely expensive—especially during the recovery process.
Some of the costs associated with critical injuries are not even covered on many plans. Critical illness insurance can play an important role in strengthening your financial safety net.
With a growing market that has limited savings, you may have a large financial exposure in the event of a critical illness. Beyond traditional medical costs, you andyour family may also suffer financially because of the following:
Traveling expenses to go to treatment facilities
Lost wages from taking time off to care for a critically ill relative
Out-of-network treatment charges
Alternative treatment charges
To combat these expensive medical costs, consider providing critical illness insurance coverage for yourself and your family. This coverage provides a lump sum benefit for the six leading illnesses and health events:
Major organ transplant
Coronary artery bypass graft
An innovative hospital admission rider can also be added to the policy to provide added coverage for inpatient hospital stays for other medical conditions and accidents.
Benefits of Critical Illness Insurance
Complements high deductible health plans (HDHPs) by eliminating the worry of having to pay for a high deductible in the middle of suffering a major illness
Serves as an affordable way to fill a gap in coverage
Employees reduce their financial risks in the event that serious illness occurs
Employers can offer the benefit as a recruiting tool or as a way to compensate for changes in core medical plans
Employers can offer a wellness benefit option under a critical illness plan that reimburses an employee each year for having certain tests and routine exams done
Overall, a critical illness can have a devastating effect on you, both to your health and your pocketbook.