Voluntary benefits are incentives that attract high-quality employee candidates. These benefits help employees save money on things such as healthcare. A comprehensive group of voluntary benefits can influence a person to accept a job.
Health insurance is the most common and highly-prized type of benefit. That’s because of the high cost of medical care. Doctor’s visits, exams, surgeries, and medications cost a lot. Some people don’t get the care they need because of the high cost. That’s why offering health insurance is beneficial for employees. But critical illness insurance is also a benefit that some employee’s appreciate.
The American Association for Critical Illness Insurance says that more than 1,000,000 Americans declare bankruptcy every year due to extensive medical expenses. Critical illnesses often result in high medical bills, so the insurance can be helpful. A critical illness is an ailment that is immediately life threatening or has a low cure rate. Examples include kidney failure, heart failure, or liver failure, and cancer. All of these ailments are expensive to treat and require repeated care.
The critical illness policy is separate, and only comes into play when a specific illness is diagnosed. The beneficiary will receive money to help cover their expenses related to the illness.
This policy helps ease the burden of paying for medical care. And it covers expenses that a traditional health policy may not. It’s also beneficial to know that you’ll receive help carrying the financial burden.
If you are an employer, consider offering critical illness insurance to your employees. And if you are at high-risk for a critical illness, consider this type of coverage.