As the average life expectancy of employees in the United States continues to increase, regular company health insurance plans may not be enough to protect employees from financial loss from a serious illness like a heart attack or stroke. For that reason, Crabtree Benefits encourages small businesses and other employers to consider every measure of protection against the uncertainty of the future—especially circumstances centering on life-threatening illnesses. Aside from standard health insurance plans, Crabtree Benefits recommends critical illness plans, a type of insurance that provides income protection from major illnesses like heart attacks and strokes.
Critical illness insurance is an insurance policy that gives compensation to policyholders when they encounter life-threatening illnesses stated on the policy’s coverage. The compensation is usually in the form of lump-sum after diagnosis and during ongoing medical treatments.
Despite its coverage for multiple diseases, critical illness plans are meant to supplement the company health insurance plan, not to replace it. Standard health insurance plans will not protect against out of pocket expenses when suffering from a life-threatening disease.
As a supplementary plan, insurance providers and benefits analysts like Crabtree Benefits offer the option to combine critical illness plans with other plans like life insurance, accident insurance, or disability plans. Combining policies with direct benefits to employees is always a good strategy. A comprehensive company benefits package can allow a small business to maximize several insurance coverages without paying for multiple policies.
A critical illness plan is not a replacement for a health insurance plan. It can, however, provide income while receiving treatment from a life threatening illness.
The five major diseases covered by critical illness plans are heart attack, cancer, stroke, kidney failure, and major organ failure.
