Voluntary Benefits: Critical Illness Insurance
Heart attack, stroke, cancer and other illnesses can affect not only your health but also your bank account; medical expenses reportedly lead to more than half of all bankruptcies in the United States. When faced with severe illness and the accompanying medical costs, critical illness insurance can help.
What is Critical Illness Insurance?
Critical illness insurance is offered as a voluntary benefit by some employers to supplement your regular medical coverage. The insurance is designed to cover out-of-pocket expenses not covered by your health insurance, such as your deductible and copays as well as many out-of-network charges. Illness can often lead to extended time away from work, and critical illness benefits can offset some of those lost wages and help you pay routine living expenses such as child care, transportation and rent or mortgage payments. If you don't want to drain your savings because of medical bills and time away from work, critical illness insurance can protect you from financial loss.
What Does Critical Illness Insurance Cover?
Critical illness insurance provides coverage for acute illnesses that can be financially catastrophic. Plans specify a distinct list of conditions that will be covered. Although some plans only include a few of the most common critical illnesses, other plans provide benefits for as many as 20 or more. Some of the illnesses that may be covered include the following:
- Cancer
- Heart attack and stroke
- Kidney failure
- Major organ transplant
- Blindness and deafness
- Multiple sclerosis
- Coma
Many insurance plans will have a specific definition for each illness, so read your benefits carefully in order to understand what will be covered if you are diagnosed with a serious illness.
How Does Critical Illness Insurance Work?
Because this insurance is a voluntary benefit offered by your employer, you will likely receive a group discount, and your premium may be paid through an automatic payroll deduction. After submitting a claim, the insurance company will determine whether your illness is a qualifying event and will usually enforce a survival period, which is a pre-determined number of days you must live past the diagnosis in order to receive your benefit payment.
TrueNorth is here for you every step of the way
Get your coverage through TrueNorth so you can rest assured that the things and people you love are protected and accounted for. Call us at 319-364-5193, and a personal insurance agent will gladly look over your plan. Find out more about our personal solutions and obtain a quote for home and auto insurance at www.iTrueNorth.com.
TrueNorth also offers businesses of every size comprehensive solutions to meet their business needs and those of their employees. If you are in need of business solutions or are looking to start a business of your own, please call TrueNorth. Our Employee Benefits division would be happy to assist you in providing the well-being of both you and your staff.