A Closer Look at Critical Illness Insurance

The cost of medical care in the United States outpaces wage growth and inflation, which means that employees spend an increasing amount of their income on healthcare costs. According to the American Public Health Association, medical emergencies are now the No. 1 cause of bankruptcies in the United States. This fact is even more disturbing when you consider that nearly all Americans currently have health coverage. While your company may provide a good health insurance option to your employees, not offering critical illness coverage as part of your overall benefits package could cost your staff everything.

What Is Critical Illness Insurance?

Ohio critical illness coverage is a health care policy that issues a lump-sum payment to workers with life-threatening illnesses or conditions such as Parkinson’s disease, cancer or stroke. It is a standalone benefit designed to supplement basic medical insurance. Employees who choose to enhance their health coverage with this additional benefit must purchase it separately from their basic health care policy.

Even the most robust employer-sponsored health care policy can only go so far in helping employees cover the exorbitant costs associated with a major medical emergency. Increasing deductibles, copays and other costs that come with a serious diagnosis are on the rise. A critical illness policy helps workers experiencing a major medical event maintain their financial stability in the face of crushing medical bills.

What Does a Critical Illness Policy Cover?

Workers can use this policy to help pay for any medical and nonmedical expenses they may incur because of their illness, including:

  • Deductible payments
  • Cancer treatments
  • Transportation to and from medical appointments
  • Vehicle retrofits to accommodate items such as wheelchairs
  • Dialysis treatments
  • Renovations required to keep the homes safe and accessible  
  • In-home medical care

Employees can also use the payment they receive as supplemental income, especially if they are having a difficult time making ends meet. 

Why Should Companies Offer Critical Illness Insurance?

Employers benefit from providing Ohio critical illness coverage to their employees since it is a simple and cost-effective addition to their overall suite of offerings. Workers traditionally pay the whole fee for the policy, unlike basic health plans where companies bear the brunt of the cost. The lump payment makes coordination of coverage and communication about the policy’s terms much easier.

Companies that offer this benefit stand out from others since it shows their current and potential employees that they value them. As the American workforce continues to age and to work long past the traditional retirement age of 65, the likelihood of an employee experiencing a major medical event and surviving it increases. Access to a critical insurance policy not only helps these workers bear the brunt of the financial strain that comes with their diagnosis but also engenders loyalty to their employer.

Are you thinking of adding critical life insurance to your benefits package? A Haughn representative can help you tailor this offering to achieve your goals. Give us a call today. We’re always happy to chat.

About Haughn & Associates 

Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.