On any day, without warning, one of your employees may confront a critical illness. Most business owners accept that their senior employees have a higher risk of a life-threatening ailment. Nevertheless, the threats are not limited to your older workers. A December 2020 study documented a four-decade rise of invasive cancers in young adults. Taken together, you have persuasive reasons for exploring Ohio critical illness insurance solutions.
What Does Critical Illness Insurance Cover?
When added to an employee benefits package as a voluntary supplement, a basic critical illness policy provides a fixed, one-time lump-sum payment after the diagnosis of a covered condition. Commonly covered illnesses include:
- Cancer
- Stroke
- Heart attack
- Kidney failure
- Paralysis
Some policies may include per-day benefits for treatments like dialysis or physical therapy. All payments go directly to the policyholder.
How Does Critical Illness Insurance Help Your Employees?
Two-thirds of the Americans who file for bankruptcy annually cite medical bills as part of the cause. Heading off that level of financial ruin is a strong argument in favor of a critical illness policy. Another benefit boils down to a single word: predictability. When a life-threatening diagnosis tosses a family into a whirlwind of what-ifs, the policy’s lump-sum payment offers a welcome dose of certainty.
Typical expenses faced by critically ill workers can include:
- Health insurance deductibles and copays
- Home health care worker fees
- Wheelchairs
- Transportation to treatment sessions
- Oxygen equipment
- Diagnostic devices
In addition, as a policyholder, your employees are not limited to spending the lump sum on medical care and may use the payment to cover an income shortfall or other expenses.
How Does Critical Illness Insurance Help Your Business?
Unlike sponsored health care benefits, your employees shoulder the entire premium cost for a critical illness policy while benefiting from a group rate. An obvious advantage of offering this coverage is improving the chances of a stricken employee recovering and rejoining your team. A more subtle but still vital benefit is the extra peace of mind for the employees who add the coverage. Lifting that burden of worry pays off with a happier and more focused workforce.
The advantages extend beyond employee retention. In the internet age, workers are now able to evaluate employers. On Glassdoor, FlexJobs, or social media sites, favorable reviews from your workers can make your business the first choice for up-and-coming talent. A benefits package with a critical illness option helps nudge the recruiting odds in your favor.
Most businesses have a values statement on their company website. An employee with a major health issue confronts a business owner with the obligation to live up to such high-minded words. Those high stakes build a compelling case for seeking out the best Ohio critical illness insurance provider.
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.
