Planning For a
CritiCal illness
800-672-7202 www.criticalillnessplanning.com
Why your EmployEE
After the 2008 recession in the u.s., many people know how devastating an economic downturn can be. people were confronted with job losses and a lack of savings. some people even found themselves having to use credit cards to pay for basic needs. Although the
economy has improved and many people are doing better financially, the crisis left many people feeling scared about their future, and
rightly so.
part of feeling worried about the future stems from the thought of what would happen should they or someone in their family become critically ill or injured. people have begun to realize they might not have the insurance necessary to meet all of their needs.
Others may not even know there are other options out there. A critical illness can wreak havoc on anyone’s finances, and not just
from not being able to work.
there are many costs that arise when people are critically ill. to begin with, there’s the cost of the actual appointments with things like co-pays. there is also the cost of getting to and from those appointments. if the person who needs to see a doctor can’t drive, they will need to have someone take off of work or
get a cab. Other financial considerations include having to see a
doctor that may be out of an insurance company’s network and various medications. All of these things can cost a lot of money. metlife conducted two distinct surveys with people aged 25-55
and found that on average, the financial burden on a family with
a critical illness was over $35,000. While most of the burden came from loss of income, all of the other factors contributed as well. over $4,900 was spent on medical costs that weren’t covered by insurance, and over $1,500 was spent on non-medical costs, such as travel.
Cancer survivors alone can go into debt fighting their disease.
depending on the stage of cancer they are diagnosed with, they
can find themselves owing anywhere from $10,000 to $40,000
01.
soBErinG stAtistiCs
02.
hoW CompAniEs CAn hElp thEir EmployEEs
03.
thE 3-stEp proCEss
04.
lAstinG BEnEfits to EmployEEs & EmployErs
MetliFe surveys Find
staggering FinanCial
Burdens
the American heart Association has found that every 25 seconds someone in the u.s. experiences a coronary event. Every 34 seconds, another u.s. resident suffers from a heart attack. Every 40 seconds, someone will experience a stroke. And the list goes on.
From cancer to Alzheimer’s, there are numerous diseases that can be devastating to a family on multiple levels, including financial. Not only do many families not have the money to deal with these types of illnesses, but they can find their money going towards
expenses they never dreamed of having. during the recession, many savings accounts were wiped out. people are still having
difficulty paying for monthly bills and find it hard to save for a rainy day, let alone a financial catastrophe such as one a critical illness
can leave them with.
interestingly, of all the bankruptcy cases in the u.s., 62% are attributed to medical problems. And in a whopping 78% of those cases,
the people filing for bankruptcy had health insurance when they or their family member fell ill.
Of the people MetLife surveyed, over 55% were concerned that some type of critical illness could destroy their financial life. Over
65% of those surveyed said they have less than three months living expenses saved should something happen. few respondents felt
adequately prepared financially for an emergency of this type. Respondents were then educated about critical illness insurance. Over
58% of full-time workers were interested in their employers carrying this type of insurance, even if they had to pay the full premium themselves.
over 55% are concerned
that some type of critical illness could destroy their
financial life.
over 65% surveyed said
they have less than three months living expenses
over 58% of full-time workers
are interested in their employers carrying Critical illness
insurance
01.
soBering statistiCs
Just Who is looking For CritiCal illness
insuranCe?
when their treatments are all done. since the economic downturn in the u.s., 46% of people report they have less $5,000 in their savings account and 28% have less than $500. these amounts can’t come close to paying for illnesses such as cancer or the myriad of other illnesses someone can get.
02.
03.
Companies that offer critical illness illness insurance can help employees to feel safer should something happen to them or a family member. When companies take the time to explain this type of coverage, there is less confusion and employees
feel more confident to make a choice of whether or not to get
critical illness insurance. When employees understand exactly what is offered, they are more willing to buy the coverage. however, it is imperative that employers understand the plans thoroughly so they can then pass on the correct information.
One benefit of critical illness insurance employees are usually
very happy about is the lump sum payment. this payment is made as soon as certain illnesses have been diagnosed. not only does the family have the money up front for whatever costs they might incur, but getting a lump sum payment means
there is no need to file claim after claim like other policies may
require.
When surveyed, employee respondents indicated they would be willing to pay up to $200 out of their own pocket for critical illness coverage. in addition, they found it to be a bargain price considering the alternative of having to pay for treatments and other costs as they come up.
When employers discuss the benefits package with new and
existing employees, critical illness insurance should be covered
along with all the other benefits. Employers can talk about the benefits of employees not paying for expenses themselves
should they or a covered family member get critically ill. it should be explained to the employee how this safety net is
another layer of financial protection being offered to them. Critical illness insurance can be included in the benefits
package as a supplemental coverage alongside traditional
health insurance and disability insurance. These three benefits
can offer total health coverage that two alone can’t provide. simply giving employees a choice to participate in getting critical illness insurance can help to ease their minds. Even when the premium is 100% paid by the employee, they appreciate this type of coverage they might not be able to get as cost effectively on their own.
Often when employers increase the benefits packages to
include critical illness insurance, it makes the employees feel better about the company. it can increase the level of loyalty the employee feels and increase their level of productivity. it can help the company to retain good employees. this helps companies to save money from having to search for new employees and go through the entire hiring process more often.
hoW CoMPanies
Can helP their
eMPloyees
the 3-steP ProCess
oF oFFering CritiCal
illness insuranCe
steP one
–
EnhancE thE BEnEfits
By OffEring critical illnEss
insurancE
steP tWo
–
EncOuragE critical
illnEss insurancE as a cOmpaniOn
BEnEfit
Employers who care about the financial well being of their
employees can follow a three-step process to implement the
benefit of critical illness insurance. They can do this to make
sure their employees have proper coverage and their lifestyles
won’t be severely impacted financially should a critical illness
be diagnosed.
steP three
–
OpEn thE linEs Of
cOmmunicatiOn
When companies begin to offer critical illness insurance, they need to keep the lines of communication open with their employees. many employees will have a lot of questions as they may not have had this insurance offered to them before.
Employees will want to be educated on what the plan covers, how much it can cover, and the overall value of the insurance.
Essentially, employees will want to understand just how they can benefit from getting critical illness insurance.
The best time to go over what critical illness insurance covers is when a new employee starts with the company, when other benefits
are being explained, or when policies are being renewed.
04.
lasting BeneFits to eMPloyees and
eMPloyers
It can be difficult for many people to feel comfortable about their finances right now. Many people were hurt by the recession and are still feeling the sting of it. However, as more people understand the benefits of financial safety nets, such as critical illness insurance,
they can begin to be at ease once again.
As with anything, employees may be skeptical when first hearing about the insurance. But after learning how it can save a family from financial ruin, critical illness insurance can give a peace of mind that traditional health insurance and disability insurance can’t. When employees are more self-assured in their ability to tackle problems as they arise, they are more at ease and confident –
especially at work. this promotes greater productivity and feeling better about things overall.
When employees are more at ease it is good for the company because the loyalty employees feel helps them to soar in the workplace. this produces a win-win situation for both the employee and the employer. it is a situation that can help people to not only feel better, but having critical illness insurance can help to prevent them from falling into debt due to something that might
not have been preventable to begin with. Critical illness insurance is beneficial for everyone and can make a huge difference in someone’s life. Fighting illness is hard enough. People shouldn’t have to fight going into debt while fighting illness at the same time. Get started today by sharing this guide with your company’s HR or benefits manager, and connecting them with our critical illness
