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Group Accident Insurance Plans
Though most people do not like to think about it, accidents can happen and they can be devastating. They can occur without warning, and most individuals are not financially or emotionally prepared for them. However, offering a group accident insurance plan as part of your benefits package can help your employees in the event of an accident.
Being diagnosed with cancer can have a devastating impact on the lives of the sick individual as well as on family and friends. On top of this, treating cancer is extremely expensive, and survival without the proper treatment is often not a viable option. To provide supplemental coverage for cancer treatment and costs, many employers offer voluntary cancer insurance to their employees. These policies go beyond traditional health plans, since many do not provide sufficient coverage for the costs surrounding the disease. Most cancer insurance policies offer benefits that are paid directly to the policy holder regardless of other insurance policies held by the person. Then, those benefits can be used to pay for costs associated with treatment, such as deductibles and copayments.
The following employees would benefit most from this voluntary benefit:
- Those with a family history of cancer.
- Those who do not have enough in savings to pay for medical treatment not covered by traditional health insurance policies.
- Those who are their family’s sole wage earner.
It’s no secret that a hospital stay can be extremely expensive, even with high quality major medical insurance. A hospital indemnity insurance plan can help offset the costs incurred from a hospital stay. This article further explains this type of coverage. What is hospital indemnity insurance? Hospital indemnity insurance is a supplemental insurance plan that can be added to an existing health insurance plan to help cover the costs of a hospital stay. This type of plan pays you a predetermined benefit amount per day for each hospital admission, typically up to a year.
Most hospital indemnity insurance plans cover inpatient hospital, intensive care unit (ICU) and critical care unit (CCU) admissions and stays. Some plans also cover outpatient surgery, ambulance transportation and continuous care expenses. What can hospital indemnity insurance cash benefits be used for? Hospital indemnity insurance benefits are paid directly to policyholders. The predetermined benefit amount can be used to pay for almost whatever purpose the beneficiary chooses. For example, it can be used to cover health insurance deductibles, copays, household bills and out-of-pocket costs.
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 a 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. This 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.
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