Surprisingly, the need and value for of a Cancer-Specified Disease policy is often misunderstood not only by the employer and employee, but the group medical broker as well. Contrary to what many think, these policies can and should be designed to provide a family income during the course of treatment. The treatment for a catastrophic illness normally results in considerable lost time from the workplace, be it the employees or another family member’s illness. And while employers allow the absence of their employees, under the Family Leave Act, the employees do not receive a salary during this absence.
A properly designed policy (with “properly designed” being key) will provide the family with financial resources to not only cover out-of-pocket deductibles and co-pays, but with financial resources for their living expenses to include house payments, food, utilities, required travel, and other expenses which can result in economic devastation. In 2013, fifty percent of the bankruptcies filed in the U.S. were due to catastrophic health situations. More than 90% of these families had Medical coverage. Beware of policies that pay $300 a day drug treatment benefit and Critical Illness policies that pay a minimal lump sum. This is not a properly designed policy.
Our specifically designed policy provides families with the needed financial resources not only for Cancer, but also 32 additional diseases such as Multiple Sclerosis, Muscular Dystrophy, Lupus, Lyme Disease, and West Nile to name a few. And with most companies, we can offer the policy on a guarantee issue basis for all family members, regardless of medical history.
We urge you to compare policy designs, for many policies do not provide the money required during cancer treatment or pay much during the treatment of the other diseases mentioned. There is a new generation policy available. Just as you trade in an old car for a new one, the same can be said for employee benefits. Why not provide your employees a option, which in most cases will provide five to seven times the benefit at less cost?