Illness can come without any warning and in some cases they cause a drastic impact to the life of the employees and their families, health-wise and economically. A critical illness policy aims to provide financial security and assurance to the employees in order to mitigate the losses caused by the illness and help them get back on track faster.
How does this Insurance Work?
If the employee is diagnosed with any critical illness, a lump sum is provided to him / her and this can be used to pay for:
- Any out – of – pocket medical expenses
- Home or car alterations
- Adult or Child Care
- Everyday Living Expenses
The insurance provides flexibility to the employee to determine for what he / she shall pay the amount for.
Benefits of a Critical Illness Insurance
For the employer
- Available with contributory, voluntary and non – voluntary options
- Plans are flexible enough
- These plans complements seamlessly to a health plan or a disability plan
- It can be packaged on one bill with other insurance products thereby providing convenience
For the employee
- Benefits are intricately defined and are easy to understand
- Pays the lump – sum immediately after diagnosis giving choices for the employee to pay for different expenses
- The plan covers the most common as well as a few rare critical illness
- It also provides connections with skilled nurses and clinicians through the advocacy service
- The coverage of the plan is flexible, compact and portable
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The advocacy services can be taken up after the employee has been diagnosed with any critical illness. The purpose of this service is to provide valuable knowledge to the employees regarding their diagnosis, treatment procedures and methods to utilize the insurance services to the maximum. The advisors act as a helping hand for any important decision the employee might have to take.
- Aid in finding community resources, doctor or a hospital
- Aid in scheduling appointments and procuring referrals
- Detailed explanations of test reports and advise on the different surgery options
- Life coaching to assist in overall development of health
On the whole, the critical illness insurance helps cope with the hard times of dealing with an illness by providing all the support possible so that the focus could be laid on recovery and return to higher productivity levels.