Many people seek to purchase critical illness insurance through their employer. It is common for employers to offer it as a voluntary benefit.
Companies have been keen to add these plans because they recognize employees are worried about high out-of-pocket expenses with a high-deductible plan. Unlike other health care benefits, workers generally bear the entire cost of critical illness plans. That makes it a money saver for companies, as well as workers.
Critical illness insurance can be used for a variety of things, such as:
- Critical medical services that might otherwise be unavailable.
- Treatments not covered by a traditional policy.
- Daily living expenses, allowing the critically ill to focus their time and energy on getting well instead of working to pay their bills.
- Transportation expenses, such as getting to and from treatment centers, retrofitting vehicles to carry wheelchairs, and installing lifts in homes for those who can no longer navigate staircases.
- Those in need of a restful place to recover can use the funds to take a vacation.
Simply put, critical illness insurance can alleviate financial worry in the event an individual becomes too sick to work.