Many people know
someone who has died from or been affected by cancer, heart attack, or stroke.
Do you? These conditions are not rare. In fact, heart disease, cancer and
stroke all make the top five in the Centers for Disease Control and
Prevention’s list of the leading causes of death in the United States.
It’s wise to offer financial solutions for those who are fighting and surviving
these maladies.
“Many people know someone who has died from or
been affected by one of these three conditions. Do you?”
Survival
Rates for These Conditions
While cancer, heart
attacks, and strokes are currently prevalent in the U.S., they’re not as deadly
as they once were for Americans.
Compared to 2005, the
annual rate of deaths associated with coronary heart disease in the U.S. was
34.4 percent lower in 2015, according to the American Heart Association and
American Stroke Association. The organizations also report that, during the
same time period, the mortality rate attributed to stroke declined 21.7
percent. Further, the American Cancer Institute specifies the U.S. death rate from cancer decreased 26 percent
between 1991 and 2015.
Nowadays, dying from one of these dread diseases isn't the only thing people fear. Living with them can be just as scary as doctor, hospital, pharmaceutical and routine bills begin to stack up.
Covering
Indirect Costs
One common objection to
purchasing cancer insurance and heart attack and stroke insurance we hear
is that an employee’s medical insurance should largely cover their medical
costs. While this may be true, it will not cover all of a employee’s drugs and
treatments. And, it certainly won’t cover all the non-medical, indirect costs
associated with these conditions.
Let’s say one of your employees
is diagnosed with cancer. If he or she wants to try experimental treatments,
they may have to pay for them out-of-pocket. If your client decides to travel
out of state to get the best medical care available, he or she will likely have
to pay their own way there. And if he or she needs to take an extended leave of
absence from work to get treatment, their family may be down one income — two
if their spouse or partner also takes off work to offer support.
“Medical insurance won’t cover all the
non-medical, indirect costs associated with these conditions.”
Loss of productivity and
income can have a major negative impact on one’s finances. It can also cause a
lot of added stress during an already difficult time. Having a second insurance
plan that kicks in after these kinds of major health events can provide the
beneficiary and their family with more relief than a primary health plan alone
can deliver.
But
Why Buy Cancer, Heart Attack and Stroke Plans?
Critical
illness plans also offer coverage for these conditions and other illnesses; however,
not everyone can afford these products. A combination of cancer insurance and
heart attack and stroke coverage can still give them some protection at less
cost.
Depending on their
design, plans can reimburse beneficiaries for certain medical expenses or, upon
a qualifying diagnosis, issue lump sum payments that beneficiaries can spend
however they wish. If a beneficiary chooses to receive a lump sum payment, he
or she could then use it to help pay for their co-pays and deductibles,
out-of-network specialists, travel, rehab, adaptive equipment, caregivers,
routine bills, one last big vacation with their family, and more.
P.S. Offering ancillary
products is all about caring for your employees and helping them anticipate
their future needs. It only takes a second to go from thinking you’re healthy
to facing a serious diagnosis. By offering your employees a “second” piece of
coverage, you can help them be more financially prepared for what lies ahead.
