Having a positive cancer diagnosis leaves everyone with a devastating feeling and impacts the lives of family and friends too. Cancer treatment is extremely expensive and not getting treatment isn’t a viable option.
Providing your employees the opportunity to purchase a supplemental cancer policy helps them cover the costs of treatment that the medical policy may not cover.
Cancer policies can cover expenses not covered by medical plans:
Household costs like childcare and housekeeping
Experimental treatment & reconstruction
Travel Expenses associated with treatment
Offset lost income during illness
What types of Cancer policies are there?
Lump Sum Benefit- these policies are often known as a Critical Illness polices. The benefit is paid in a single payment to the employee and is usually either a $10,000 or $20,000 payment.
Indemnity Policy- these policies will pay based on cost associated with treatment. Each step of treatment has a benefit attached and the carrier pays based on the policy selected.
One important benefit that I personally like about cancer policies is that most offer a wellness benefit. The wellness benefit pays the employee for getting their check ups and is usually $100 annually for screenings. Examples of what the wellness benefits pays for are pap smears, mammograms, chest x-rays, colonoscopies, PSA tests and more. This will help keep your mind at ease and save you money on your wellness checkups.