How important is Critical Illness Insurance?
Benefits of Getting this Insurance for your Prevailing Wage Workers
As a government contractor, you would think that you have given the best for your prevailing wage workers by providing them with medical insurance. However, medical bankruptcy is the number one cause of personal bankruptcy in the US! Medical treatment, supposedly covered by medical insurance and healthcare, is leaving many Americans broke and penniless. How so?
Critical Illness is the culprit.
If you are not familiar with the words, then you are one lucky person. But as you grow older, your health declines, and words like heart attack, stroke, or cancer, may become household terminologies. Many Americans naively believe that their standard health insurance is enough. When life-threatening illnesses hit them, they are unprepared for hospital bills that rack up thousands of dollars, which are way more than their standard medical insurance will pay for.
What is Critical Illness Insurance?
Getting older in the US is becoming expensive mainly because of critical illnesses. Critical Illness Insurance started in 1996. People began to realize that getting a heart attack can leave a patient in large debt.
A critical illness insurance provides coverage for the following medical emergencies: heart attack, stroke, organ transplants, cancer and coronary bypass.
Of course, depending on the insurance that the prevailing wage worker will choose, the coverage may vary. There are types of cancer that are not covered by some plans, as well as some chronic illnesses. It is important for the employee to be fully acquainted with the policy, to know which is covered, and which is not.
Why is Getting a Critical Illness Insurance Important?
Nobody wants to spend their retirement days paying off hospital debts. What’s worse, if they do not have any emergency savings, they may end up using their retirement fund to pay off their hospital bills.
As a government contractor, you should help protect your workers, as well as their family, from potential bankruptcy. As a worker, they should evaluate their family’s health history. If they have a family history of any of the critical illnesses we have mentioned, then it is critical that they get yourself a critical illness insurance plan, as soon as possible.
Are Thinking of Including Critical Illness Insurance in your Workers’ Fringe Benefits?
We all want your prevailing wage workers to have comprehensive healthcare and employee benefits. At ARCHER JORDAN, we will help you create the benefit plans thatwill not only help your prevailing wage workers, but will also boost your reputation as a good employer.
Let’s talk about this option today. Call us at ARCHER JORDAN at your most convenient time.