Critical Illness

More and more Americans are outliving cancer, stroke, heart disease and other critical illnesses. It’s a mixed blessing. One the one hand, it’s another chance at life and family. On the other, surviving a critical illness brings with it considerable financial demands at a time when life is already demanding.

Critical Illness insurance provides a financial, lump-sum benefit to employees upon diagnosis of a covered illness. It is designed to help ill employees pay the mortgage, seek experimental treatment or handle unexpected medical expenses.

Do the math: 1.5 million Americans declared bankruptcy last year. 60% were due to medical bills1.
1  American Association for Critical Illness Insurance; http://www.criticalillnessinsuranceinfo.org/learning-center/ (July 30, 2014).

Plan Features Include

  • Coverage from $5,000 to $50,000 for employees and spouses
  • Dependent child(ren) coverage (Guaranteed Issue)
  • Portability
  • FMLA/MSLA continuation
  • Tobacoo user/Non-Tobacco user rates available
  • Five-year and ten-year age-banded rates
  • Wellness benefit standard, may be excluded
  • May be purchased as 100% employee paid or contributory

Coverage

  • VCI provides a fixed, lump-sum benefit upon diagnosis of a critical illness, which can include heart attack, stroke, paralysis and more
  • Triggers include child specific diseases such as muscular dystrophy, cystic fibrosis and Down’s Syndrome
  • No categories or grouping means more flexibility in plan design and better protection for employees and families.
  • Basic – up to 100% Amount of Insurance
  • Partial – up to 25% Amount of Insurance
  • Standard benefit waiting period is 30 days

The Benefit

  • VCI provides a fixed, lump-sum benefit upon diagnosis of a critical illness, which can include heart attack, stroke, paralysis and more
  • Triggers include child specific diseases such as muscular dystrophy, cystic fibrosis and Down’s Syndrome
  • No categories or grouping means more flexibility in plan design and better protection for employees and families.
  • Basic – up to 100% Amount of Insurance
  • Partial – up to 25% Amount of Insurance
  • Standard benefit waiting period is 30 days

The Plan Design

Key plan features include:
  • Legacy core benefits such as life threatening cancer, paralysis, coma, severe brain damage, blindness, ruptured cerebral, carotid or aortic aneurysm, heart attack, carcinoma in situ, stroke, loss of sight, major organ failure, and coronary artery disease
  • Expanded triggers including benign brain tumor,  Alzheimer’s Disease, multiple sclerosis, skin cancer, Parkinson’s Disease, loss of hearing, loss of speech, motor neuron disease/ALS, occupational HIV, occupational hepatitis
  • Childhood triggers such as cystic fibrosis, muscular dystrophy, Down’s Syndrome, type 1 diabetes, cleft lip or palate, spina bifida, cerebral palsy
  • Wellness (health screening) benefit available
  • Recurrence benefit
  • Subsequent occurrence benefit
  • Concurrent diagnoses
  • Portability is included

Eligibility

  • Eligible employees are all active full-time employees working a minimum of 30 hours per week. Spouses must be under the age of 70 at the date of application in order to apply for this coverage
  • Employees must be insured for dependents to be covered. A person may not have coverage as both an employee and as a covered dependent.