Voluntary Benefits: Why More Employers are Offering Cancer Coverage Insurance
According to the National Cancer Institute, over 1.6 million Americans are diagnosed with cancer each year. And with this diagnosis comes the prospect of skyrocketing medical bills, countless days of missed work for treatments, and the emotional stress of battling a deadly disease.
It is getting increasingly expensive for cancer patients in recent years. With the rising costs of health insurance, many employers have opted for higher deductible plans that become even more costly when patients require out-of-network care.
The result: according to a 2011 Duke University study, the average out of pocket cost for a cancer patient who has health insurance was $712 per month. This presented a “significant burden” for 30% of the study’s participants, and a “catastrophic problem” for another 11%. And when you consider that the average American has only $6,000 in savings, it is easy to see why so many households would have a hard time managing the costs associated with a cancer diagnosis.
How Voluntary Cancer Coverage Insurance Can Help
To help bridge the gap and provide employees peace of mind should they be diagnosed with cancer, many employers are offering a voluntary benefit known as cancer coverage insurance or supplemental cancer insurance. This type of policy provides additional coverage – beyond what is available from the employee’s existing health insurance policy – for most types of cancer.
Though specific policies vary, the majority provide coverage for the most common cancers, such as:
- Breast Cancer
- Lung Cancer
- Ovarian Cancer
- Brain Cancer
- Colon Cancer
- Kidney Cancer
- Prostate Cancer
- Head and Neck Cancer
- Skin Cancer
With cancer coverage insurance, employees receive funds to pay for expenses not covered by their existing health care plan. Some of the expenses they could use the money for include:
- Co-pays and deductibles
- Procedures and treatments
- Doctor and hospital care
- Travel and lodging
Everyday expenses (e.g., mortgage/rent, utilities, groceries, childcare, etc.)With most plans, lump sum payments are made directly to employees, which they can spend in any way they choose to help ease the financial burden of treating cancer. The amount paid out will always depend on which specific policy is offered by the employer and chosen by the employee.
A Win-Win Solution for Employers and Employees
Cancer coverage insurance is a great add-on benefit that companies can offer their employees. It provides them with the extra assurance that they (and their families) will be taken care of financially if they are diagnosed with cancer.Offering this type of coverage is good for employers as well. Supplemental cancer insurance is a benefit that your employees will appreciate, making them more loyal on the job, and making your company a more attractive place to work for new prospective employees. In addition, cancer insurance is relatively affordable compared to other types of benefits and is within reach for even many smaller firms who are on a tighter budget.For more information on voluntary cancer coverage insurance, or to schedule a free consultation, contact us at 855-693-0772.