America’s workers concerned about the financial impact of treatment for COVID-19 and other infectious diseases have a new option for protection.
Colonial Life today released a new group critical illness plan with an optional rider that offers a lump sum benefit for hospitalization for treatment of COVID-19 and more than a dozen other infectious diseases such as antibiotic-resistant bacteria, Legionnaires’ disease, meningitis, Lyme disease and sepsis.
Colonial Life’s new group critical illness plan has a flexible plan design with a wide range of face amounts to meet different needs. Coverage is available for up to 56 different serious conditions and treatment procedures, including heart attack, stroke, cancer, organ failure or coronary artery bypass graft surgery. Additional conditions covered for children at no additional cost include Down syndrome, cystic fibrosis, cerebral palsy, spina bifida and cleft lip or palate. Employees can further personalize their coverage with riders that provide additional benefits for infectious diseases, cancer, first diagnosis, heart procedures and progressive diseases such as Alzheimer’s disease.
“When life takes an unexpected turn, your focus should be on recovery, not paying the bills,” said Pam Jenkins, assistant vice president for product development at Colonial Life. “Even employees with good health insurance can face significant expenses from copays, deductibles and nonmedical costs related to a serious illness. Group critical illness insurance helps relieve financial worries by providing a lump-sum benefit payable directly to you to use as needed.”
Other features of Colonial Life’s new group critical illness plan include:
- Spouse and child coverage — available with employee coverage
- Guaranteed issue — provides all employees, spouses and eligible dependent children access to coverage
- HSA-compatible — allows employers to provide coverage that can be used alongside employees’ health savings accounts
- 100% coverage for all breast cancer — invasive or noninvasive
- Wellbeing assistance benefit — is designed to pay a benefit for one of 25 different health screening tests, such as a colonoscopy, mammogram or BRCA genetic test that identifies breast cancer risk
- Additional diagnoses coverage — benefits are payable for multiple different critical illnesses as well as reoccurrence of the same illness, including cancer
- Access to Helpsy Health mobile app — easy-to-use online tool to track symptoms,
treatment plans and appointments and find resources for transportation, financial assistance, and emotional support while dealing with cancer
“Medical advances mean many more people are surviving serious illnesses, but surviving the financial burden they create is a different matter,” Jenkins said. “Critical illness insurance is an affordable option that can help employees better protect their families, their finances and their futures.”
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