A new critical illness plan from Colonial Life & Accident Insurance Company can help many working Americans who may be one serious medical issue away from financial problems. Even with good health insurance, a serious illness, such as a heart attack or stroke, could leave employees on the hook for huge expenses.
"Even employees who plan for the unexpected with life, disability and medical insurance may find some expenses still unpaid," says Randy Finn, director of product development for Colonial Life. "Without adequate protection, people who suffer a critical illness might have to pull from their savings or rely on the financial aid of family members." In fact, nearly a third of Americans report their family has had problems paying medical bills, with 18 percent reporting bills in excess of $1,000.(1)
A voluntary critical illness plan pays dollars to the insured when he or she is diagnosed with a specified disease. The insured can choose to apply the money to medical expenses, such as deductibles, treatment bills, rehabilitation or home health care expenses. Or, the insured can use the money for nonmedical expenses such as mortgages, groceries, electric bills, child care, or travel to and from a treatment center. "With a critical illness plan," Finn says, "employees will have the money they need while recovering so they can focus on getting well instead of paying the bills."
Colonial Life's New Voluntary Critical Illness Plan
Covered illnesses: