Critical illness insurance (CII) gives employers a tool they can use to help employees manage their health costs. Employee benefit services can explain the pros and cons of offering CII to workers in any organization.
CII gives employees a lump-sum if they are diagnosed with a critical illness or condition that prevents them from working. The payment allows workers to focus on their recovery while reducing their financial burden, ensuring that they can afford necessary treatments along the way. The insurance covers conditions such as blindness, deafness and kidney failure, and recipients can use the funds on anything from medical expenses to mortgage payments.
Workers can receive Employee benefits, but they may not cover every medical treatment. CII provides an option to supplement other health insurance coverage by providing a security blanket in case an employee is diagnosed with a severe illness or condition. However, CII may not work well in every organization. Many health care packages offer essential benefits that suit employees' needs better than critical illness insurance.
Consultants can help human resource managers weigh the costs and benefits to offering CII. Managing benefit costs remains a concern for many employers, but consulting services offer the tools and resources to help companies.
