Critical Illness Insurance
Critical illness insurance provides additional coverage for employees and their family members when diagnosed with a critical illness. Examples of illnesses that may fall under this coverage include heart attack, stroke, or cancer. Critical illness benefits are typically a lump sum benefit payment that can be used for any expense. For example, if an employee is diagnosed with a critical illness, the employee may need additional financial help to care for family members or pay for transportation or even lodging expenses while the employee is undergoing medical treatment.
Our goal is to help our clients – and their employees – proactively prepare for the future, including the unplanned or unexpected. Abbot Benefits Group is well-versed in guiding clients through critical illness insurance, including weighing the pros and cons based on their specific enrollment populations, risks, and claims history.
Accident insurance helps cover medical and out-of-pocket costs that may be incurred as the result of an accidental injury. Even with medical insurance, the expenses resulting from an accidental injury such as a broken bone, burn, concussion, or laceration may create a financial hardship for an employee. Accident insurance can help to cover those expenses so that accidents do not have to be a financial burden as well. With guidance from Abbot Benefits Group, employers can select the right coverage and limits to be offered underneath their accident insurance add-on.
GAP insurance can be used in conjunction with higher deductible plans in a similar manner to the way Health Reimbursement Arrangements can be used. GAP insurance provides additional financial support for any medical costs incurred before an employee reaches their deductible. The biggest difference between a GAP insurance plan and a Health Reimbursement Arrangement is that with GAP insurance, the employer pays a fixed cost and the insurance company assumes the financial risk. For employees that have ongoing or high-cost expenses that must be paid out of pocket, a GAP plan can be particularly valuable.
Even with the most robust medical insurance plans, many employees may still struggle to afford their expenses from a hospitalization. Hospitalization insurance provides benefits to employees when they are confined in a hospital. Whether the hospitalization is planned or unplanned, employees may find comfort and security knowing they will have additional financial coverage for their hospitalization.