What is Voluntary Cancer Insurance?
Voluntary cancer insurance pays a lump sum benefit when a policyholder is diagnosed with cancer. Its purpose is to help with the out-of-pocket expenses and other costs that are not covered under primary insurance plans. The benefits from the cancer plan can be used at the discretion of the policyholder and could be used to help pay co-payments and deductibles from their primary insurance plan. Because there is no restriction on how the benefit can be used, it could even be used to take a much needed vacation to help aid the recovery process.
Why do employees need Voluntary Cancer Insurance?
Why Should an Employer Offer Voluntary Cancer Insurance?
Employers offer insurance because they are concerned with the welfare of their employees and their families. However, major medical insurance comes with copayments, deductibles and benefit caps that can still make comprehensive treatment financially inaccessible to some workers. In fact, some may forego filling prescriptions in order to buy food. Others will cut back on certain necessities, dip into savings or turn to relatives to help with bills due to the expense of treatment.2
Voluntary cancer insurance can provide a cushion to help protect the financial and emotional well-being of workers. With less concern over how to pay bills and provide for their families, employees can focus on other important things – like getting well.
Policy Form Series SL-GECAN may not be available in all states.
The policy has exclusions and limitations. Benefits may vary by state.
This product not available in AK, CA, CO, CT, DC, FL, HI, MA, MD, ME, MN, NH, NJ, NY, OR, RI, VT, WA, WY
2The Kaiser Foundation, “2015 Employer Health Benefits Survey,” accessed Dec. 16, 2015 - http://kff.org/report-section/ehbs-2015-summary-of-findings.