As the COVID-19 pandemic continues, employers and employees should consider the role critical-illness insurance can play in an effective employee benefits package. Critical-illness policies issued before the pandemic struck may pay benefits for conditions the virus causes (e.g., major organ failure, heart attack or stroke) rather than for the virus itself—unless the policy specifically covers infectious diseases.

Critical-illness insurance can be added without cost to employers and offered on a voluntary basis. Premiums have remained steady and even decreased over the past ten years, Life & Health Insurance Agent, Colleen Corrigan, told the Society for Human Resource Management. “Rates in Ohio, for example, can be as low as $10 per month,” she said. Experience in the market has helped to keep costs from climbing.

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Questions about health insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.