Monday, November 5, 2018
One in eight women will develop invasive breast cancer over the course of her lifetime1, and 85% of breast cancers occur in women who have no family history of breast cancer.2 Such a diagnosis can be scary. For employees with a High Deductible Health Plan (HDHP), it can feel overwhelming.
While HDHPs do offer lower cost alternatives for employers, many employees may be uneasy about the direct affect an HDHP can have on their finances. Premiums will likely decrease under this type of plan, but out-of-pocket costs may increase—opening the door for potential gaps in coverage.
If your groups are considering making the switch to an HDHP, supplemental benefits may help them balance employee coverage with rising healthcare costs.
Limited Benefit Cancer Insurance from American Fidelity Assurance Company is one of several supplemental benefits products that may help employees manage higher deductibles.
New cancer cases in America are diagnosed at the rate of about 4,626 per day3, which makes it more likely for employers to have one or several of their employees come face-to-face with an unexpected diagnosis. If they, or a covered spouse and/or dependent, are diagnosed with cancer, the financial costs can be overwhelming.
Because cancer insurance is separate from traditional major medical plans, it may provide employees with additional benefits to cover an unexpected diagnosis—all at no additional cost to the employer’s bottom line.
Cancer insurance benefits are paid directly to the policyholder, which means they can use the money where it’s needed most. Whether it’s the medical costs of chemotherapy and radiation, or everyday living expenses, cancer insurance can help if diagnosed with a covered cancer.
Because between 30-50% of cancer cases are preventable4, annual screenings and tests may help catch potential problems before they arise.
American Fidelity’s cancer policy includes an annual diagnostic testing benefit. Cancer policyholders receive yearly reimbursements for eligible tests, like mammograms and colonoscopies. And with AFQuickClaims™, all eligible wellness and diagnostic testing claims could be paid in as little as one day when enrolled in direct deposit.
If a group is making the switch to an HDHP, employee preparation is key to a successful transition. Offering supplemental products—like cancer insurance—and providing benefits education may help employees manage their deductibles, and employers their bottom lines.
Learn more: americanfidelity.com/cancer.
Limited Benefit Cancer Insurance: This product may contain limitations, exclusions and waiting periods. This product is inappropriate for people who are eligible for Medicaid coverage.
1Living Beyond Breast Cancer: The State of Breast Cancer 2016.
2Living Beyond Breast Cancer: The State of Breast Cancer 2016.
3American Cancer Society: Cancer Facts and Figures 2017, pg. 4.
4World Health Organization: Cancer Prevention; accessed from who.int July 3, 2017.