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4 Questions to Ask about Critical Illness Insurance During the Ongoing Coronavirus Crisis

Critical illness insurance is more important than you might think.

Critical illness insurance is more important than you might think. Even before the coronavirus outbreak turned into a worldwide pandemic, this type of insurance still mattered. Now it matters more than ever. If you are immunocompromised, then you need to do everything you can to prepare for the worst. Likewise, your loved ones should explore their options to brace themselves for a long-term stay in the hospital. 

How Relaxed Are the Open Enrollment Periods?

Benefit selection time became even more imperative last fall. Open enrollment periods typically only last a month or so. But more recent, more unconventional types of coverages indicate that times are changing. The future is foggy, and many unexpected concerns have appeared. For instance, insurance consumers are more worried about personal finance issues associated with financial security, loss of income, and skyrocketing health care costs. Without broad-spectrum insurance options relating to critical illness, paying out of pocket becomes even more of a burden. 

Can Insurance Policies Apply to COVID-19?

Another common question has to do with the relentless wave of COVID-19 infection cases. Even with the vaccine finally available, distribution is behind schedule. Covered individuals still need to meet certain metrics before they receive their much-needed benefits. For example, they must have been admitted to the hospital or placed on a ventilator. The hospital stay needs to be five days or longer for it to count. Employers and employees need to cooperate and figure out how they can make the insurance arrangements work. 

What Premiums Can I Expect to Pay? 

As with ordinary insurance options, you’ll need to pay baseline premiums. Getting the benefits you signed up for isn’t always as straightforward as it sounds. Critical illness insurance premiums have stayed steady over the past decade. They have also declined somewhat; it all depends on the state in which you live.  

What Else Do I Need to Know?

Critical illness insurance policies could be uncharted territory for you and your family. Lumps sums can help defray the costs of deductibles and co-pays. Pre-existing conditions, infectious diseases, and severe afflictions like Alzheimer’s and Parkinson’s can hamper the process of getting the benefits and insurance coverages that you urgently need. 

This Week’s Customer Testimonial 

The following testimonial is courtesy of Christa Kerrigan of Waldon Studio Architects. Here’s what Christa had to say about us: “Will Fedo was extremely responsive & helpful. He answered all of my questions via email and phone call on the same day I asked them. He made me aware of additional opportunities that I had through my AFLAC policies that helped me obtain additional money. Thanks so much for your help, Will!” Some congratulations are in order!

Get Your Voluntary, Supplemental, and Critical Illness Insurance Policies with the MWE Partnership!

Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! Be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!

This entry was posted on Thursday, February 18th, 2021 at 6:13 pm. Both comments and pings are currently closed.

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