When choosing insurance policies for your company, you do not want to leave your company or your employees vulnerable in any way. Every year hundreds of thousands of people suffer from a cancer diagnosis. Given how common cancer is, it is no surprise that many businesses are choosing cancer insurance to protect employees.
What Is Cancer Insurance?
Cancer insurance is a health insurance coverage that pays for an employee’s cancer treatment. If an employee has a cancer diagnosis, then the insurance would either pay a percentage of the treatment or a lump sum to the employee. The benefits only come if the patient has cancer. Some policies do have a waiting period and if a patient is diagnosed during the waiting period, he or she may receive the premiums paid but not the benefits.
Is Cancer Insurance Necessary?
When you provide your employees with health insurance coverage, there may be limits to the conditions that the insurance covers. Sometimes, health insurance will not cover heart attacks or cancers. If this is the case for your health insurance coverage, then you may want to have cancer insurance as supplemental insurance. While your employees may still have to pay some costs for cancer treatment, the majority of costs should be covered because of the premiums that you pay.