Help protect your employees with cancer insurance

As a small business owner, you naturally want what’s best for your team both inside and outside the workplace. Most small business owners think of their employees as part of an extended family, with eight in 10 saying they care about their employees like family.1

Employers who care about their teams’ well-being typically seek to offer employee benefits that show they care about their employees professionally and personally. One great voluntary benefit that can make a big impact on the lives of employees is cancer insurance.

Cancer insurance may not have been the first benefit to cross your mind, but the prevalence and impact of cancer cannot be ignored. According to the American Cancer Society, about one in three Americans will develop cancer during their lifetime.2 Even for a small business of just 10 employees, statistics show that three of those 10 employees will face a cancer diagnosis.

The financial impact of a cancer diagnosis can be devastating for an employee. Each year, Americans spend over $80 billion dollars on cancer-related direct medical costs.3 If that number is hard to wrap your head around, here’s a statistic that may hit closer to home: On average, cancer patients spend $703 out of pocket EACH MONTH on treatments alone.4  Meanwhile, more than 6 in 10 Americans don’t have enough money to cover a $1,000 setback using their savings.5

In addition to treatment costs, patients face indirect costs that are just as significant and problematic. Hospital parking, lodging near treatment, transportation to medical appointments, childcare, wigs and cosmetic items to address side effects, costs for special food, lost work hours, and mental health services are just a few examples of indirect costs.

If any of your employees ever face cancer, a cancer supplemental health insurance policy can make a big difference in helping protect them from the expenses associated with a diagnosis. With supplemental cancer insurance, cash benefits are paid directly to your employees and can be used for any purpose. Benefits are paid regardless of any other insurance your employees carry.

Watch this powerful video testimonial to hear how supplemental cancer insurance has been a financial lifeline during one woman’s battle against Hodgkin’s lymphoma:

Cancer insurance policy features vary depending on your supplemental insurance carrier, but here are some benefits to look out for: diagnosis, hospital admission, hospital confinement, observation room, lodging, transportation, cancer treatment, side-effect medications, surgery, radiation therapy, chemotherapy, comfort medications, side-effect medications, maintenance medications, stem cell or bone marrow donor, reconstructive surgery, anesthesia, blood and plasma, prosthetics, and wigs and hairpieces.

According to a study by Lifecare, 71% of workers say they worry less about unexpected health and financial issues thanks to their benefits.6 With supplemental cancer insurance, your employees can get the medical care they need and still balance their household budget.

As a business owner, you’re constantly balancing wanting to do what’s best for your employees and needing to watch your bottom line. That’s what’s so great about supplemental cancer insurance. When it comes to cancer insurance, and other voluntary benefits, you can pay all, none or some of your employees’ benefits premiums. No matter what you decide, rest assured that supplemental insurance is far more affordable than most people think. The premiums vary by plan and carrier, but the average cost compares with nonessential items like coffeehouse drinks or fast food.

Ready to learn more?

Take care of your extended work family with supplemental cancer insurance. Contact us here to get paired with a local agent and learn more.

LIMITED-BENEFIT POLICIES. These policies have limitations and exclusions. For costs and complete details of coverage, contact an agent. Policies and benefits are subject to state and product availability. Policies underwritten by Washington National Insurance Company.

1Quickbooks, Small business employers say they care about employees like family, https://quickbooks.intuit.com/payroll/hiring-management/#work-family-survey, November 2019.
2American Cancer Society, Cancer Facts & Figures 2020, 2020, p. 2.
3Ibid., p. 9.
4Duke University, Out-of-Pocket Costs, Financial Distress, and Underinsurance in Cancer Care, Retrieved from Guide Star, https://www.guidestar.org/profile/41-1990883, January 24, 2019.
5Bankrate, Most Americans don’t have enough savings to cover a $1k emergency, https:// www.bankrate.com/banking/savings/financial-security-0118/, January 18, 2018.
6Lifecare, The Secrets to Better Benefits Utilization & ROI, https://www.lifecare.com/2019/01/the-secrets-to-better-benefits-utilization-roi/, January 2019.