Being diagnosed with a critical illness can be a frightening experience, but it should not be amplified by the thought of a financial crisis. Having a supplemental benefits plan with a provider such as Allstate can be an effective hedge against the financial trauma that often coincides with a critical illness.

The Cancer Insurance policy is a great example of the supplemental benefits plans offered by Allstate. Each of the plans were designed to cover the gap between what a major medical plan pays for – typically just 80 percent after copays and deductibles are met – and what has to be paid out of pocket.

One of the ongoing claims through our offices is for an individual who I’ll call Ben. Ben purchased a Cancer Insurance policy only to find out soon after that he had prostate cancer. Luckily for Ben he had a solid medical provider, Blue Cross Blue Shield (BCBS), and he had opted to purchase a Cancer Insurance policy toward the higher-end of the spectrum at a pre-tax cost of about $40 per month.

Unfortunately, the most effective treatment for Ben that his doctors could identify was an unusual oral chemotherapy drug that cost approximately $18,000 a month. Although the news came as a shock, he was relieved to find out that BCBS would cover most of the costs for the drug and his treatments.

After learning that his supplemental benefits plan would be paying him $30,000 a year for life, in addition to his other insurance, the sense of relief grew exponentially for Ben. The plan that he had purchased through Allstate was designed to help alleviate some of the medical costs, as well as some of the non-medical expenses other types of health insurance might not cover.

Portability is maybe the best feature of the supplemental benefits plans offered through Allstate. What the concept of portability means for an individual such as Ben is that his plan would still be available to him at the same rate, even if he changed jobs, got laid off or was fired. As an added benefit, the portability aspect of the policy would also extend to Ben’s family members, if he had purchased the family plan option during his employment.

An important point is that Ben’s story is just an example. Individual experiences, terms and conditions may vary, and the policy details may differ from what employers actually offer.

Another vital point to consider is that the Cancer Insurance policy doesn’t just cover cancer. It also provides a benefit for 20 other specified diseases, including muscular dystrophy, multiple sclerosis, rabies, typhoid fever, sickle cell anemia and scarlet fever. The Critical Illness Insurance policy covers a variety of adverse events, from strokes, certain types of invasive cancer and heart attacks, to major organ transplants or end-stage renal failure.

Benefits are paid directly to the individual in addition to any other form of insurance that person may have.

Facing a critical illness is bad enough without having to worry about finances. To find out more about how supplemental benefits plans can provide you and your employees with added peace of mind, please contact me at the number below.

Will Brown is the owner of the Will Brown Insurance Agency LLC, and represents Allstate Insurance Company. Brown and his staff offer property, casualty, health and life insurance, as well as personal financial services and Allstate Benefits, one of the nation’s leading voluntary benefit plans. The Will Brown Insurance Agency has a comprehensive protection and investment product portfolio, with a strong commitment to serving families and small businesses in an advisory role. Will Brown may be reached at (910) 599-9071, or by email at [email protected]. To learn more about the Will Brown Insurance Agency, click here.