Plan Eases Financial Burden for Members in Crisis
PORTLAND, Ore. MAY 28, 2014 – LifeMap Assurance Company has launched a new cancer-specific critical illness plan. LifeMap Cancer Care helps members manage a life-altering cancer diagnosis that could affect their income and their families’ way of life. As the newest addition to the LifeMap critical illness suite of policies, it provides employers with more flexibility than ever before including affordable coverage based on the attained age and multiple plan options.
LifeMap created this new cancer-specific critical illness policy in response to the rising need for cancer care. More than 1.6 million people in the U.S. are diagnosed with cancer every year and that number is expected to surge as the population grows and ages. In fact, by the year 2030, that number will be more than 50 percent higher than it is now, according to the American Cancer Society.
These numbers indicate the significant number of families whose finances could be devastated by an unexpected illness that requires extended medical care including surgeries, hospital stays, doctor visits and missed work — if they were not covered by the proper insurance policies.
The goal of critical illness policies, including LifeMap’s Cancer Care, is to allow a family to put the focus on recovery, not finances. When a member gets a cancer diagnosis, money worries should not be the top priority. Critical Illness insurance pays a one-time lump sum benefit to help make up for lost wages so members can focus on their health first.
“Most people don’t account for the lost wages that often accompany a significant medical situation like cancer,” said Beth Andersen, LifeMap CEO. “This is where critical illness coverage comes into play. The money the policyholder receives with this type of insurance helps subsidize lost income while a member is focusing on their health and recovery.”
LifeMap Cancer Care insurance provides members with a financial payout, which can be used for a variety of expenses including monthly bills, living expenses, additional medical costs and/or college tuition fees. In addition, due to rising health costs, many employers are moving employees to high deductible health plans that offer lower premiums, but high out-of-pocket costs in the event of an accident or illness. Employees need affordable coverage to bridge the gap for out-of-pocket expenses.
“Today’s medical advances are simply allowing more patients to survive cancer which may have been considered fatal previously,” added Andersen. “However, the financial pressures associated with a lengthy recovery period can be debilitating in their own right. This is where LifeMap’s Cancer Care can eliminate the financial pressure.”
Cancer Care is available to employers to offer as an addition to employee benefit packages. For more information about Cancer Care and other critical illness coverage options, visit www.LifeMapCo.com.
LifeMap has a long history of helping people choose the right insurance products for all of their needs. Since 1964, LifeMap has been there to help fill in the gaps of employers’ benefits packages. For more information visit www.LifeMapCo.com.
SOURCE: Cambia Health Solutions, Inc.