Im sure youve seen articles touting critical illness insurance as one of the fastest growing voluntary products.
By Marty Traynor|October 01, 2013 at 08:00 PM|The original version of this story was published on Benefitspro Magazine
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I’m sure you’ve seen articles touting critical illness insurance as one of the fastest growing voluntary products. Let’s discuss some drivers of its growth.
Medical plan gaps have received a great deal of attention as deductibles have been rising due to the trend toward high-deductible health care plans. PPACA-related medical insurance plan designs often leave the insured with significant out-of-pocket medical expenses. The awareness of these gaps is often cited as a primary driver of the need for CI: In the event of a critical illness, the out-of-pocket expense maximum is likely to be reached immediately, and CI fills the gap.
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