Decades ago, primary medical insurance covered most serious ailments, allowing employees time to recover without financial catastrophe. Today, gaps in health plans led by high deductibles and coinsurance expose workers to severe hardship in the event of critical diagnoses like cancer, stroke, and heart attacks. As employers seek to attract and retain talent amid labor shortages, many now look to supplemental essential solutions of illness to provide a financial safety net and peace of mind valued by their workforce.
The Evolution of Critical Illness and Its Impact
Originally envisioned over 30 years ago by heart surgeon Marius Barnard in South Africa, critical illness insurance has rapidly evolved from a narrow set of health events to comprehensive offerings bundling together cancer, strokes, heart attacks, major organ failure, and transplants, along with newer options covering infectious diseases, mental illnesses, genetic disorders, and more. This expansion aims to keep up with medical diagnosis and treatment advances to save lives but still incur major bills not covered by traditional health insurance. As employees face gaps reaching six figures today, the proper critical illness benefit can provide vital funds to cover out-of-pocket medical costs, household bills, travel, experimental treatments, and income replacement so workers can focus on recovery.
Why ERB Stands Out in Critical Illness Solutions
As the #1 employee benefits firm on the West Coast for over a decade, Employee Retention Benefits understands first-hand the evolving needs of today’s workforce. We know it takes more than significant medical to deliver the financial security and peace of mind leading to engagement and retention. Our critical illness offerings draw from our team’s deep experience across all phases of employee benefits, pairing best-in-class insurers with benefit amounts, plan designs, and communication campaigns tailored to each customer’s workplace culture and demographics. From enrollment to education to claims support, we walk by your side, backed by our commitment to personalized service.
The Importance of Voluntary Participation Rates
Unlike company-subsidized medical plans, critical illness coverage represents a voluntary benefit each employee can elect to pay for themselves. To deliver maximum value, ERB focuses intensely on driving participation through streamlined online and remote enrollment options, one-on-one consultations answering every question, and year-round education highlighting real examples of how these benefits helped colleagues in need. Our proven enrollment strategies consistently reach over 30% participation across critical illness plans.
Holistic Planning Brings Added Value
While critical illness fills key gaps not covered by significant medical, we know silver-bullet solutions rarely exist in human resources. As consultants grounded in real-world experience, we take a wide lens in our planning process to ensure this benefit integrates seamlessly with your other offerings, from disability insurance to HSAs, life insurance, and beyond. We aim to boost your employees’ collective financial safety net while maximizing ROI on your benefits spend. We also remain at your side year-round to assess how changing regulations, inflationary pressures in healthcare, and shifts in your workforce may impact our plan design recommendations over the long haul.
Partnering With ERB on Critical Illness Protection
In these changing times, employees more than ever seek the robust medical safety nets leading to engagement, productivity, and retention. As costs continue rising across the healthcare spectrum, voluntary critical illness fills an essential role — yet its impact depends entirely on partners who understand your culture. Employee Retention Benefits offers both the expertise and attentive partnership to craft solutions to serve your people well into the future. Contact us today to learn more about our capabilities around supplemental health benefits.