Healthcare Industry Risk
With risks ranging from assisted living to hospitals and exposures as diverse as medical malpractice to workers’ compensation, the diversity of risks that your healthcare clients face requires the expertise of specialists who can secure comprehensive,
competitive solutions.
Healthcare Industry Risk
With risks ranging from assisted living to hospitals and exposures as diverse as medical malpractice to workers’ compensation, the diversity of risks that your healthcare clients face requires the expertise of specialists who can secure comprehensive,
competitive solutions.
The right healthcare coverage for your clients.
If the healthcare industry has taught us anything, it's that preparation is key. Whether it's unprecedented cyber-attacks or a global pandemic, access to specialized healthcare industry insurance is vital for your clients to operate safely.
Amwins mobilizes hundreds of healthcare insurance specialists across the country to place property, casualty, professional lines and group benefits coverages for a variety of classes and employer groups. Through our longstanding commitment to the healthcare industry, we've forged significant relationships with top-tier, specialty carriers and have even developed exclusive products that address your clients’ needs. We work collaboratively with you to secure the most comprehensive, competitive coverage for your healthcare clients.
In-house underwriting programs + exclusive products
Actuarial capabilities
Our in-house team of actuaries’ licenses cutting-edge software to deliver catastrophe risk data analysis and the most accurate pricing possible.
Complex claims advocacy
From designing a proactive claims management plan to engaging on difficult and complex claims, Amwins supports you when you need us most.
$1.7B
in P&C premium placed annually
$1.5B
stop-loss premium placed
12
in-house products
Healthcare insurance resources + insights
Stay up to date on emerging industry trends and topics.
What is Critical Illness Insurance?
Nov 17, 2020, 02:23 AM
A common misconception that critical illness insurance is enhanced or supplemental medical coverage for an individual diagnosed with a condition such as cancer differs from the reality that this is a financial benefit.
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What is Critical Illness Insurance?
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May 29, 2014, 04:00 AM
Over the past few years, voluntary benefits have emerged as a way for employers to enhance their overall benefits package in an efficient and cost-effective manner. Most people are familiar with offerings such as dental, vision, life and disability insurance, but critical illness insurance is now emerging as the most popular voluntary benefit in the marketplace, primarily due to the increasing costs of medical expenses and employers’ need to shift more of that cost to the employee.
What exactly is critical illness insurance? A common misconception is that critical illness insurance is enhanced or supplemental medical coverage for when an individual is diagnosed with a condition such as cancer. In reality, the coverage is a financial benefit, typically designed to pay a lump sum directly to the insured – not to hospitals or doctors – upon diagnosis of a covered critical illness. Funds from the policy can be used to pay for crisis-related bills not covered by major medical insurance, including co-payments, loans, mortgage payments, childcare and daily living expenses. Benefits are paid directly to the policy owner, who decides how to best spend the money depending on his or her individual situation.
In a recent study conducted jointly by researchers at Harvard Law School and Harvard Medical School, 60 percent of individuals who filed for bankruptcy in the United States cited out-of-pocket medical expenses as the reason, with the average bankruptcy filed at around $13,000. Of those individuals, 75 percent had major medical insurance, representing the need for critical illness insurance as a financial safety net to protect against non-medical expenses associated with a diagnosis.
Though policies vary, typical critical illnesses covered include cancer, heart attack, end stage renal (kidney) failure, paralysis, coma, stroke, coronary artery bypass surgery and major organ transplant. Depending on the carrier, other conditions may be covered, including loss of hearing or vision, Alzheimer’s disease and Parkinson’s disease. Policies can also provide annual health screening benefits to aid early detection and treatment of the aforementioned illnesses.
Many employers see the importance and need critical illness coverage fulfills for their employees and have incorporated the plan as part of their benefits, with offerings that include:
- Allocating a portion of employer HSA contributions toward a base critical illness and buying the policy for employees
- Packaging stop-loss and critical illness together to negotiate better stop rates or longer renewal periods
- Using critical illness plans to further wellness initiatives and encourage early detection and prevention of critical illnesses; some critical illness policies will pay a cash benefit each year to encourage wellness exams
The time is now for brokers to introduce critical illness insurance to clients. Premiums are age-based and will not generally increase once the policy is purchased. Brokers can also negotiate guaranteed issue underwriting for clients, providing the opportunity for all employees to participate despite any pre-existing medical conditions. Additionally, policies can typically be purchased whether or not the individual is covered under a major medical plan.
With change comes new opportunity. Healthcare reform has altered the structure of employers’ traditional benefit offerings, but brokers who can bring new solutions to clients, such as voluntary benefit packages featuring critical illness insurance, will be positioned for continued success in the new benefit landscape.
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