Aflac, the No. 1 provider of voluntary and guaranteed-renewable insurance in the United States, today announced that it has enhanced its Lump Sum Critical Illness insurance policy to offer more options such as guaranteed-issue, dependent child coverage and an HSA-compatible policy. The new plan pays cash benefits to help employees with costs associated with an unexpected health event that might not be covered by major medical insurance. These cash benefits can be used for medical treatment, living expenses and other out-of-pocket expenses for a covered critical illness event including heart attack, stroke, paralysis, coma, major human organ transplant and end-stage renal failure.

The Lump Sum Critical Illness insurance policy highlights include:

• New Options: Employers can offer additional benefits solutions that best meet the needs of their employees such as:
  • Guaranteed-issue is available for $10,000 of coverage including an optional Lump Sum Cancer Rider.
  • An HSA-compatible (Health Savings Account) policy is available.
• Dependent Child Coverage: Dependent children are covered at no additional cost.
• Major Critical Illness Event Benefit: The plan offers up to $100,000 of coverage.

Considering more than 900,000 people have a heart attack and nearly 800,000 people have a stroke each year,¹ treatment for these critical illnesses can have an adverse effect on a family's finances. For instance, the cost of care in the first 30 days following a severe stroke is $20,346 with a lifetime cost of $140,048.² However, 46 percent of American workers have less than $1,000 in savings to use for out-of-pocket expenses associated with an unexpected serious illness or accident, and 25 percent of employees have less than $500 according to the 2013 Aflac WorkForces Report.

"As recent studies show, the chances of a person being diagnosed with a critical illness are high and the out-of-pocket expenses associated with them can be costly too," said J. Keith Pellerin, vice president of Product Development and Innovation at Aflac. "Aflac's Lump Sum Critical Illness plan is designed to help alleviate financial stress about rising health care expenses so employees can focus on getting better."

For more information, visit aflac.com/business. To join the conversation, follow @aflac on Twitter.