May 15th, 2012
Medical advances have extended our life span, but they haven’t made us immune from having a heart attack, stroke or being diagnosed with cancer.
While any of the above diagnosis is no longer a death sentence, they carry a heft treatment cost. Medical insurance helps reduce costs, but most plans don’t cover all the expenses related to treatment, and consumers are increasingly purchasing critical illness insurance.
“More and more medical plans are shifting more of the cost to the consumer,” says Todd Katz, executive vice president, Group Voluntary and Worksite Benefits at MetLife. “The costs are somewhat unpredictable with highly impactful medical conditions.”