Sun Life Financial has introduced a cancer plan to its benefits in the US that will support patients for screenings, treatments, recovery needs and everyday expenses.
Image: The Sun Life building in Toronto, Ontario, Canada. Photo: Courtesy of SimonP/Wikipedia.org
Benefits are paid directly to the member and can be spent any way they choose, including household needs like groceries or bills, or out-of-pocket medical expenses like copays for health insurance.
According to a recent study from Duke University, cancer patients spend 11% of their household income on their cancer treatments and care – and those spending more than 10% are considered ‘underinsured’. A cancer plan, considered a ‘voluntary’ benefit, fills the financial gaps from health insurance as it pays a pre-set amount to the member regardless of the treatment path.
Sun Life Financial US Voluntary benefits vice president Joi Tillman said: “Sun Life’s claims research has shown that costs associated with a cancer diagnosis can be very high, whether it’s for treatment, surgeries or other forms of care.
“On top of that, patients have expenses like transportation, rent or child care that can pile up while they are getting treatment. Cancer coverage offers financial protection during a difficult health event, and we are pleased that our employer clients can offer this protection to their employees along with the rest of Sun Life’s comprehensive benefits and services.”
Sun Life’s cancer plan is the final product to join its integrated benefits portfolio following its 2016 acquisition of Assurant Employee Benefits. The product portfolio combines the best of both companies and now includes life, dental, vision, disability, cancer, critical illness and accident insurance, among other voluntary coverages.
The combined service portfolio offers end-to-end enrollment capabilities, absence management, EAPs (employee assistance programs) and return-to-work/vocational rehabilitation services. Employees also have access to the Sun Life Dental Network, one of the largest PPO networks in the country.
Sun Life cancer insurance is available in all 50 states, and will be available for enrollment effective 1 December this year.
Source: Company Press Release.