Medical bills are reported to be the number one cause of bankruptcy in the U.S..1 Half of U.S. adults (48%) who live in a household where someone has a serious medical condition say problems paying medical bills had a “major impact” on them and their family.2 When critical illness affects your family, you’ll have the support you need when it matters most.
While experts recommend that families keep several months of living expenses set aside to help in an emergency, a general rule of thumb is to save enough to cover 3–6 months’ worth of essential expenses.3
Even if you have medical and disability insurance, there can be financial gaps in your coverage. Disability income may only cover a portion of your income, and medical insurance can possibly leave you with some extra expenses. You would have to cover deductibles, co-pays, extra costs for out-of-network care, and non-covered services such as alternative treatments.
Critical illness insurance is coverage that can help safeguard your finances by providing you with a lump-sum payment — one payment all at once — when you or your family needs it most. The extra cash can help you focus on getting back on track — without worrying about finding the money to cover some of your expenses.
And best of all, the payment is made directly to you, and is in addition to any other insurance you may have. It’s yours to spend however you see fit, such as for household bills, medical insurance deductibles and copayments. Additional features include:
Who is the provider?
How can this help me?
Who can enroll?
When can I enroll?
What if my employment status changes?
What serious illness and diseases am I covered for?
How do I file a claim?
Filing a claim is easy:
1. Visit mybenefits.metlife.com or download the MetLife Mobile app. mybenefits.metlife.com
2. Answer a few simple questions. Upload your medical documentation to support your claim.
3. Once your claim is approved, you’ll receive a check made out to you. Start using these funds as needed.
For complete plan details, talk with your company’s benefits administrator or review your plan summary.
1Medical Bankruptcy and the Economy, Updated April 30, 2021. www.thebalance.com/medical-bankruptcy-statistics-4154729. Accessed January 2022.
2(48% of those who have medical bills, 12% of adults). Kaiser Family Foundation Data Note: Americans' Challenges with Health Care Costs, December 21, 2021. https://www.kff.org/health-costs/issue-brief/data-note-americans-challenges-health-care-costs/ Accessed January 2022.
3Bankrate, How much should you have in savings at each age? May 7, 2021. Accessed January 2022. https://www.bankrate.com/retirement/how-much-do-you-need-in-savings-retirement-emergency-fund/
4Coverage is guaranteed provided: (1) the employee is actively at work and (2) any dependents to be covered are not under medical restriction as described in the Certificate. Some states require the insured to have medical coverage. Additional restrictions apply to dependents serving in the armed forces or living overseas. For CA-sitused cases, coverage is guaranteed provided” (1) the employee is performing all of the usual and customary duties of your job at the employer's place of business or at an alternate place approved by your employer; and (2) dependents are not subject to medical restrictions as set forth on the enrollment form and in the Certificate.
5Eligibility for portability through the Continuation of Insurance with Premium Payment provision may be subject to certain eligibility requirements and limitations. For more information, contact your MetLife representative.
7Eligible Family Members mean all persons eligible for coverage as defined in the Certificate. Dependent Child coverage varies by state. Please contact MetLife for more information.
8The Heart Attack Covered Condition pays a benefit for the occurrence of a myocardial infarction, subject to the terms of the certificate. A myocardial infarction does not include sudden cardiac arrest.
9Please review the certificate for specific information about cancer benefits. In most states, not all types of cancer are covered.
10In certain states, the Covered Condition is Severe Stroke.
METLIFE CRITICAL ILLNESS INSURANCE (CII) IS A LIMITED BENEFIT GROUP INSURANCE POLICY. Like most group accident and health insurance policies, MetLife's CII policies contain certain exclusions, limitations and terms for keeping them in force. Product features and availability vary by state. There may be a preexisting condition exclusion. There may be a Benefit Reduction Due to Age provision. There may be a Benefit Suspension Period between recurrences of the same Covered Condition or occurrences of different Covered Conditions. MetLife offers CII on both an Attained Age basis, where rates will increase when a Covered Person reaches a new age band, and an Issue Age basis, where rates will not increase due to age. Rates are subject to change. MetLife reserves the right to raise premium rates for Issue Age CII on a class-wide basis. A more detailed description of the benefits, limitations, and exclusions applicable to MetLife’s CII product can be found in the applicable Disclosure Statement or Outline of Coverage/Disclosure Document available at time of enrollment. For complete details of coverage and availability, please refer to the group policy form GPNP07-CI, GPNP09-CI, GPNP10-CI, GPNP14-CI, GPNP19-CI or contact MetLife for more information. Please contact MetLife for more information. Benefits are underwritten by Metropolitan Life Insurance Company, New York, New York.
MetLife's Critical Illness Insurance is not intended to be a substitute for Medical Coverage providing benefits for medical treatment, including hospital, surgical and medical expenses. MetLife's Critical Illness Insurance does not provide reimbursement for such expenses.