myHSA Offers Added Flexibility

Updated: Nov 13

In this post we provide a quick overview of AllState critical illness insurance, now available as an add-on for groups with as few as three employees.

Offering employees a Health Spending Account fulfills their need for flexibility and allows them to invest what matters most to their wellbeing. But this type of arrangement can leave them exposed if they are diagnosed with a serious illness if no insurance solution is included.

Current statistics reinforce the need for critical illness insurance:

  • On average, 565 Canadians are diagnosed with cancer daily

  • Cancer, heart disease, and stroke are responsible for over 50% of deaths in Canada

  • Illness and medical problems are some of the top reasons for personal bankruptcy in Canada

myHSA is now offering critical illness insurance for organizations with as few as three employees. No health questions are required, and employers can offer up to $50,000 of coverage. Some of the solution’s highlights include:

  • No pre-existing conditions clause

  • No survival period

  • Claims are paid within 2-4 business days

  • Dependent children are automatically covered at no cost and are eligible for 50% of the employee's benefit amount.

Monthly Rates, exclusive of administrative fees and taxes are:

  • $8 per single employee per $10,000 of coverage

  • $12 per family employee per $10,000 of coverage

Please contact us for more information about adding critical illness insurance to your myHSA plan.