First-of-its-kind, EssentialCare Critical Illness enables employers and brokers to provide employees and consumers with added financial protection in the event of a severe mental health crisis. PRESS RELEASE DEC 10, 2019 08:00 EST
CHICAGO, Ill., December 10, 2019 (Newswire.com) – In April 2019, BCS Financial Corporation rolled out a groundbreaking, first-of-its-kind critical illness product with an optional rider to provide coverage for four severe mental health crises including severe major depressive disorder, severe bipolar I disorder, obsessive-compulsive disorder and schizophrenia.
Employers are increasingly recognizing the impact mental health has on their employees, including absenteeism, significantly reduced productivity, and increased health care and disability costs. According to the National Alliance on Mental Illness, 19.1 percent of U.S. adults experienced mental illness in 2018 (47.6 million people) while nearly five percent of all Americans (11.4 million people) experienced a severe mental illness.
“Almost 80 percent of employers consider mental health important to their overall strategy and are looking to brokers to help them support physical, mental, and financial wellness in the workplace,” explains Bruce Bahn, BCS vice president, Product. “EssentialCare Critical Illness is currently available to large group employers and pairs well with a major medical health plan. It is sold through benefit brokers and specialists.”
The product provides fixed payments in the event of a covered diagnosis. The payments, which range from $5,000 to $30,000, depending on the policy, are made directly to the insured to use how they see fit – whether it’s to pay for deductibles, co-pays, coinsurance, inpatient/outpatient treatment, or anything else they may need to recover.
In addition to the groundbreaking mental health coverage, EssentialCare Group Critical Illness also provides coverage for 35 physical critical illnesses, eight childhood conditions, and a robust set of benefits that provide financial assistance for caregiver and support services that fit today’s consumer lifestyle.
EssentialCare Critical Illness has been recognized by the insurance industry as a finalist for the 2019 Insurance Nexus “New Product of the Year” and “North American Contribution to Society” awards.
To learn more about this product and take advantage of the offering during this current open enrollment period, visit bcsf.com.
About BCS Financial Corporation (BCS)
BCS Financial Corporation has more than 70 years of experience delivering a wide-range of insurance and financial solutions for Blue Cross and Blue Shield organizations nationwide. Through its subsidiaries, BCS Insurance Company and 4 Ever Life Insurance Company, BCS is licensed in all 50 states and is rated A- (Excellent) by A.M. Best. BCS Financial is headquartered in Oakbrook Terrace, Illinois. Learn more at bcsf.com.