New research from Medavie Blue Cross reveals how working Canadians are financially vulnerable to the risks of major illnesses or injuries or loss of life — and yet few are taking steps to protect themselves.
The potential financial loss weighs heavy on workers: 82% say their finances would be impacted if critical illness or injury affected their ability to work. 48% say losing income is a top financial worry should a critical illness or injury prevent them from working.
In the event of a major illness or injury, working Canadians have a short financial runway before they would go into debt. Nearly three-in-five (57%) working Canadians say a loss of income brought on by a major illness or injury would lead them to fall behind financially and start to take on debt after 6 months or less.
In that situation, 57% would cope financially by cutting back expenses, 48% by dipping into savings and 34% by seeking another source of income
Though half (49%) of working Canadians are more anxious about their finances than before the pandemic began and 2-in-3 (66%) believe that owning life, critical illness or injury insurance is more important than ever, only two-in-five (40%) have coverage should a major life or health event occur.
This is where employers can play an important role, as confirmed by the survey findings. Some 80% of working Canadians say the health services they’ve accessed through their benefits plans over the past year have been valuable to them.
Medavie Blue Cross has a complete turnkey solution that increases the value of benefit offerings, at no cost to employers, to give employees greater choice and protection from the financial impacts of a serious illness, injury or death.
Optional Benefits offers comprehensive coverage to put cash in hand — for employees to spend as they choose — should the unexpected occur. Our product includes coverage for critical illness, accidental death and dismemberment, and life insurance. It also opens the door for employees to Online Doctors, a group benefit that provides them with year-round virtual health care access to Canadian-licensed physicians.
As members of a preferred group plan, employees are quoted monthly rates often lower than individual rates, addressing cost ― the top barrier to purchase cited by 47% of respondents.
Optional Benefits also offer quick, easy sign-up through our digital platform, addressing other barriers like processes taking too much time or being complex, as well as not having access to a trusted advisor. Employees can easily choose their coverage, calculate their rates and arrange payment ― all online and within minutes.
In addition, during an open enrolment period, employees can apply for Optional Benefits with no medical questions asked or exam required, up to certain dollar amounts.
Ultimately, Optional Benefits can enhance employer-employee relationships by offering added protection, with group plan advantages, as an extra bonus to their employment ― and, in doing so, show concern for employees’ financial security.
Here are some key questions to ask when considering Optional Benefits.
Use your answers to guide your discussion and inform your decision.
For over 75 years, Medavie Blue Cross has been a leading health services partner for individuals, employers and governments across Canada. As the country’s leading Blue Cross plan with over one million card holders, we are a premier all-in-one carrier that provides health, dental, travel, life and disability benefits to...