In a previous post about Colorado SB 244′s mandated autism benefits, I asked why insurance companies could not offer a product that insured parents against the costs of autism treatments should their child be autistic. It could be a separate product from their medical insurance. When I mentioned a similar product to Linda Gorman, she pointed out that it resembled what is called “critical illness insurance,” which I’d never heard of. Desjardins Financial Security of Canada (!) offers what they call “Harmony New Generation“:
Harmony New Generation will pay a lump sum amount to the parent of a child who has just been diagnosed with one of the critical illnesses covered under the contract … they have the option of using it as replacement income while they take care of their child, hire someone to mind their other children or take care of their home, make a dream come true for their sick child, or even pay for a trip abroad.
In addition to the 25 illnesses covered by the Harmony critical illness insurance for adults, which includes cancer, and the coverage for the serious complications caused by four infectious diseases, including West Nile virus, Lyme disease, E. coli infection and flesh-eating disease, the new product covers three childhood diseases: cystic fibrosis, autism and Rett syndrome. Coverage for type 1 diabetes (diabetes mellitus), cerebral palsy and muscular dystrophy is optional.
Industrial Alliance Insurance & Financial Services also offers a similar product. But guess what, it’s also Canadian? Is such a product available in the U.S.? Do add a comment if you know of any.
