It’s hard to be fully prepared for a serious illness, but critical illness coverage can help. The plan pays a lump-sum cash benefit you can use to cover medical expenses related to your condition—or for everyday expenses like groceries or your mortgage.
This Is Not Medical Insurance
Critical illness insurance can help pay for a variety of expenses, but it’s not a substitute for medical insurance. You’ll still need a medical plan to cover the majority of your medical costs.
What You Need to Know
- You can elect critical illness coverage when you are new to Lam or during Open Enrollment.
- When you’re diagnosed with a serious illness, critical illness coverage provides you with a lump-sum payment of $15,000 or $30,000, depending on the plan you enroll in.
- You’re covered for up to five times your initial benefit level ($75,000 or $150,000) in the event you suffer more than one covered condition.
- Payments you receive are in addition to any other insurance you may have, and you may spend the money however you want.
- This coverage is 100% employee-paid through paycheck deductions.
- You can keep this coverage even if you leave Lam.
- You can purchase this coverage for your spouse/domestic partner and your dependent children.
Subject to the policy requirements, conditions covered by critical illness insurance include:
- Certain cancers
- Alzheimer’s disease
- Coronary artery bypass graft
- Major organ transplant
- Heart attack
- Kidney failure
- 22 other listed conditions (see the plan summary [PDF])
The plan pays a recurrence benefit if a medical condition occurs again for the following conditions: heart attack, stroke, coronary artery bypass graft, full-benefit cancer, partial-benefit cancer.