New insurance category provides working parents with long-term financial support if their child becomes severely ill, injured, or disabled
Every year in the United States, over 100,000 children develop a serious illness or disability, which adds to the more than 2 million children already living with these conditions. A child’s illness or disability can bring a family together and reveal new strengths and perspectives, but it also presents many profound challenges, including uncovered expenses and lost earnings that often exceed $1 million. American families have had to grapple with these financial costs largely on their own – until now.
Juno, a public benefit corporation, announced today it is the first company to provide Child Disability Insurance in the United States. Juno’s coverage is offered through employers and fills a major gap for parents by providing cash payments and personalized support if their child develops a severe illness, disability, or injury.
Through Juno, parents can receive up to $1 million ($500,000 per qualifying child), paid in monthly installments for up to 10 years. The benefit covers children from birth to age 26 and can be used in any way a family chooses, including supplementing lost income, hiring specialized caregivers at home, or addressing medical costs not covered by health insurance. Juno also provides personalized support services to help families navigate the complexities of their child’s condition, access other available resources, and build a successful plan.
“While parents in many countries have a national safety net that provides life-changing financial support if their child becomes severely disabled, parents in the United States face the brunt of these costs alone, making child disability their largest uncovered financial risk,” said co-founder and CEO Jordan Epstein. “Juno is proud to fill this gap with a meaningful benefit that not only protects all working parents, but also helps employers show their values and attract and retain talent.”
With rates of child disability only continuing to increase, a company with 50,000 employees can anticipate that several times per month another employee will face this challenge for the first time. Each can spend 53 hours per week caregiving, often permanently. If they are primary caregivers, three out of four will quit their job or reduce hours, and teams are impacted by lost productivity and uncertainty.
“After researching the needs of families of children with serious illness or disability for more than a decade, I know how transformative a benefit like Juno can be – especially for moms, who are about eight times more likely to be the primary caregiver and whose careers are most impacted when a child becomes disabled,” said Juno co-founder Dr. Snaebjorn Gunnsteinsson. “Today, parents across America can wake up knowing there is a new kind of financial protection that provides much-needed support and flexibility. And forward-thinking companies can offer a new employee benefit that shows their commitment to health and gender equity.”
About Juno
Juno is a public benefit corporation that offers Child Disability Insurance, a first-in-the-U.S. employee benefit that provides a significant, long-term cash benefit plus personalized support if a child from birth to age 26 becomes severely ill, injured, or disabled. Juno was founded by a team of experienced insurance, benefits, and technology leaders, and is on a mission to provide a meaningful new financial safety net for parents across America. As a public benefit corporation, Juno donates 2% of every premium to organizations that research childhood disabilities and rare diseases or provide direct support to families.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240416667839/en/
