In a pioneering move aimed at supporting families facing the challenges of childhood disability, Juno, a public benefit corporation, has unveiled the first-ever child disability insurance program in the United States.
The newly launched coverage, available through employers, offers crucial financial assistance and personalized support to parents should their child experience a severe illness, disability, or injury. Under Juno’s plan, parents can receive cash payments of up to $1 million, with a maximum of $500,000 per qualifying child. These payments are disbursed in monthly installments over a period of up to 10 years.
The comprehensive benefits extend to children from birth up to the age of 26, providing families with flexibility and security during challenging times. Funds can be utilized according to the family’s needs, whether to supplement lost income, engage specialized caregivers for in-home support, or cover medical expenses not covered by standard health insurance policies.
Moreover, Juno’s commitment to supporting families goes beyond financial assistance. The company offers personalized support services designed to help families navigate the complexities of their child’s condition. These services include guidance on accessing available resources and developing a tailored plan to address the unique needs of each child.
Backing Juno’s initiative is an insurance company with an “A- Excellent” rating from A.M. Best, ensuring reliability and stability in coverage. Furthermore, policies are reinforced by three reinsurers, with AIG leading the consortium, further bolstering the program’s credibility and resilience.
Juno co-founder and CEO Jordan Epstein, said: “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. 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.”
Juno co-founder Dr. Snaebjorn Gunnsteinsson. also commented, saying: “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.”
He added: “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.”
