As an employer, offering a comprehensive benefits package is essential to attract and retain top talent. While traditional health insurance is a critical component of any benefits package, it may not cover all the medical expenses that your employees may face. That’s where supplemental insurance comes in. Here are some reasons why you should consider adding supplemental insurance to your benefit package:
Benefits to Employees:
- Supplemental insurance fills the gaps left by major medical coverage and allows employees to keep their hard-earned savings[1].
- Supplemental insurance can help employees pay for unexpected medical costs that may not be covered by regular health insurance[3].
- Employees may purchase these types of supplemental health insurance plans as individuals, but they can often save money by getting a group plan at work. Voluntary group insurance plans may also offer better coverage and benefits than many individual plans[3].
Benefits to Employers:
- Offering supplemental insurance can add financial independence that helps companies attract and retain personnel[3].
- Supplemental insurance is voluntary, so there is little or no added cost to the company[3].
- Supplemental insurance can help you close the gap between what health insurance covers and what employees are responsible for paying[4].
Types of Supplemental Insurance:
- Accident insurance: This type of insurance provides cash benefits to employees who suffer an injury due to an accident[2].
- Critical illness insurance: This type of insurance provides cash benefits to employees who are diagnosed with a critical illness, such as cancer or heart disease[2].
- Hospital indemnity insurance: This type of insurance provides cash benefits to employees who are hospitalized due to an illness or injury[2].
In conclusion, offering supplemental insurance as part of your benefits package can provide peace of mind to your employees and help you attract and retain top talent. It can also help employees pay for unexpected medical costs that may not be covered by traditional health insurance. Consider adding supplemental insurance to your benefits package to provide comprehensive coverage for your employees.
Citations:
[1] https://www.allstate.com/allstate-benefits/news-and-insights/how-supplemental-insurance-helps-employers-and-employees.aspx
[2] https://www.benefitspro.com/2022/05/02/why-supplemental-health-is-essential-for-benefits-plans/
[3] https://www.guardianlife.com/business/supplemental-health-insurance
[4] https://www.aflac.com/business/resources/articles/employee-benefits-health-insurance-vs-supplemental-insurance.aspx
[5] https://www.zenefits.com/workest/supplemental-benefits-your-employees-may-need-in-2023/
[6] https://velocityglobal.com/resources/blog/what-are-supplemental-benefits/