Benefits are now playing an even more significant role as a retention and hiring differentiator. Businesses are expanding benefits packages to address the diverse expectations of our multi-generational workforce.
Employees want more choices. Three-quarters of employees agree that keeping them healthy should be one of the top goals of their employer’s benefits program. However, as we learned during the pandemic, 70% of the U.S. workforce does not have $1,000 in savings. They do not have money to cover catastrophic medical costs. Plus, while businesses want to take care of their employees, they also need to manage costs.
We work with our clients to tailor employee benefits strategies to optimize the savings for businesses while offering the best value to employees. Including voluntary coverage options within your overall packages, which can be a successful approach to crafting the best offering.
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Examples of traditional voluntary insurance that supplements existing health insurance coverage may include:
Critical Illness Insurance
Critical illness insurance protects people in the event of a future major illness diagnosis. Extra funds are needed with the demand that comes with critical illness emergencies. This additional protection is aimed at helping the patient and family focus on recovery rather than costs. Some of these plans require health screenings and may cover major health events such as heart attacks, strokes or cancer.
Accident insurance is designed to help people pay for out-of-pocket medical and non-medical costs from an accident. These are accidents that occur outside of work, such as a common sports injury, falling from a ladder or slipping on a sidewalk. Just like other illnesses, injuries put employees at risk of missing work, adding to their stress and decreasing their productivity.
Plan options do vary. Some high-risk recreational activities like sky-diving may not be covered, but if an employee is a senior citizen, an active adult, or has kids that play sports, it may be right for them.
Hospital Indemnity Insurance
This insurance requires hospitalization. Depending on the plan, hospital indemnity insurance gives employees cash payments to help pay for the added expenses that may come while they recover. Typically plans pay based on the number of days of hospitalization.
These three voluntary insurance options provide either lump-sum or monthly cash benefits that are paid directly to your employee, not to the doctors or hospitals. Patients can use the cash to cover any expenses related to the accident, including non-medical expenses like childcare, transportation, rent, groceries or other bills. These insurance choices can offer a huge relief during an already financially stressful time for your employees and their families.
Give us a call. We would be happy to help you evaluate the different options and put a customized plan together for your team.