Adding voluntary/supplemental benefits to your business’s benefits package is an excellent way to make it more robust and broaden the overall financial protection for your employees. These policies help provide an extra layer of protection for your employees without adding to your overall benefits costs. Unlike major medical policies these, these policies pay cash benefits directly to the policyholder. Employers typically offer ancillary voluntary/supplemental benefits to fill in the holes of major medical coverage as well to enhance & complement their benefits package. Workers with voluntary benefits are more likely to be extremely or very satisfied with their benefits when compared to workers who are not offered voluntary benefits (64% compared to 49%).
There Are a Variety of Voluntary & Supplemental Products
Voluntary Hospital Indemnity Insurance
Major medical plans often do not cover an entire hospital bill until the out-of-pocket maximum is met. Hospital confinement insurance provides a lump-sum benefit for a covered hospital confinement or covered outpatient surgery to help offset the gaps caused by costs that aren’t covered by major medical plans. Additionally, health insurance alone was never intended to cover things like transportation and meals for family members, lost income, and child care during hospital confinement – these “non-health” related costs are often completely indemnified by hospital confinement insurance. Features of hospital confinement plans include no deductibles or copays, no networks so the insured can visit any hospital of their choosing, and no precertification requirements.
Voluntary Life Insurance
By offering voluntary life insurance, employers can help their employees protect their loved ones in case something were to happen to them. Voluntary life insurance products are convenient and easy way for employees to ensure they protect what they’ve worked hard to build at no cost to their employer. Generally, these life insurance products enable employees to tailor coverage for their individual needs at any stage of their life.
Voluntary Accident Insurance
Accident insurance can help employees offset unexpected medical expenses resulting from a covered accidental injury. Potential medical expenses from an accidental injury may include emergency room treatment, ambulance or air transportation, hospital confinement, surgeries, etc.
Voluntary Critical Illness Insurance
Critical illness insurance can help employees be financially prepared to deal with the costs associated with a serious illness. This type of insurance is often used to complement a major medical policy providing an extra layer of financial protection against the direct and indirect cost of serious illnesses such as end stage renal failure, a stroke, major organ failure, a heart attack, and coronary artery bypass graft surgery. Benefits are generally paid directly to the insured.
Voluntary Cancer Insurance
Unfortunately, cancer is one of the most costly conditions in the United States. Voluntary cancer insurance policies help protect against the high direct and indirect financial costs of cancer. These policies can help with the cost of treatment as well as the costs of everyday living.
Voluntary Disability Insurance
In the event of a becoming unable to work from being sick or hurt, an employee can become vulnerable and have a difficult time paying everyday living expenses. Voluntary disability insurance can help ensure that disabled employees remain financial stable while out of work by paying a percentage of their monthly gross income.