With both large and small employers alike, supplemental benefits have become a very popular way of attracting and retaining the best employee talent to drive your business forward. These type benefits provide an entry point for employees to elect supplemental insurance plans with limited underwriting that help to meet the financial protection needs of your employees.
Due to the Affordable Care Act (ACA) and other trends in healthcare, the rise of in premiums, is forcing employers to move to plans with higher deductibles and co-insurance out of pocket costs that can be in the thousands of dollars. So more employers are including supplemental insurance plans like cancer or critical illness coverage, or accidental and hospital indemnity plans into their overall employee benefit offerings to assist in offsetting these higher out of pocket expenses for care.
These supplemental plans are no longer an afterthought, but should be included in the employers benefit strategy to offer a robust array of benefits that employees want and need for their financial security.
Not only do supplemental plans help pay for healthcare expenses, but also in the event of death and or disability, through supplemental life and disability coverage type plans. These can be in addition to any core life and disability programs the employer pays for the employee.
A couple of such supplemental life plans we offer is a universal life plan that not only has a death benefit in the event of loss of life, but also a living benefit in the event of the loss of two or more activities of daily living to help pay for the “living” care someone would need if this were to happen.
Every employer should keep in mind that all these supplemental type plans can and will make a difference in who decides to come to work for your firm, as well as those employees that may leave your firm because one of your competitors is offering the supplemental benefits they need and want and are not being offered.