Supplemental Insurance – The Choices and the Importance
You've probably heard of supplemental insurance, at least in passing. These options are among the best ways to give your employees different benefits in their insurance plans that you may simply not be able to afford. Basically, supplemental insurance is nothing more than what its name suggests. Employees who currently have primary insurance coverage can select from various supplemental insurance options to add to their current coverage. The premiums will be deducted from their payroll, and they'll be able to choose from a wide range of different choices. Talking to your insurance provider is the easiest way to figure out the different supplemental insurance options that you can offer to your workers, and once you've figured out those options the next step is simply to make them available.
There are plenty of reasons that supplemental insurance is such a good idea for your employees.
- Offering supplemental insurance lets employees choose different components of an insurance plan that they may be interested in.
- When you offer supplemental insurance, you'll avoid paying for insurance coverage that some employees may simply not be interested in buying.
- Employers usually don't have to pay much – if anything – for supplemental insurance.
- Buying supplemental insurance can improve an employee's morale and motivation, and happy workers are productive ones.
If you're thinking of adding supplemental insurance offerings to your benefits package, you'll have plenty to choose from.
- Life insurance is one of the most commonly added bits of supplemental insurance, and employees can usually add it to their plan for very little.
- Likewise, disability coverage is a popular form of supplemental insurance that most employees opt for. Long term and short term options are available.
- Some employees opt to add prescription plans to their policies through supplemental insurance offerings.
- Cancer coverage is becoming an increasingly popular form of supplemental insurance since it provides coverage in the event of this dangerous disease. Other supplemental insurance could be 'critical illness' packages that cover all forms of major illnesses.
- Hospitalization supplemental insurance provides regular payments during a hospital stay so that lost wages aren't as detrimental to an employee's livelihood.
- Accident coverage could be offered through supplemental insurance plans as well, and pays for treatment in the event of accidents.
Adding supplemental insurance is an inexpensive and simple way to give your employees as many different insurance options as you possibly can without bankrupting your company. It also helps them be more aware of insurance costs since they'll be paying for their supplemental insurance out of their own salaries. When you consider that 53% of employees think that their overall insurance costs are half of what they actually are, that's an intriguing way to help them realize the importance of using their insurance wisely.