Why Employers Offer Supplemental Insurance Plans
Recruit New Employees and Up Morale
More than ever, supplemental insurance plans are an important part of an attractive employee benefits offering. A LIMRA study finds that 7 in 10 employers offer voluntary benefits to improve morale for their existing employees and to attract and retain new talent. Companies today need to offer benefits that people value. The benefits are customizable, so an employee can mix-and-match the plans, enrolling in what works best for their family’s needs and budget. And importantly, with healthcare costs rising along with major medical plan deductibles, most employees appreciate the “safety net” supplemental insurance plans may provide.
To Complement Traditional and
Non-Traditional Benefit Offerings
In the past, the standard employee benefit package included paid vacation, retirement plan and major medical insurance. However, for many reasons including the economic climate, healthcare reform and employee demand for more flexible, even personalized, employer-sponsored programs, not all Employers can offer those benefits to the extent that they used to. Adding Supplemental Policies can help ease employees’ minds and offer them a sense of calm with this “Safety Net” of benefits.
According to a 2017 Employee Financial Wellness Survey, 52% of workers overall are stressed about their finances and 45% say their finance-related stress has increased over the past 12 months. In the event of a covered loss, supplemental insurance provides cash benefits which can be used anyway the employee wishes ( medical bills, mortgage, utilities, food, clothing, etc). Recently, we published an article regarding “Medical Bankruptcy” in America and how these plans have been vital in keeping people from losing their savings and homes while recovering from an accident or illness. You can find that article here.
They’re Easy to Set Up and Usually Have No Additional Cost for Employers
Supplemental insurance are easy for employers to setup. Plus, they add little to no cost to the benefits package for the employer. Many supplemental plans are paid for by employees. Their premiums can be affordable and managed by payroll deduction. It all adds up to convenience and value for both the company and the employees.
As always, if you have any questions about any Insurance products we offer or about your current policy, please feel free to reach out to us at 215-355-2121 and we will be more than happy to answer any questions you may have. Our team of dedicated and fully licensed Account Representatives are here to help you, our Client.