Voluntary supplemental insurance is an additional layer of protection that can be purchased to help cover “gaps” in your existing health insurance. With rising health care cost it is imperative that employees have access to voluntary supplemental insurance to help pay for services and out-of pocket expenses incurred by medical bills. Some examples of voluntary supplemental insurance are Cancer and Specified Diseases, on and off the job accident, Critical Illness which pays lump sum benefits on serious illnesses such as heart attack, stroke, heart transplant, major organ transplants, paralysis, and cancer all bundled into one policy.
Another great supplemental insurance policy is the Major Medical Complement also known as (GAP). This Medicare supplemental plan helps to fill in the “gaps” that are not covered by your current health plan, such as copayments, coinsurance, and deductibles. These out-of-pocket expenses can start to add up quickly especially if you are confined to a hospital or need nursing home care. Implementing a GAP policy into your current health plan can help save you money when you need it the most.
Employees get the benefit of voluntary supplemental insurance at great rates through their job while reducing out-of-pocket expenses with products that are purchased with pre-tax dollars through a section 125 plan. Payroll deductions helps eliminate the hassle of monthly check writing, the ability to get great products with limited underwriting, the choice of providing coverage for themselves or their entire family, and also products are portable so the employee can take the policy with them if their employment ends due to job loss or retirement.
Not only can employees benefit from voluntary supplemental insurance but employers can too. Employers can add to their already existing employee benefits at no extra cost to the company, help reduce employee turnover, lower employer’s FICA taxes and workers comp with pre-tax dollars through a section 125 plan, help to uncover the extra dollars employers are spending on their employees behalf by providing a complete overview of the current benefits being offered in addition to the compensation benefits the employer provides, utilize a simplified billing process through payroll deduction, and provide employees access to presentations and enrollments that work with their business schedule.