If your #employer groups have resolved to be more financially savvy in 2017, they’re
probably focused on making their money work for them through wise investments —
such as a quality workforce. One way to support their employee investment is
through #voluntary benefits.
While
growing financial strength is essential, #protecting it is equally important.
After all, a business is built upon the strength of its employees. When staff
is out, for whatever reason, workflow suffers. The product knowledge and
on-the-job training the company has invested is lost. One of the most common
and potentially catastrophic dangers employees experience is a major medical
event.
Ask
employers how confident they are that employees could pay the costs related to
an accident, critical illness or physical inability to work for a while. Wait
for an answer. Count how many reply with, “We offer #healthInsurance.”
Even
with health insurance in place, remind them of the out-of-pocket expenses – #deductibles, travel related to specialized medical treatment, child care or
missed work pay. Explain that because deductibles, #co-pays and coinsurance have
been on the rise in recent years, major medical coverage doesn’t always cover
the needs of the individual. If an #employee is unable to meet his other basic
needs, they are likely to find other employment. Their investment has just
walked out the door.
However,
when #supplemental benefits are offered, employees can be paid directly in the
case of events like an illness or accident. They can use it for the #out-of-pocket expenses and take care of their family.
Investment
saved.
Types of
benefits to consider.
1.
Accident Insurance:
Pays policy-specified amounts for injuries incurred in an accident, typically with higher amounts for more severe situations.
Pays policy-specified amounts for injuries incurred in an accident, typically with higher amounts for more severe situations.
2.
Short-term disability income insurance:
Replaces a portion of income if an illness or injury prevents an insured from working for specific periods of time.
Replaces a portion of income if an illness or injury prevents an insured from working for specific periods of time.
3.
Cancer insurance:
As the name suggests, offers lump sum payments after a cancer diagnosis, as well as benefits that assist with payment for ongoing treatments.
As the name suggests, offers lump sum payments after a cancer diagnosis, as well as benefits that assist with payment for ongoing treatments.
4.
Life insurance:
Though primarily a way to help protect beneficiaries in the event of death, can include benefits to help pay the costs of long-term care or even critical illnesses while the insured is still living.
Though primarily a way to help protect beneficiaries in the event of death, can include benefits to help pay the costs of long-term care or even critical illnesses while the insured is still living.
5.
Critical illness insurance:
Pays benefits for certain medical events, such as stroke, cancer diagnosis, heart attack or organ failure.
Pays benefits for certain medical events, such as stroke, cancer diagnosis, heart attack or organ failure.
6.
Hospital indemnity insurance:
Helps make up for the costs a major medical plan might not pay, like deductibles, copays and co-insurance expenses. It provides benefits for each day spent in the hospital.
Helps make up for the costs a major medical plan might not pay, like deductibles, copays and co-insurance expenses. It provides benefits for each day spent in the hospital.
Employee
benefits form part of a complete financial plan.
Succeeding
financially in 2016 is a fantastic goal—let your employer groups see how
voluntary benefits help protect their employee investment.