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.
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.
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.
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.
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.
5.
Critical illness insurance:
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.
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.
