More than half (51 percent) of workers say they aren't prepared to pay out-of-pocket expenses not covered by major medical/health insurance related to an unexpected illness or accident.

Employee health is of utmost importance and I’m concerned about the high potential of workers’ financial instability in light of a medical emergency. My concern also extends to my fellow HR colleagues who may have to contend with an unsatisfied or under protected workforce as a result of the limited benefit options available to them.

Agents and brokers should advise benefits decision-makers that voluntary insurance policies, such as short-term disability and critical illness, help individuals pay bills that major medical insurance is not designed to cover. Voluntary benefits—a cost-effective supplement to core benefits—allow employers to offer competitive benefits packages at no direct cost to their company while providing a financial safety net to employees.

Just like accidents, serious illnesses happen and major medical doesn’t always cover all the costs. Consumers need to plan for unexpected health events in the same way they plan for life events like retirement and the cost of children’s higher education expenses.