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If your employer groups have resolved to be more financially savvy in 2016, 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.
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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 health insurance."
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.
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.
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