Working to lower costs
Most voluntary insurance plans cover a small percentage of employees who experience catastrophic events, but the plans do not address most expenses incurred when an employee accesses care before they have met their deductible.
Most voluntary benefit plans were designed to cover the 10 percent to 15 percent of the population who experience high claims, leaving 85 percent without significant coverage and with deductibles they cannot afford.
Voluntary products that may work alongside an underlying major medical program can help brokers and employers satisfy two critical goals: lower employer premium costs without significantly impacting an employee's out-of-pocket expense.
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