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How Your Business And Workers Benefit From Supplemental Insurance

As health care costs continue to rise, employers have begun to shift the burden of health care costs onto their employees. Some have even reduced the benefits paid by the employer. The Health Care Act requires most people to obtain, and most employers to offer, comprehensive health insurance with certain essential benefits. Even so, what workers pay out-of-pocket through these plans continues to rise as employers try to control their own costs.

A 2015 report found that employers are still looking for ways to cut costs by pushing costs onto workers in the form of increased deductibles, premiums and co-payments. By offering supplementary or voluntary insurance to employees, this can provide financial protection in the event of a serious accident or illness. Three reasons why additional insurance is necessary for employees are:

Health care cost increases outpace increases

According to the report, 31 percent of employers increased their employee share of the premium, 30 percent increased employee participation, and 21 percent implemented high-deductible health plans. These are big costs that are hitting the wallets of employees, but wage increases are not keeping pace. A recent study by the Kaiser Family Foundation found that deductibles have grown six times faster than workers’ earnings since 2010.

Allowance limits are high, even for higher-paid employees

The average out-of-pocket cost is about $7,000 for individuals and $14,000 for families, and that’s just for covered essential health benefits. Yet a whopping 52 percent of employees have less than $1,000 in out-of-pocket expenses related to an unexpected serious illness or accident, and 28 percent have less than $500.

Workers tend to choose price over quality, which can mean less coverage than they think

With rising costs, it’s tempting to choose health insurance based on the monthly price. In fact, 30 percent of employees say the monthly premium is the most important factor when choosing a larger health insurance plan each year. A lower-cost plan may mean short-term savings, but could lead to significantly higher out-of-pocket costs in the end.

Employees need a financial safety net. Supplemental insurance benefits have long served as a way to protect employees when they are sick or injured, regardless of their primary health insurance. Some of these benefits include vision, dental, pet, short-term disability, accident, critical illness and hospital insurance. Supplemental benefit recipients can use the money from these products to pay for their daily living expenses, such as rent, mortgage payments, groceries, child care, and medical bills while the insured is unable to work.

When companies add voluntary products to their company benefits package, they can raise employee satisfaction levels and help them feel more financially prepared to deal with potential life-changing events. On the other hand, employers can experience lower operating costs and save money in the process. The result is a win-win situation for both the employer and the employees.

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