Voluntary Benefits Help Employees Fill in the Gaps
How do employers offset increasing heath plan costs while offering employees more options? Increasing deductibles and reducing contribution levels can create gaps employees want to fill for peace of mind. Millions of Americans struggle each year to manage the out-of-pocket medical and non-medical expenses associated with unforeseen health events -- The Henry J. Kaiser Family Foundation, “Medical Debt Among People with Health Insurance, January 2015.
The financial challenge has been exacerbated by the increased popularity of high-deductible health plans in the workplace and the embrace by some employers of a defined contribution model for health care benefits. Over half of the US households today say they have less than $10,000 in liquid assets available for use in an emergency or chronic illness according to an insurance survey published by LIMRA.
Consider Voluntary Benefits
Supplemental Insurance Professionals can customize a Voluntary Benefits Program for businesses in all industries to help their employees pay for out-of-pocket expenses. Each program is designed to supplement the core benefit offerings.
We have a variety of proven strategies to help an employer manage costs, which in turn can assist with other areas of a business. Most voluntary benefits are employee-paid, so as an employer you can package them with your core benefit offerings to:
Continue to offer a competitive benefits package to retain and attract quality employees.
Help employees with increasing out-of-pocket health care expenses, so you can move to more affordable medical plans.
Leverage benefits on a pre-tax basis which can:
- Reduce the employer’s wages subject to FICA thus reducing the employer’s employment taxes;
- Increase your employees’ spendable income; and
- If Employers need assistance with the Section 125 provisions and regulations, Supplemental Insurance Professionals can help ensure compliance.
Broad Range of Benefit Options
Supplemental Insurance Professionals is an independent agency. This means we have the opportunity to offer Voluntary Benefits from several companies to find the most suitable plan from a needs-based analysis as well as cost. Our plans tend to be more robust simply due to the fact that we are not forced to only offer one product from one insurance company. Our plan portfolio includes but is not limited to: Accident, Voluntary Short-Term Disability, Critical Illness, Cancer, Vision, Dental, Hospital Indemnity, Life and more.