Supplemental benefits provide an additional financial protection layer when life takes a sudden turn.
As countless Americans know, sudden medical costs due to a serious medical issue or illness can severely hurt their finances even when they have significant medical coverage. Supplemental benefits provide an additional financial protection layer when life takes a sudden turn. While no one may predict the future, life insurers ensure everyone can prepare for it.
Common Supplemental Products
Supplemental insurance exists to assist in filling financial gaps left by primary insurance. Employers sponsor these optional benefits, but employees pay them through pre-tax payroll deductions. Prevalent supplemental products include:
- Life insurance
- Accident insurance
- Cancer insurance
- Critical illness insurance
- Disability insurance
- Hospital indemnity insurance
Why Should Employers Provide Supplemental Benefits?
Many understand the pain and worry of sudden healthcare expenses exceeding standard coverage. Regardless of size, it’s no surprise that employers are always searching for cost-effective methods to recruit and retain the ideal candidates. Employers are increasingly gaining an edge by improving their standard benefits package with supplemental products. Supplemental insurance helps employers by:
- Promoting health and safety for employees and their dependents
- Protecting employees’ long-term financial and wealth well-being
- Accomplishing goals to recruit and retain top talent
- Fostering inclusion and engagement among the workforce
- Increasing employee satisfaction levels
Supplemental products are available to companies with as few as three employees, making them an excellent strategy for smaller businesses competing for top talent. Contact The MWE Partnership at 410-394-9617 to assist you today.
Benefits to Employees
One may wonder how supplemental benefits assist employees when paying for the products. Let’s review the advantages of getting supplemental insurance from your company:
Reduced Group Rates
While people can obtain individual supplemental benefits such as accident and life insurance, this is usually a more expensive route. The advantage of enrolling in these products via an employer is the reduced group rates appreciated by all employees. In addition, premiums for health products can be eligible for payroll deduction before taxes, saving employees even more.
Supplemental Insurance Fills Gaps Left by Medical Insurance
Significant medical insurance has become costly, with high deductibles and out-of-pocket costs. It’s common for specific coverages to max out, leaving employees to pay for household bills, healthcare, and daily expenses. Supplemental insurance fills the gaps with significant medical coverage, allowing employees to keep their savings.
More Convenient than Individual Policies
There is no need to look for plan options or stress about underwriting approvals! Obtaining group coverage offers employees the convenience of simple enrollment and renewals. Employers can pre-select the plan options; they check a few boxes during open enrollment. Plus, their premiums are conveniently payroll-deducted.
Get in Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!