Healthcare reform and growing healthcare costs continue to drive demand for voluntary benefits—and for good reason. As the cost of health insurance rises, employers continue to struggle to control their healthcare expenses. Many have already passed on more of the premium costs to employees and increased deductibles, co-payments, and out-of-pocket limits. For many organizations, voluntary benefits may help solve a number of concerns and challenges that have surfaced during this time of healthcare financial insecurity.
Voluntary insurance policies, including for critical illness, cancer, short-term disability, dental, and accident & sickness, pay the policyholder directly for unexpected costs associated with a serious illness, injury, or loss.
Since many of these costs are not covered by major medical insurance, and families often do not have extra cash for emergencies, voluntary insurance plans help provide a safety net to protect the policyholder’s assets. These policies can often save individuals from out-of-pocket costs, unexpected debt, and even bankruptcy—helping them focus on getting better and returning to work.
Adding voluntary insurance products not only expands an employee’s insurance options, but also helps give policyholders peace of mind and financial security. In the event of sickness or injury, policyholders receive cash benefits that can be used to help pay for daily living expenses or cover deductibles and co-payments.
With healthcare reform laws in flux, voluntary insurance options can soften the impact of the cost-shifting and rising out-of-pocket costs that are part of the current healthcare landscape.
As an employer, you know that employee morale is a critical factor in productivity and retention. Offering voluntary insurance shows workers that you care, empowering them to make their own decisions on issues that impact their lives, so it can be a significant factor in good employee morale and retention. To help you strengthen your employee environment, Strategic Employer Planning offers the very best in voluntary benefits.