A recent Towers Watson study on Global Benefit Attitudes shows that one of the best ways to attract and retain quality employees is to offer a comprehensive benefit package. One of the ways to build your benefit package is by offering your employees Supplemental benefits. Supplemental benefits, which are also known as Voluntary benefits, are a cost-effective solution that helps employees off-set the out of pocket cost of medical expenses such as co-pays and deductibles. Why is this important? According to a survey done by Bankrate, more than 75% of Americans are currently living paycheck to paycheck with little or no savings to pay for a medical emergency. With the continued rise in health care costs, offering benefits that help protect your employees in time of need has never been more important.
Why Employees want Supplemental Benefits
Pays Cash Benefit – Helps employees cover unexpected costs associated with an illness or injury that are not covered by major medical insurance like deductibles and co-pays.
Tax Savings – Most Supplemental plans can be pre-taxed saving your employees money.
No coordination of benefits – Pays regardless of any other insurance policies, including policies in place through state health care exchanges.
Group Rates – Employees get access to group rates not found on the individual market.
No secondary market – Most plans are only offered in a group setting and are not available on the individual market.
Affordability – With many plans starting under $4 a week everyone can afford to participate in the supplemental plans that are right for their family.
Benefits to Employers by offering Supplemental Benefits
No Employer Cost – No direct cost to you, the employer. Unlike group health insurance, employers can choose how much, if any, they want to contribute.
Employee Retention – According to a recent article from The Missouri Business Development Program, companies with strong benefits have lower turnover rates.
Promotes Goodwill – Employees appreciate the chance to payroll deduct items, as well as, having the opportunity to pick and choose the benefits that are right for them.
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