Every business owner wants to attract and retain quality employees. Offering supplemental insurance plans in addition to your traditional group health plan can help.
Do I Need to Provide Supplemental Insurance?
In a tightening labor market, employers are increasingly offering supplemental insurance plans as part of a competitive benefits package. Supplemental insurance plans, also called voluntary insurance plans, aren’t required by law but do provide valuable benefits that can be used to complement your group health plan.
Supplemental Insurance Benefits for Both Employers and Employees
Supplemental insurance plans give your employees peace of mind because it covers expenses that traditional group health plans do not. Depending on the policy, supplemental plans may provide a cash benefit paid out over a period of time or given in one lump sum that can be used to cover the cost of:
- Lost wages due to injury or illness
- Transportation related to your health condition
- Medication costs
- Out-of-network fees
By offering supplemental insurance, your employees will benefit from:
- Cheaper supplemental coverage than purchasing individual plans
- More healthcare options allow for greater customization and personalization
- Greater confidence and security in their health and financial future
Supplemental insurance plans can be offered to employees at little-to-no direct cost to employers. As a result of the benefits supplemental insurance can provide to your employees, small business owners can experience:
- Increased job satisfaction among employees
- Improved talent acquisition
- Decreased employee turnover and reduced costs in time and money
- Reduced workers’ compensation claims
Types of Supplemental Insurance
Supplemental insurance helps employees find coverage that meets their specific needs, which is why GMS offers a variety of coverage options. When you partner with us, you give your employees the option to choose supplemental insurance for:
- Long-term care
- Cancer and critical illness
- Hospital indemnity and intensive care
- Accidental death policy
- Long-term and short-term disability
Contact us today to learn more about our the supplemental insurance solutions.