Adding Supplemental Benefits Sweetens the Employee Benefit Package
Electing to add Supplemental Benefits to a package means that business owners can provide benefits a la carte style, giving employees the freedom to pick and choose the benefits they want. Offering Supplemental Benefits costs employers next to nothing and enables small businesses to compete with the large employers. It also affords employees access to various types of insurance coverage, typically with looser underwriting requirements and at lower group rates.
Many companies use Supplemental Benefits as a low-cost way to compensate for other cutbacks in a benefits package. Adding Supplemental Benefits makes more sense than making cuts in critical areas of a business such as laying off key employees, or losing those key employees to a competitor offering a richer benefits package.
Voluntary Supplemental Benefits
The challenge for business owners is figuring out which Supplemental Benefits to offer. We have a suite of benefits that provides the best value to protect your #1 asset – your employees. Here are examples of typical supplemental benefits you could offer:
- Group Life Insurance: Group life insurance can include term, whole life, universal or variable universal insurance. Group rates for life insurance are cheaper than for an individual, which means you can offer group life benefits that costs your company very little.
- Accidental Death & Dismemberment Insurance (AD&D): Accidental Death insurance pays benefits over and above any life insurance held by the employee in an accidental death. The Dismemberment portion pays for accidental loss of an appendage or eyesight.
- Cancer Insurance: Because of the extraordinarily high out-of-pocket costs associated with cancer treatments, this benefit has become popular. It supplements and augments the basic health insurance to help mitigate these costs and provide extra financial support.
- Disability Insurance: Everyone understands the importance of having health insurance, home insurance, cars and other high cost items, but we don’t always think of our ability to earn income as an asset that needs protecting. However, if earning capacity is lost or interrupted, keeping the other assets becomes impossible. Short and long-term disability (STD and LTD) can at least help soften the financial blow of a life-changing, disabling event.
Trust Us for the Right Mix
We can help you customize your benefit package by finding the mix that is right for your company, and the best providers of these ancillary benefits at competitive rates. Call us today for a review.