Voluntary Benefits Insurance
Voluntary Benefits Insurance Information
Offering voluntary employee benefits can come at no cost to you or your company. Voluntary benefits include offerings such as life, disability, critical illness and accident insurance. These benefits can be offered in addition to core benefits as part of a benefits package.
Benefits can be fully employee-funded or partly funded by employees and employers to cater to each company’s monetary needs. The following are some benefits to offer in addition to your core benefits package.
Supplemental Health Insurance
Supplemental health insurance is an additional benefit that can help pay for unexpected costs not covered by medical insurance. Cash benefits can be received directly and used in any way deemed fit for things like groceries, childcare, housekeeping and out-of-pocket medical costs. This coverage could be the bit of financial stability needed to help fill the gaps in the event of a devastating medical bill.
Types of supplemental insurance can include coverages such as:
• Accident insurance—This coverage provides benefits to employees for various accidental injuries requiring treatment, urgent care or hospitalization.
• Cancer insurance—This provides a payment to an employee for cancer diagnosis, screenings and treatment.
• Critical illness insurance—This coverage complements medical and disability insurance by providing payment directly to the employee after a diagnosis of a major, chronic or debilitating disease.
• Hospital indemnity insurance—This will reduce the impact of higher medical plan deductibles and other out-of-pocket costs associated with an admission to a hospital.
Disability often comes without warning. Disability insurance provides partial income if you become too sick or injured to work. Anyone that depends on income through work should consider this coverage. You never know when onset illness or injury could impact your ability to work.
There are two types of disability coverage:
• Short-term disability insurance —Helps immediately after an accident.
• Long-term disability insurance—Provides financial protection for disabilities that may last for years, taking into effect after your short-term insurance comes to an end.
Dental insurance plans cover dental visits, dental care and various other components of dental care. Dental plans are funded in a few ways:
• In full by an employer
• A combination of employer and employee contributions
• In full by the employee
The following are typical plan coverages:
• 100% of routine preventive and diagnostic care such as cleanings and exams
• 80% of basic procedures such as fillings, root canals and tooth extractions
• 50% of major services such as crowns, bridges and implants
Contact Insurance for Wholeness & Health to find out what your plan details could be.
Life insurance provides a cash benefit to an appointed beneficiary upon the death of the insured employee. An employee simply pays a monthly premium in exchange for a guaranteed payment by the insurer upon the insured’s death.
There are two types of life insurance:
• Voluntary whole life insurance—Protects the entire life of the insured
• Voluntary term life insurance—Protects for a limited period such as five, 10 or 20 years
Contact Insurance for Wholeness & Health to learn more about what life insurance plans are available to you.
Vision insurance is one of the most sought out for voluntary benefits. Vision care and benefits can help you stay healthy by scheduling regular eye exams. Eye exams can detect early problems such as:
• Heart disease
• High cholesterol
• High blood pressure
Having coverage for vision appointments and preventative care can help you save money in the long run.
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Ready to extend voluntary benefits to your employees? We’re here to help.
Contact Insurance for Wholeness & Health for more information on voluntary benefits today! We can help you decide which options are right for you.