Supplemental Benefits
Supplemental Benefits allow your employees to customize their benefit plan to meet their individual needs. It is a Benefit JUST to make a Benefit AVAILABLE whether utilized or not.
Supplemental Benefits aka Voluntary Employee Benefits are designed to fill the gaps existing in workers compensation, disability insurance, and health insurance. They are typically pretax deductions of group rated policies, making them very affordable.
Supplemental Benefits help Employers attract and retain quality employees by having more comprehensive Benefit Plans. Some common Voluntary Benefit features are: simplified issue or guarantee issue underwriting Vs. Full Underwriting with Individual Policies, eligible to be pre-taxed as they are payroll deducted, only available through a payroll deduction and not on an individual basis, they are typically portable.
Some common Supplemental benefits are:
Cancer Insurance
When 1 in 2 men, 1 in 3 women and 3 out of 4 families deal with the overwhelming costs of cancer at some point in their lives and you can have a Supplemental Benefit for as little as a few dollars a week that will fill in the gaps with your Health Insurance as well as Disability Insurance... why risk the potential financial difficulties that cancer could cause for you and your family?
This common Voluntary Benefit covers an annual cancer-screening test for every person insured and in the event of cancer, it pays benefits for everything from hospitalization & surgery to radiation and chemotherapy as well as all the other typical cancer treatments. An Intensive Care Rider is also available on this Supplemental policy. The ICU rider helps cover the high costs of all ICU related confinements. Policy is pre-taxable.
Accident Policies
This is an excellent Voluntary benefit option to address large up-front costs associated with common group medical plans in the event of an accident of any kind. It is an inexpensive supplement benefit. This indemnity product can include accident and/or sickness disability insurance in addition to medical benefits provided. An accident policy can pay for accidents incurred both on and off the job, therefore fills the gaps with both Health Insurance and Workers Compensation. Policy is pre-taxable.
Critical Illness
Over 25% of people living in the United States have heart disease. Heart Disease, Cancer and Stroke are the leading causes of both disability and death in the United States. Medical and non-medical expenses for these diseases demand financial support above the normal Health Insurance benefits. This supplemental benefit policy provides up to $50,000 in additional benefits. Another excellent Voluntary Benefit option commonly made available by employers.
Vision
Vision insurance can cover the cost of an annual exam as well as annual lenses or contacts. This Voluntary Benefit option also provides frames every other year. This supplemental benefit premium is eligible to be pre-taxed which makes the annual cost less than what an eye exam alone would cost!
Voluntary Term Life
Typically available with no underwriting/guarantee issue up to certain limits on an initial offer and underwritten thereafter. Along with the convenience of being payroll-deducted, it is a popular benefit to make available at no cost to your company. This Voluntary Benefit is an after tax deduction, making the death benefit tax free.
Voluntary Permanent Life
Available with little or no underwriting. This Voluntary Benefit is always portable with premiums and death benefit remaining level. This Supplemental Benefit is available for the entire family. It offers another way to enhance your benefit plan at no cost to your company.
Legal Protection Plans
This supplemental benefit insurance policy gives you access to attorneys without having to make a financial decision first. Employees participating in this Voluntary Benefit option are less distracted by legal issues when they arise and better equipped to remain focused on their work.
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