With the holidays behind us, many employees have started the new year with the hopes of improving and taking control of their health.
Goals like losing weight, sticking with a gym routine or taking more personal days to relax from the hectic work week are all great to have. However, there are some health-related concerns employees can’t control, such as unexpected accidents or illnesses.
When it comes to unanticipated obstacles employees face, they don’t need to feel alone. There are benefits options that employers can offer to help equip and prepare employees for the financial setback that can accompany health-related problems.
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Some employees may have enrolled in these plans previously and forgotten they have them.
Others may identify needs they have for coverage over the course of the year based on experiences – and expenses – they encounter.
Here are three voluntary insurance policies you can talk to clients about that can help give their employees peace of mind for a healthy new year.
Imagine struggling with a life-threatening illness — and being too broke to avoid having to cook…. (Photo: Yinan Chen/WC)
1. Critical illness
No one is immune to life-altering illnesses, so it’s always the right time to talk about the importance of critical illness coverage. When a diagnosis occurs, a voluntary critical illness plan can provide significantly more financial protection than a major medical plan alone.
Critical illness benefits range from $5,000 to $50,000 and are paid directly to the employee (unless otherwise assigned).
When clients add critical illness insurance to employees’ benefits packages, it offers employees additional protection to help ensure that if they’re diagnosed with a critical illness, they can focus on recovering instead of their finances.
A single underinsured hospital stay could lead to an endless series of time-consuming phone calls and in-person billing office visits. (Photo: Thinkstock)
2. Hospital indemnity
Hospital inpatient care accounts for almost one-third of U.S. health care costs.