Why Supplemental:
Costs of healthcare and employee benefits continue to rise...and often times what those benefits actually pay continues to reduce so employers and employees often face increased expenses and reduced benefits to fit within a budget. That means more exposure when employees need to use the plans. Employers face many challenges in covering their employees and optimizing employee engagement. The more engaged employees are, the more efficient they tend to be: engaged employees are more loyal; have less: fatigue, injuries, work comp claims (Monday morning injuries), unnecessary sick days, turnover/training costs, and more. One way to optimize employee engagement is to give them the sense of security when life throws a curve-ball to themselves and/or a family member. Illnesses and Injuries place a huge burden on employees, direct costs such as medical expenses such as deductibles, co-pays, and coinsurance. There may be lost income. Often times a healthy spouse/parent must take time off work to take care of an injured or sick spouse or child. Indirect costs impact people too, like fuel costs to treatment centers, parking, unplanned dietary expenses, extra groceries and meals out.
Employees often face more serious illnesses or injuries with less money coming in (even short term disability tends to only cover a percentage of income) so since most people tend to live paycheck to paycheck and budget their lifestyles so close to their income; that reduced income (if any) coming in while they are facing increased financial obligations, is a formula for a financial disaster, stress, and worry. Stress and worry show themselves as expensive byproducts to businesses…such as disengaged and fatigued employees.
There is an answer. Supplemental insurance is designed to pay employees directly. Employees can use that money to cover direct and indirect costs related to covered injuries or illnesses...but more importantly it can pay their mortgage and other bills and keep food on the table and the lights on. That means when a covered person experiences a covered event, they have the cash to apply to increased expenses, missed income, etc and are able to get the care they need. That security, translates to employee engagement, and has many positive ripple effects for businesses today.
The Cost
The cost of offering these programs is customizable to any budget, and employers have the option of paying whatever monies they decide to budget per employee and the employee picks up the rest through a simple payroll deduction. In some cases 100% of the premiums are employee paid. If an employee went directly to a carrier, they would pay much more and would not have the same options as they would through an employer offering. That is why even offering these options at a 100% employee paid basis is a much appreciated benefit. Premiums are typically rate stable so a company can rest assured the money they contribute today will be of the same value in years to come, as opposed to major medical contributions where that contribution’s value tends to become less and less significant against the cost of the plans. It is also worth mentioning that whether the premiums are paid by the company or the employee, they are typically either expensed or pretaxable deductions, so the company can actually save money by offering the plans.
Why AIC & ASSOCIATES?
Many will argue that supplemental insurance has been an increasing necessity and increasingly sought after for years. And you see evidence of that in the marketplace by the many carriers getting into supplemental insurance. There have never been more carriers and more options in the history of the industry so what used to be a simple choice between a couple carrier and product options. Today sifting through the options can often seem overwhelming.
That's where we come in. cumulatively the controlling partners of AIC have nearly 40 years of Supplemental insurance benefits experience. We will carefully consider the needs of your company and your goals and budget and find the best carrier fit, the best coverage options, and sort through that for you so you can focus on your business. After sorting through the options, we will present the recommended information, design a plan to educate employees of their options, help answer their questions and help them enroll. We will be available to them for claims help and coverage questions into the future as well.
Supplemental coverages offer peace of mind to the employees, and often times financial advantages to the company as well. AIC helps simplify offering them to your employees and helps you add significant attraction power to your benefits portfolio with ease. And the best part...you control the cost...and can even save money in offering them