At some point in our lives, we will experience the unexpected. A hospital stay, a broken leg, an ambulance ride or worse—a chronic illness. These expenses usually arise when you least expect them, and often when you can’t afford them either. But there are steps employers and employees can take to ensure financial help with surprise medical bills. The key? Voluntary benefits.
“Preparing for medical out-of-pocket expenses can be a burden on any employee’s financial planning. Fortunately, voluntary benefits are a cost-effective strategy that provides peace of mind and a morale boost for employees,” explains Steve Vermaak, President and CEO of Select Choice Benefits.
Here are a few supplemental health insurance options to include in your benefits program to help with unexpected medical bills.
Accident Insurance
As the name implies, accident insurance plans help offset medical expenses resulting from a covered accidental injury. From initial care and surgery to transportation and lodging, these types of plans can help employees be better prepared for healthcare expenses in the time of an emergency. Many accidental insurance plans cover follow-up care, too.
Hospital indemnity insurance
For the emergencies that require a hospital stay, certain plans can help cover the expenses of that occurrence. Hospital indemnity insurance proves a daily lump-sum benefit to help with out-of-pocket costs related to a hospital stay—from diagnostic tests to emergency room trips and even outpatient surgery. This is a low-cost plan that can help with big costs later down the road.
Critical illness insurance
No one wants to face a critical illness, and even worse, the medical expenses that come with long-term health battles. Critical illness plans were created to complement major medical coverage. Similar to hospital indemnity insurance, they provide a lump-sum benefit for any employee diagnosed with a covered critical illness. These illnesses could include strokes, heart attacks, end-stage renal failure, coronary artery bypass surgery, some types of cancer or even major organ transplant, to name a few.
Cancer insurance
As one of the most feared and dreaded illnesses today, no one wants to hear the word cancer. But for more than 15.5 million Americans nationwide, it’s a word they had to face. The costs associated with cancer treatment are astronomical, so having an insurance policy to help with those costs can be life-saving. These policies can also allow your employees to focus on getting better rather than the expenses associated with their treatment. Coverage includes radiation,chemotherapy,hospitalization, surgeries and more. Every employee and employer should consider cancer insurance, especially those who have had family affected by the disease.
When it comes to voluntary benefits, knowing what your employees are thinking and expecting is crucial. But considering the options above is a good place to start.
Keep up with the latest benefits trends by following our blog. If you have questions about your insurance plan, contact us today.
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