Most employers are aware of the mandatory regulations which require them to provide health insurance to their employees. However, the rising cost of health insurance makes it difficult to offer the once exceptional coverage that many employers utilized to attract the best possible talent and keep those individuals happily employed. As a result, employers have looked for benefits they may offer to their employees that show they are invested and care about the employee without breaking the bank. Supplemental insurance coverages offer an alternative to high cost benefits that demonstrate the care an employer has for its talent base while maintaining a reasonable budget. The following three coverages are the most sought-after coverages that will help employees in their time of need, when basic health insurance coverage is not enough to cover their needs.

  1. Accident Coverage

Life happens. People may find themselves in the emergency room or urgent care due to any number of accidents. Accident coverage allows an employee and his or her family to receive money if they ae involved in any type of accident outside of work which results in emergency care. The payment can help cover their out of pocket costs associated with the accident, such as co-pays and even over-the-counter medical needs to help deal with any injuries. The money may even help provide a cushion until their disability payments take effect, if they are going to be missing a bit of work to recover from the injuries.

  1. Critical Illness Coverage

Aside from accidents, another medical issue that can be unexpected and financially crippling is the diagnosis of a critical illness. Illnesses such as cancer, MS, a stroke, Parkinson’s Disease, or some other type of critical illness, can emotionally throw any person and their family for a loop. Typically, they are so concerned about finding a new normal in life and coping with their diagnosis, that they neglect to think about the financial issues associated with treatment and ongoing care. The truth is many insurances cover only a certain portion of care. Either out of pocket maximums are met while they go through the treatments or insurance does not even cover the needs of the patient, leaving the individuals and family to not only cope with the emotional strain, but work to find a way to pay for the treatment while still putting food on the table. Critical illness coverage can help reduce the financial strain by providing payments to the insured person. As a result, this payment will help pay for the medical care, leaving money in the bank and allowing the family to focus on the care, not the expense.

  1. Hospital Coverage

Hospital coverage is another supplemental coverage that helps alleviate the financial strain a hospital stay can put on a person and his or her family. When a person has a hospital stay, whether it be for a planned surgery, an unplanned emergency surgery, or almost any type of hospital stay, this type of coverage will provide a payment for each day the person is in the hospital, up to a predetermined limit. This will help the individual pay for expenses occurred while in the hospital and even for expenses outside of the hospital stay that may have been affected by the lack of ability to work or be home with his or her family.

Supplemental insurance coverage helps provide employees with financial help when the unexpected medical issue occurs. Many times, these policies are paid for by the employee through a payroll deduction, however, some employers may offer to pay for some of the coverage as part of the benefit options. The policies are always affordable for the employee and easy to implement. To learn more about the benefits of supplemental insurance options, contact the experts at Fusion Employer Services at 609-896-5900.