Are You Prepared For A Major Illness?
Supplemental Plans Offer Needed Benefits
Most Californians don’t like to think about death, accidents or illness, but these are on the top of the list of most of our life concerns. Healthcare reform has caused a shift toward individual awareness and responsibility regarding our health insurance. Healthcare costs are going to increase in the next three years. This will cause many employers to rethink group plans, and therefore may lead individuals to look for healthcare alternatives.
Out-of-pocket costs are increasing at an alarming rate. The national average out-of-pocket cost for a major illness was over $4,000 in 2013. Many individuals also incur lost income during a major illness. There is no question that a major illness also can take an emotional toll on the individual and their family.
Employees can benefit from voluntary insurance benefits solutions offered through their employer. According to Met life.com, “The benefits landscape is changing significantly due to economic challenges, rising health care costs and health care reform. As a result, employers are adding voluntary benefits to their benefits programs in a big way – with 47% planning to add more voluntary benefits in the next two years.”
Voluntary Benefits Can Include:
- Accident & Health
Here are a few thoughts on how to implement voluntary benefits insurance:
- Make sure you offer a variety of benefits.
- Have a written outline and information about enrollment.
- Educate employees about the difference between regular health benefits and voluntary benefits.
- Discuss the financial impact of critical care and long term illness.
Each company has its own circumstances which dictate what would be needed to safeguard the years of hard work in building a successful enterprise. We will guide you through different scenarios to see what effects it would have on your business and what solutions are available. It may be as simple as a Key-Man Policy or funding a Buy-Sell Agreement with Life and Disability Insurance.
Many of the products used are listed in Personal Services.