Is supplemental coverage right for your company?

Open enrollment has almost arrived, and for most companies that means taking a look at their coverage options. There is one extra question every company should be asking themselves this year: should I be adding supplemental insurance to my benefit plan?

Supplemental insurance is extra or additional insurance you can purchase to help pay for services and out-of-pocket expenses that regular insurance does not cover. Some plans reimburse for expenses incurred, while others pay specific amounts regardless of how much you have paid out-of-pocket. So many people with these policies even get a little extra cash in their pocket in addition to their services paid for.

Examples of policies are Critical Illness, Short-Term and Long-Term Disability, Dental, Vision, Life, Accident and more.

We recommend to all of our clients that they add supplemental insurance to ensure employees are truly taken care of in their time of need. Supplemental plans are typically inexpensive and pay quickly so employees can start using the funds to pay incurred medical bills, seek additional treatment or supplement lost income as a result of injury or sickness.

They can also be a great employee recruiting and/or retention tool. In a competitive job market, benefits can be one of the biggest reason an employee chooses to stay at or join your company. Supplemental benefits are not offered by all employers, though they are easy to set up and require little administration from an employer.

One of the best parts about ClaimLinx’s Simple Option Solution is that it creates savings, which companies can use for any number of improvements. It’s a great opportunity to add these policies at no additional cost overall to the company.¬†Employers can select plans for employees or offer employees a monthly dollar amount so they can choose the plans that fit their needs.

These plans pay employees when they need it most. Catastrophic incidents can leave families with thousands of dollars in bills, even with a good insurance plan. Using savings to buy these plans shelters employees from this problem at no additional cost to you.

We tell clients to think of their overall health plan like raising a roof. The major medical plan is the frame that holds it all together. The Section 105 MERP is the outer layer of shingles that prevents leaks and is the part people experience day to day. Supplemental plans are the insulation that keep people protected, warm and comfortable.

Contact sales@claimlinx.com if you’re an employer looking to explore adding supplemental insurance to your plan. Or visit www.claimlinxmarketplace.com to see your options for a supplemental plan.

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