Posted by: Professionals In Human Resources Association (PIHRA) | December 2, 2010

The Benefits of Voluntary Benefits

More and more studies show that health care costs continue to rise in this country. Many employers are reacting by revising their insurance and benefit offerings to reflect this trend and compensate for increased costs.

How will these possible benefit reductions and increased benefit costs affect your insurance coverage? What about next year? What changes will it bring?

Traditional medical insurance doesn’t cover every expense related to an illness, injury or death. The bills and expenses continue to add up, especially if you have to stop working and lose your income. How will you pay the deductibles or co-payments and other increasing medical costs not covered by your employer-sponsored insurance plan?

Voluntary insurance can help you prepare for these and other out-of-pocket expenses. Most of all, these plans help take the worry away about how you will pay your medical and other everyday living expenses.

Voluntary Benefits products and services are offered at the worksite (through your employer) and features convenient payroll deduction for premium payments. Plus, many plans can be purchased through a flexible benefits plan allowing you to pay for our valuable coverage with pretax dollars.

Disability
Employees depend on their income to pay for housing, food, clothing, and their children’s education – all the necessities of life. For most employees, a disability means not only difficulty meeting these financial obligations but also increased out-of-pocket medical costs. Voluntary plans offer a variety of affordable employee-paid disability income options to meet your company’s and your employees’ needs

Cancer and Critical Illness
Medical advances have resulted in increased survival rates for specified disease. But with these advances come increased health care costs. Lengthy, expensive recovery periods can mean the loss of personal wages and an employee’s ability to pay for care and treatment. Even with the most generous employer-provided medical and disability insurance plans, workers need additional resources to help meet their financial needs.

Cancer Insurance pays lump-sum benefits that can help employees pay out-of-pocket expenses resulting from cancer treatment. Just as importantly, this product also pays an annual cancer-screening tests/wellness benefit to encourage employees to have regular screenings, improving their chance of survival if they do develop cancer. And you can select from several levels and plan options to help meet the needs of a diverse employee base.

Hospital Confinement Indemnity
Health insurance costs are rising. Your premiums are rising. And unfortunately, when it comes to their health insurance, you now must offer your employees options that usually provide less value for the money.

Employers need an affordable solution to protect employees, stay competitive in attracting and retaining quality workers, and remain profitable. Employees need more benefits choices than ever before. Hospital Confinement Indemnity products can provide your employees the benefits they need without hurting your organization’s bottom line. And if you have or are considering a Health Savings Account (HSA) there are many plans that are HSA-compliant which can help you and your employees stretch benefit dollars, at no direct cost to you.

You can’t stop medical costs from rising. You can’t prevent gaps in coverage from occurring. You can help employees manage those costs and cover those gaps by providing them with additional protection to help them in the areas where they need it the most.

Since 1985, Lifeline Employee Benefits has helped thousands of individuals, families and business owners find the right policies for their needs. For any questions we can be reached at 818-774-1003.

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Responses

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