Most Americans 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
- 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.