Best Supplemental Health Insurance Plans for Your Employees

Updated on June 14, 2019

Do you know what’s really covered under traditional health insurance? In reality, it’s probably less than you think. As a business owner, it’s up to you to make sure your employees are well taken care of. Healthy workers and productive workers. But beyond that, offering quality health insurance benefits will help you attract the best possible talent while retaining the top performers you already have.

However, finding a traditional health insurance plan that covers the most important things isn’t always easy. That’s where supplemental health insurance comes in. Supplemental insurance costs less than traditional insurance, and it’s something you purchase in addition to a regular policy. This insurance covers all of the gaps traditional coverage misses so you and your employees can have peace of mind. Here are the best supplemental health insurance plans for your employees.

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Why Offer Supplemental Health Insurance?

First, we’ll define why it’s so essential to offer supplemental health insurance for your employees. Supplemental health insurance is often offered as a form of competitive benefits package.

In essence, people like when they’re insurance is simplified. While any employee could always purchase one of these plans on their own, dealing with independent insurance is a hassle. Here are some of the leading reasons to consider offering supplemental health insurance as an employer:

  • Recruit and retain employees – According to a LIMRA study, 7 out of 10 employers offer benefits in order to attract and retain top talent. In this competitive market, employees are looking for these extras that make their lives easier.
  • Add to an existing benefit program – Existing health benefit programs are becoming increasingly complicated. If you’re a smaller business, you might offer a HRA or some kind of health stipend rather than traditional insurance. Additionally, you might only offer high-deductible health insurance which will really only benefit a medical emergency. Adding a supplemental plan to this type of untraditional benefit program will sweeten the deal.
  • They’re affordable – Finally, supplemental health insurance is simply easy and affordable. It costs significantly less than traditional health insurance, and the benefits are far-reaching.

As you can see, there is no reason not to consider a supplemental plan for your employees. You want to take care of your best workers, so it’s time you give them something they can count on.

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Types of Supplemental Insurance Plans

There are a number of supplemental health insurance plans you can consider adding to your benefits package. The best way to decide which of these suits your employees best is to simply ask them what they think they need. You can never be too careful. Here are the most common supplemental options:

  • Dental insurance – Most people are surprised to learn that dental insurance isn’t included in traditional health insurance. Dental insurance costs employees an average of anywhere from $15 – $50 a month depending on the number of dependents. Compared to the cost of dental treatment, this is great deal.
  • Vision insurance – Similarly, vision insurance is not covered under traditional health insurance. However, vision health is highly important for all ages, and coverage is very affordable.
  • Long-term care insurance – Long-term care insurance is especially useful for employees over 50 years of age. It covers the cost of nursing homes, assisted living, or at-home care during retirement.
  • Disability insurance – Disability insurance is often only purchased for high-risk employees, like those who are older in age, but it’s something everyone should consider. Disability coverage offers benefits if the employee becomes unable to continue working for some medical reason.
  • Life-threatening disease coverage – Finally, disease-specific coverage is an option to offer benefits in case the employee develops a life-threatening disease like cancer.

Protect Your Employees

As a business owner, you need to take responsibility for yourself and your employes. Open enrollment 2019 only applies to individual and Medicare plans, so that means you can get started with your search today. Create your game plan now so you can secure the best health insurance and supplemental insurance for your employees and yourself in the coming year.

Offering these additional coverage options helps not just your employees, but it will also make you a more competitive employer. This is a win/win opportunity you don’t want to pass up.

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The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.