Supplemental and Voluntary Benefits for Employers and Individuals

Supplemental Insurance Product Information

Voluntary Plans - These specialized policies cover diagnoses of Cancer, Specified Health Events, Hospital Indemnity, and other special health related circumstances. For more specifics on each type of policy see below.

Many insurance carriers offer voluntary benefits, most by offering them via the workplace. We work with several and can help determine which has the best set of benefits for the employees based on a combination of affordability and benefits offered. These plans are usually are paid completely by the employee. If handled correctly they can be paid via payroll deduction which can save both the employee and employer taxes.

Voluntary benefits are usually purchased by individuals through their employer, however many of the benefit plans are available directly to individuals. In either case several carriers offer the plans and they each have several ways that they allow policy holders to pay for their purchased plans.

Cancer plans provide cash benefits for individuals diagnosed with cancer. The different policies offer different benefits, but most will offer a cash benefit of some amount upon diagnosis. Some policies will make ongoing payments to assist with the out of pocket costs of undergoing treatment of the cancer, which may include lodging out of town, travel expenses, cash benefits for each day in the hospital or while undergoing various treatments both on an inpatient or outpatient basis. Some policies even will make cash payments upon proof of annual wellness exams specific to cancer check-ups.

Specified Health Event plans will pay a cash benefit and often ongoing daily benefits during hospitalization or other treatment when selected medical conditions apply. These often cover such medical conditions as heart attacks, stroke, and other serious or dreaded medical events and diseases. These plans typically do not include cancer as that is covered under a cancer policy.

Hospital Indemnity plans pay cash amounts to the policy holder based on the level of care they are receiving in the hospital. Payment can be for both inpatient as well as outpatient care in hospitals. These policies will usually not cover the cost of being in the hospital but will offset out of pocket expenses and will in the event of no other health coverage contribute towards the cost of the care. Because these carriers do not contract with hospitals, there is no guarantee that having one of these policies will create contractual discounts at the hospital for the policy holders.

Individual Disability plans may allow the purchaser to initiate or supplement company provided disability coverage. These plans allow up to 70% of the base salary as benefit subject to certain plan specific limitations on top amounts paid. Also, depending upon the carrier the disability may be subject to ability to work in own job/similar job versus being able to work in any job.