5 Questions to Ask Your Employees For a Mid-Year Supplemental Insurance Checkup

Pat McCullough, VP of Marketing

5 Questions to Ask Your Employees For a Mid-Year Supplemental Insurance Checkup

Why wait until open enrollment season to offer your employees access to supplemental accident and sickness insurance? Now is a great time to consider whether your employees may be interested in a voluntary benefit program. While they probably can’t change their major medical policy before 2018 open enrollment rolls around, you just might uncover some unmet needs.

Assessing employees’ coverage

Here are some key questions to consider: 

1. Do your employees’ major medical plans meet their needs?

Health insurance plans do not cover everything. Your employees should check to see if their existing policy provides sufficient coverage in the event of an unexpected accident or sickness. If not, supplemental accident and sickness insurance may be a good addition to their insurance coverage.

2. What keeps you up at night about your existing coverage?

Many people worry about out-of-pocket expenses “if something happens,” especially if they have a high deductible plan with high cost-sharing requirements. If they have children, they may be particularly concerned about sports injuries or playground accidents. Others may worry about cancer. Understanding that supplemental insurance can help them “if something happens” may help put their minds at ease. 

3. What about expenses not covered by your insurance plan?

Not only do most policies have limits on what’s covered, but most don’t provide coverage for the many non-medical costs that may accompany a serious illness, accident or injury. These costs can include lost wages, transportation to-and-from the hospital or childcare expenses. Now is a great time to remind your employees that supplemental insurance provides benefits that can be used to help offset some of these expenses.

4. Do you have savings set aside for emergencies?

If your employees are in an accident or diagnosed or treated for a serious illness, they will have to pay

  • Deductibles and coinsurance toward their covered healthcare costs
  • Non-medical costs associated with the unexpected medical event
  • Everyday bills, like mortgage or rent, utilities and car payments

And what if they lose income as a result of their hospitalization or treatment?

These expenses can add up quickly. Even if they have some money set aside in a traditional or tax-advantaged health savings account, it may not be enough to cover everything. 

5. Would they like to purchase supplemental coverage?

Supplemental coverage can give your employees peace of mind—and cash when they need it most. But first, help them assess whether supplemental insurance helps meet their needs. It might be an easy solution for you—and added value for them. A win-win for the employer-employee relationship!

Take a look at Combined Insurance’s supplemental insurance plans and let us know if you’d like to learn more about how to add value to your employees’ overall benefit plan.

 

Products underwritten by Combined Insurance Company of America (CICA) (Chicago, IL) in all states except New York. CICA is not licensed and does not solicit business in New York. In New York, products are underwritten by Combined Life Insurance Company of New York (Latham, NY).

These policies contain exclusions and limitation. See the policies or contact Combined Insurance for costs and complete details of coverage.

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