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The COVID-19 Coronavirus health crisis is presenting unprecedented challenges that are being felt worldwide and deep in the heart of our communities. At Combined Insurance, we have taken steps to protect our employees and their families while working to maintain solid levels of support and service for our customers
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Mathew A. Matarrese, SVP, Sales Distribution and Business Development
It’s no secret that the rising costs of healthcare are a persistent concern for both employers and employees. Corporate and individual healthcare consumers are exploring new ways to manage costs through worksite insurance vehicles, various savings strategies and even crossed fingers that a medical-related financial crisis “won’t happen to us.” As competition for talent tights up, it is more important than ever that employers offer an attractive, well-rounded benefits package.
Preparing for the inevitable?
Unfortunately, unexpected medical events—and their related costs—happen every day. And they happen to people from every walk of American life. But one thing is for sure: simply having major medical insurance usually isn’t enough to prevent your employees from having problems paying medical bills. If they’re involved in an accident or are diagnosed with a serious health condition, they may be faced with some difficult financial choices that can significantly impact their lifestyles.
Offering voluntary healthcare insurance plans is an increasingly popular and low-cost way for employers to help employees protect themselves against the unexpected. You may already appreciate the value of these plans—and you may already provide your employees with access to some combination of worksite products, from accident to cancer and critical illness coverage. But have you explored the real impact that a serious medical event can have on your employees’ livelihood?
Let’s review the facts in the U.S.:
Major medical policies aren’t designed to cover everything. They don’t cover non-medical expenses, for example, and most don’t start paying benefits until the insured meets cost-sharing requirements. Getting diagnosis and treatment for a serious illness or getting into an accident can result in a sudden, unexpected need for cash to cover:
Meeting medical and non-medical obligations can be a real challenge for your employees without adequate supplemental insurance coverage, let alone major medical insurance or family savings. Now, let’s take a look at some pertinent findings from the Kaiser Family Foundation/New York Times Medical Bills Survey:7
What these findings show is that medical expenses negatively impact the financials of everyone, even those with insurance. As an employer, you can help your employees ensure their needs are met by offering a comprehensive healthcare benefits package with access to supplementary insurance products that protect their pocketbooks.
Combined Insurance can help
Combined Insurance provides employers with the supplemental insurance coverage their workforce wants – while managing the cost of doing so.
First, we help communicate the value of the benefits your company offers. That way, your employees understand what their total compensation is really worth.
Then, we offer Combined Insurance supplemental insurance policies and help them understand how these products complement their existing benefits plan. We communicate that these supplemental policies are value-added benefits available to them as a result of their employment.
The best part for your company is that because these are supplemental policies paid for by employees directly, there is no additional cost to you and little or no administrative overhead. You get the benefit of Combined Worksite Solutions account executives working with your employees and providing customer service – all of which your employees appreciate.
In the insurance business, this is what we call a “win-win.” Contact us at 1-800-544-9382 to learn more!
References 1 National Center for Health Statistics. (2017, March 17). Retrieved from cdc.gov/nchs/fastats/leading-causes-of-death.htm2 Cancer Facts & Figures 2020. (n.d.). Retrieved from https://www.cancer.org/research/cancer-facts-statistics/all-cancer-facts-figures/cancer-facts-figures-2020.html3 Heart Disease Facts & Statistics. (n.d.). Retrieved from cdc.gov/heartdisease/facts.htm4 National Center for Health Statistics. (2017, May 03). Retrieved from cdc.gov/nchs/fastats/emergency-department.htm5 Agency for Healthcare Research and Quality, Cost for Hospital Stays in the United States, 20126 U.S. Census Bureau, 20147 The Burden of Medical Debt: Results from the Kaiser Family Foundation/New York Times Medical Bills Survey - Section 1: Who Has Medical Bill Problems and What Are the Contributing Factors? Retrieved October 27, 2017, from kff.org/report-section/the-burden-of-medical-debt-section-1-who-has-medical-bill-problems-and-what-are-the-contributing-factors/.
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Combined Insurance Company of America (Chicago, IL Illinois) is a leading provider of individual supplemental accident, disability, health, and life insurance products and a Chubb company. With a tradition of nearly 100 years of success, we have an A+ rating by the Better Business Bureau and are one of Ward’s Top 50® Performing Life-Health Insurance Companies. Combined Insurance is also the number one Military Friendly® Employer in the over $1B revenue category for 2019 by VIQTORY. This is the company’s eighth consecutive year on the top 10 list and fifth consecutive year in the top 5—Combined Insurance was previously named the number one Military Friendly® Employer in the nation for 2015 and 2016. In New York, products are underwritten by Combined Life Insurance Company of New York (Latham, NY).
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