Hidden Gems

Hidden Gems

The Benefits Of Supplemental Coverage In Employee Group Health Plans

by Andrew Lee

Employee benefits packages have come a long way from the days of your parents’ traditional health insurance plans. As employers search for new ways to attract and retain talent, they have begun to extend beyond standard plans by offering an array of additional coverages. While dental and vision have been easy additions to traditional medical coverage, creating a broader offering that includes coverages for critical illness, cancer, cyber / identity theft protection, and legal shield services could be worth exploring for many employee groups. 

  • Critical Illness Coverage: Unexpected health crises can be financially devastating. Critical Illness coverage provides a lump sum payment after the diagnosis of a covered condition. This can ease the financial burden on employees during challenging times.
  • Cancer Coverage: A cancer diagnosis is emotionally taxing, but another often overlooked part of that fight is the weight of paying for treatments. Offering specialized cancer coverage can allow employees access to the best possible care without having to worry about the financial implications.
  • Cyber / Identity Theft Protection: In this digital age, an unprecedented amount of information is available at the press of a button. While this has allowed us to streamline day-to-day parts of life, it has also unfortunately opened the door to invasions of privacy that can be compromising to your employees. Providing identity theft protection services can reassure employees that their personal data is secure, reducing stress and distractions at work.
  • Legal Shield Services: Legal issues, from family matters to estate planning, tend to rise unexpectedly. Offering legal shield services as part of your benefits package ensures employees have access to professional legal assistance when they need it most. This support can help employees resolve personal and professional legal matters efficiently, reducing potential legal risk for the company.
  • Recruitment And Retention Advantages: Offering a comprehensive suite of benefits, including unique coverage options, will set your company apart from competitors and make it more appealing to prospective employees. It also demonstrates your commitment to supporting your current employees outside of their work environment, reducing turnover and recruitment costs. 

Expanding your employer-sponsored group benefit plan to include supplemental coverages like those mentioned in this blog demonstrate your commitment to employee well-being. These offerings provide peace of mind, financial security, and legal support, contributing to a more satisfied and engaged workforce. Evaluate the unique needs of your employees and consider the advantages of including these non-traditional coverages in your benefits package to gain a competitive edge in today’s job market.