Why Supplemental Benefits Matter: And Where to Start
Many employers today recognize that benefits can be a distinguishing factor for hiring and retention. But beyond primary healthcare insurance, what is the advantage of a comprehensive benefits plan that includes supplemental options?
The answer is significant.
According to 2023 data, more than 50% of employees who were eligible for supplemental options like dental, vision, and life insurance enrolled.
And for employers, providing a comprehensive benefits plan can be a distinguishing factor when candidates are considering multiple employer options or moving away from a current position.
Another upside? Adding supplemental benefits to your existing plan is often inexpensive or can be offered at a low cost to employees. It is a simple add-on that helps provide better care – and support for employees.
If you’re new to or considering supplemental benefits for your organization, here are the most common options to begin integrating into your existing plan.
Life Insurance – supplemental life insurance goes beyond what you may already offer through your existing benefit plan.
With supplemental life insurance, employees can add additional coverage within the guidelines of your benefit structure. It’s a valuable way to help employees gain access to life insurance easily. This benefit can help alleviate the growing financial stress many employees report and concerns about caring for loved ones in the event of a death.
Vision Insurance – supplemental vision plans can be extremely low-cost but greatly expand the limited coverage typically available from primary insurance.
With supplemental vision, employees often gain access to a broader network of providers, can cover the costs of annual eye exams, and receive an allowance for glasses or contact lenses. Generally, these incentives help employees stay on top of routine care while saving on critical vision needs.
Dental Insurance – supplemental dental insurance is another great add-on that can significantly increase employee coverage options.
With supplemental dental plans, employees can take advantage of annual or semi-annual cleanings at no cost. This encourages a proactive approach to care and often early detection of more significant health concerns. Coverage can also offset the stress of higher costs for families facing orthodontic or surgical needs.
To learn more about developing a comprehensive benefits package that attracts, supports, and retains an exceptional workforce, book a call with our team today.
