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Supplemental Benefits

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Supplemental Benefits Provided By Our Agency

Supplemental benefits are optional, employee-paid benefits. Commonly referred to as "voluntary benefits," they have expanded with the rise of high-deductible health insurance plans and the availability of new kinds of benefits.

What Are Supplemental Benefits?

Supplemental benefits—or supplemental benefits—are products offered through an employer but are paid for partially or solely by workers through payroll deductions. An attractive perk of these benefits is that they can offer individual employees group rates that they would be unlikely to find on their own. They are extremely important for employees who want to fill the voids of coverage where their traditional benefits don’t give them the insurance they need based on varying life circumstances, current situations, and down the road for those who plan ahead.

What Are Some Examples of Supplemental Benefits?

Here are some examples of supplemental benefits within each of the seven general types:

  • Health: This category contains additional health insurance options, such as:
    • Critical illness insurance
    • Accident insurance
    • Emergency hospital transportation insurance
    • Telehealth access
    • Disability insurance
  • Dental: Supplemental dental options help close the gap between covered procedures and uncovered ones, which may include:
    • Sealants
    • Crowns
    • Tooth removal
    • Dentures
  • Vision: This covers or discounts regular eye exams and other procedures, such as:
    • Glasses
    • Contact lenses
    • Laser eye surgery
  • Wellness and Lifestyle: This offers free or reduced services for the employee’s well-being. Examples include:
    • Gym membership
    • Legal services
  • Financial: This supplemental benefit helps an employee to better manage their finances.
    • Financial planning services
    • Tax help
    • Investment advice
    • Student loan repayment programs
  • Security: Options in this category cover an employee in case of death or identity theft.
    • Life insurance
    • Identity theft protection
  • Personal and Miscellaneous: These benefits can be anything else the employer feels will benefit the employee and increase retention rates.
    • Flexible work hours
    • Remote work
    • Pet insurance
    • Travel accident insurance

Advantages of Supplemental benefits

For employers:
In addition to helping to attract and keep high-performing employees and reduce turnover, supplemental benefits can allow employers to provide the benefits that newer generations of employees most want and tailor them to their lifestyles. Student loan consolidation and repayment programs are an example. Supplemental benefits can also help organizations fill in gaps between mostly employer-paid benefits such as health and disability insurance. For example, no- or low-deductible hospital indemnity plans can cover many out-of-pocket healthcare costs for inpatient and outpatient care.

For employees
With supplemental benefits, employees can choose the benefits they want and not pay for benefits they may not need, such as expensive low-deductible health insurance plans. Instead, some employers contribute part of the cost.
An advantage is that employees can buy benefits offerings at reduced group rates. Another is convenience; employees can pay for supplemental benefits by payroll deduction, often using pre-tax money, thereby realizing savings

Already have Supplemental benefits? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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