The recent Covid-19 pandemic has taught us it would be just how quickly our health insurance benefits ran out. Many times, we were left without any benefits whatsoever in the midst of an international health crisis. To make matters even worse, our hours were often cut as well, leaving us ill-prepared to financially meet the medical needs of our families.
If employers had known before December 2019 what they soon learned, most would have offered supplemental packages for their employees. Sadly, that wasn’t the case, however, this is a new day, which is why employers are being urged to provide that much-needed extra coverage before another pandemic-level crisis should emerge.
Coverage for OTC Medications
This was something many families struggled with during the pandemic. With finances already strained and emergency rooms filled beyond capacity, they had to wrestle with finding OTC medications for ailments that weren’t Covid related. This put an even greater strain on them. If you are looking for supplemental coverage plans for your employees, it’s time to compare other supplemental insurance to Nations OTC, a well-known but incomplete supplemental coverage. The cost of OTC medications can quickly add up, so this is an important coverage.
Gaps in Medical Insurance Coverage
Some supplemental insurance packages have what is called ‘gap coverage.’ These will often cover the cost of copays, which can run high annually as well. Sometimes services and procedures are covered in a supplemental plan that aren’t covered in the employee’s medical insurance plan. It’s an attractive coverage that benefits the employer as well as the employee because benefits are among the top things that applicants look for when checking out new companies to work for.
Rates Reduced for Groups
If you offer a group supplemental insurance plan to your employees, they can take advantage of group rates. This will significantly cut the cost, making supplemental insurance even more attractive than it already is. While they can always purchase individual plans, those will cost more than the group rates you can find for them.
Convenience
Then there is convenience to consider. Your employees already work hard for the company and oftentimes are simply drained when they arrive home at night. Many go above and beyond when doing their jobs because your stability as a company means added layers of financial stability for them. Since a group supplemental insurance plan would be deducted from the employees’ payroll each period, there is nothing they need to remember paying when they are doing their monthly bills. It’s already paid through payroll, making it a convenient coverage all the way around.
If you stop to think about it, benefits are a two-way street. While you are offering your employees a supplemental insurance plan to pick up where their health insurance leaves off, you are doing something for your employees they will appreciate. You are providing supplemental insurance at rates much lower than they could find as individuals while offering coverage to keep them healthy and on the job. It’s a win-win every time.
