In today’s high-deductible health plan (HDHP) marketplace, employees are expected to pay a growing share of out-of-pocket expenses. This can encourage them to be better health care consumers, but can also lead to greater financial stress when they face unexpected health care costs. By offering voluntary benefits like accident, critical illness or disability income insurance, employers can help protect the financial wellness of their workforce while managing their bottom line. Employees who take advantage of this coverage can receive benefits before they meet their deductible, helping them focus more on their recovery and less on the financial burden they may otherwise face.
Voluntary benefits can be offered at no cost to the employer, and can encourage more employees to participate in the HDHP by offering them some immediate coverage. However, employers should carefully consider the needs of their group and work with their broker to create a financial wellness plan that meets their goals. To learn more, check out our Inside Track educational paper.