September 27, 2017 | By Bruce Hentschel | BenefitsPRO.com
When you think about the word “supplemental,” what comes to mind? Something less important? An add-on? A bonus rather than a necessity?
Now consider supplemental benefits. While not the foundation of a benefit package, they shouldn’t be demoted to second class status. Supplemental benefits – coverage for accidents and serious illnesses – meet a unique need that core benefits don’t satisfy. That makes them important in an integrated benefit package, not lesser.
Addressing coverage gaps
Supplemental benefits provide protection beyond other benefits. If your clients say, “But we already offer medical and disability,” be prepared with the answer. While medical insurance helps pay for traditional medical expenses and disability insurance helps replace lost income, theres still a gap. Additional needs – those unexpected out-of-pocket costs – can be catastrophic. Expenses like deductibles, travel costs, childcare, home health care and even everyday bills.