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Supplemental Insurance is a Value-Add Opportunity for Employers

Employers may create significant value in their health plan options by providing employees with supplemental insurance options.

Supplemental benefits add value to employer health plans.

Source: Thinkstock

By Thomas Beaton

- Employers may have a prime opportunity to add value to their health plan options by offering supplemental insurance, according to a recent AHIP survey.

The survey found that 95 percent of employees are satisfied with supplemental plan benefits including accident, critical illness, or hospital indemnity insurance. Supplemental benefit providers also deliver excellent customer service, said 99 percent of employees.

Most employees view these benefits as a cost-effective way to protect themselves and their families from destabilizing healthcare events such as a heart attack or terminal illness diagnosis.

Employees with supplemental insurance feel these additional benefits are a necessary investment to ensure that healthcare is affordable. Fifty percent of employees said they would have experienced financial hardship without supplemental insurance.

Forty-one percent said they would have taken on debt to pay for the medical and living expenses associated with a major event.

“Everyone should wake up in the morning with peace of mind that if something happened, they and their loved ones are protected,” said Tom Meyers, Vice President of Product Policy for AHIP. “This study demonstrates that, more than ever, Americans are realizing the tremendous value and security these supplemental plans offer.

Supplemental insurance providers excelled in customer service fields related to communication, enrollment, and access to benefits, the survey found.

Ninety-five percent of employees were satisfied with the ability to contact supplemental benefit providers about questions and concerns. Ninety-four percent said they were satisfied with enrollment processes and were able to quickly receive their benefits.

Over 90 percent of all employees said they had positive experiences related to communications with their benefits provider, knowledge provided by insurance agents, and processes for filing claims.

Supplemental benefits were most valuable to employees because they create feelings of security for individuals and families, the survey results indicated.

Ninety percent of employees agreed that their supplemental insurance gives them peace of mind related to critical life events. Ninety percent of employees also believe that supplemental benefits are an investment that adds financial protections for healthcare spending.

Employees also value the ability to receive high quality care (40 percent), support for paying copays and deductibles for traditional health insurance (37 percent), and simple-to-use benefits (35 percent).

Employers may have a growing opportunity to use supplemental benefits to add significant value to their health plans offerings. The value of supplemental insurance may additionally provide a member engagement opportunity for employers that want to tailor health plan options to the needs of their employees.

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