With all the economic uncertainty being caused by COVID-19, you may not want to commit to a full major medical insurance plan for yourself, family or — if you’re a business owner — your employees.
This doesn’t mean you must go “insurance-less” in the face of the pandemic. Supplementary, or voluntary, insurance is a solid alternative you should consider. Instead of hundreds of dollars per month premiums for medical insurance, you can buy supplementary plans for as little $3-25 per week, depending on the plan and whether it covers family members.
Supplemental insurance is additional coverage that you can use to help with the out-of-pocket expenses that may not be covered by your major medical insurance. Have you ever had expenses not covered by your major medical plan? That’s where supplementary insurance comes in.
You can purchase supplementary plans that cover life, vision, dental, accident, hospital, critical illness, cancer and short-term disability.
Businesses can offer supplemental programs on a voluntary basis, meaning employees can purchase just the coverage they wish for themselves and family – at group rates.
These voluntary benefit plans produce financial peace of mind for employees and give employers an edge in attracting and retaining key talent. By setting up these voluntary benefits as an IRS Section 125 plan, employees can pay for their premiums pre-tax, and employers are able to reduce their payroll tax burden.
One other potential advantage of supplementary insurance plans … they pay you, the policyholder, instead of healthcare providers. This can be a true financial life saver when you’ve just spent three days in the hospital, for instance, and need to pay your rent, mortgage or car payment. Plus plans are highly portable; you can take your coverage with you whether you move, change companies or lose your job.
Call INSUREOUS at 904-295-8498 if you would like more information on setting up a supplementary benefit plan for your business, or if you like a a quote for yourself or family members. We can do everything enroll virtually if you would prefer.
INSUREOUS represents several supplementary carriers including Aflac, number one in the industry. You can see all the Aflac plan brochures here.