Supplemental benefits are insurance products that employees can buy through their employer to enhance their core health and life insurance coverage. These benefits can help employees cover the gaps in their insurance plans, such as deductibles, copays, coinsurance, and out-of-pocket expenses. They can also provide extra protection and peace of mind for employees and their families in case of unexpected events, such as accidents, illnesses, disabilities, or death.
As an employer, you may wonder why you should offer supplemental benefits to your employees and how to choose the best ones for your business. We will answer these questions and show you how Vesta Employee Benefit Solutions can help you design and implement a customized supplemental benefits program for your employees.
Why Offer Supplemental Benefits to Your Employees?
Offering supplemental benefits to your employees can have many advantages for your business, such as:
- Attracting and retaining top talent: Supplemental benefits can make your employee benefits package more competitive and appealing to potential and current employees. According to a survey by LIMRA, 77% of employees say that supplemental benefits are important in their decision to stay with an employer.
- Improving employee satisfaction and loyalty: Supplemental benefits can show your employees that you care about their well-being and that you value their contribution to your business. According to a report by MetLife, 72% of employees who are satisfied with their benefits are also loyal to their employer.
- Enhancing employee productivity and performance: Supplemental benefits can help your employees reduce stress and worry about their financial security and health. According to a study by Willis Towers Watson, 78% of employers say that offering supplemental benefits can improve employee productivity and performance.
How to Choose the Best Supplemental Benefits for Your Employees?
Choosing the best supplemental benefits for your employees can be challenging, as there are many options available in the market. However, you can follow these steps to make the process easier:
- Assess your employees’ needs and preferences: You can conduct surveys, interviews, or focus groups to find out what types of supplemental benefits your employees want and need. You can also analyze your existing benefits data to identify any gaps or opportunities for improvement.
- Contact Vesta: Take a look at our website or give us a call to inquire about products to compare their features, benefits, costs, and quality.
- Select the most suitable supplemental benefits for your business: You can choose the supplemental benefits that best match your employees’ needs and preferences, as well as your business goals and budget. You can also consider offering different levels or tiers of coverage to give your employees more flexibility and choice.
How Vesta Employee Benefit Solutions Can Help You?
Vesta Employee Benefit Solutions is a leading provider of supplemental benefits for employers and employees. Vesta offers a wide range of supplemental benefits that can be customized to fit the needs and preferences of each employee. Some of the supplemental benefits that Vesta offers include:
- Accident insurance: This benefit pays a lump-sum cash benefit to employees who suffer an injury or death due to a covered accident, such as a slip, fall, car crash, or sports injury. The benefit can be used to pay for medical bills, lost wages, transportation costs, or any other expenses related to the accident.
- Critical illness insurance: This benefit pays a lump-sum cash benefit to employees who are diagnosed with a covered critical illness, such as cancer, heart attack, stroke, or kidney failure. The benefit can be used to pay for medical treatments, living expenses, debt payments, or any other expenses related to the illness.
- Disability insurance: This benefit replaces a portion of the employee’s income if they become unable to work due to a covered illness or injury. The benefit can be short-term or long-term, depending on the duration of the disability. The benefit can help employees pay for their essential living expenses and maintain their financial stability.
- Hospital indemnity insurance: This benefit pays a fixed cash benefit to employees who are hospitalized due to a covered illness or injury. The benefit can be used to pay for hospital bills, deductibles, coinsurance, or any other expenses related to the hospitalization.
- Life insurance: This benefit pays a lump-sum cash benefit to the employee’s beneficiaries in case of the employee’s death. The benefit can be term, permanent, or whole life, depending on the type and duration of the coverage. The benefit can help the beneficiaries pay for funeral costs, debts, taxes, education, or any other expenses related to the employee’s death.
Vesta Employee Benefit Solutions helps employers and employees choose the best supplemental benefits for their needs and budget. Vesta provides personalized guidance and support throughout the enrollment process and beyond. Vesta also leverages technology and communication tools to ensure that employees understand and appreciate the value of their supplemental benefits.
By offering supplemental benefits through Vesta Employee Benefit Solutions, you can enhance your employee benefits package and attract and retain top talent. Employees can enjoy more comprehensive and affordable insurance coverage and protection for themselves and their loved ones.
To learn more about supplemental benefits from Vesta Employee Benefit Solutions, give us a call us today.