Supplemental benefits are insurance products that employees can purchase through their employer or on their own to complement their primary health and life insurance coverage. Supplemental benefits can provide them with additional financial protection and peace of mind in case of unexpected events, such as accidents, illnesses, or death.
Supplemental benefits can help cover the gaps in insurance plans, such as deductibles, copays, coinsurance, and out-of-pocket expenses. They can also provide employees with lump-sum cash payments that you can use for any purpose, such as medical bills, living expenses, debt payments, or funeral costs.
There are different types of supplemental benefits that employees can choose from, depending on individual needs and preferences. Supplemental benefits we offer are:
Accident Insurance
Accident insurance helps you pay for medical and other out-of-pocket costs that you may incur after an accidental injury. This includes physician treatment, radiology tests, physical therapy, hospital stays, medical exams, as well as other expenses you may face such as transportation and lodging needs.
Accident insurance can cover a wide range of injuries, such as fractures, burns, concussions, dislocations, lacerations, and more. The amount of benefit you receive depends on the type and severity of the injury, as well as the plan you choose.
Accident insurance is important because accidents can happen anytime and anywhere, and they can be costly and disruptive to your life. According to the National Safety Council, the average cost of an unintentional injury in 2019 was $1,100 per person. Moreover, according to the Centers for Disease Control and Prevention, more than 39 million people visited the emergency department for unintentional injuries in 2017.
Hospital Indemnity Insurance
Hospital indemnity insurance supplements your existing health insurance coverage by helping pay expenses for hospital stays. Depending on the plan, hospital indemnity insurance gives you cash payments to help you pay for the added expenses that may come while you recover.
Hospital indemnity insurance can cover various costs associated with hospitalization, such as room charges, surgery fees, anesthesia costs, diagnostic tests, medications, and more. The amount of benefit you receive depends on the length and reason of your hospital stay, as well as the plan you choose.
Hospital indemnity insurance is valuable because hospital stays can be expensive and unexpected, and they can put a strain on your finances and health. According to the Agency for Healthcare Research and Quality, the average cost of a hospital stay in 2018 was $11,700 per stay. Moreover, according to the American Hospital Association, there were more than 36 million hospital admissions in 2019.
Critical Illness Insurance
Critical illness insurance is designed to help pay your health insurance deductible and other out-of-pocket expenses of treating and recovering from serious illness such as cancer, heart attack, stroke, and more.
Critical illness insurance pays you a lump-sum cash benefit if you are diagnosed with a covered critical illness. The amount of benefit you receive depends on the type and stage of the illness, as well as the plan you choose.
Critical illness insurance is essential because critical illnesses are becoming more common and more survivable than ever before. However, they can also be costly and stressful to deal with. According to the American Cancer Society, the estimated cost of cancer care in 2020 was $209 billion. Moreover, according to the American Heart Association, the estimated cost of cardiovascular disease in 2019 was $351 billion.
Cancer Insurance
Cancer insurance is a type of critical illness insurance that specifically covers cancer-related expenses. Cancer insurance benefits are designed to help cover expenses that traditional insurance may not cover.
Cancer insurance can cover various costs associated with cancer diagnosis and treatment, such as chemotherapy, radiation therapy, surgery, immunotherapy, targeted therapy, hormone therapy, stem cell transplant, clinical trials, genetic testing, and more. The amount of benefit you receive depends on the type and stage of cancer, as well as the plan you choose.
Cancer insurance is important because cancer is one of the most prevalent and devastating diseases in the world. According to the [World Health Organization], there were 19.3 million new cancer cases and 10 million cancer deaths in 2020. Moreover, according to the American Cancer Society, the average cost of cancer treatment per month in 2018 was $5,000 for patients with health insurance and $10,000 for patients without health insurance.