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Voluntary Supplemental Insurance

The increased financial exposure resulting from reduced benefits, can have a severe and often devastating impact on those employees more likely to be faced with a serious illness or accident.

A real solution to the growing problem of increased out-of-pocket expenses, resulting from reduced benefits, is to offer Voluntary Supplemental Insurance (also known as “Gap” Insurance) to your employees. These products provide employees with the opportunity to enhance their current level of benefits. Affordable premiums are funded, typically pre-tax, by employees who choose to participate. You win because not only do you expand your employees’ benefit portfolio, you increase your own bottom line by saving on payroll taxes. Employees are given the choice of participating voluntarily, thus it costs your company nothing. Most importantly, it empowers your employees to make decisions regarding the benefits that are most important to them and their families.

Offering a Supplemental Insurance program is simple. Once a year, sometimes in coordination with your current open enrollment period, employees are offered the opportunity to participate in a portfolio of Supplemental Benefit Plans. Each employee independently chooses the programs that best meet their individual needs. Additionally, because these benefits are employee funded, they are “portable”. If an employee leaves your company for any reason, he or she can continue coverage by paying for these benefits on a direct basis without any increase in rates or lapse in coverage.