Offering employees supplemental health insurance as a voluntary benefit is a solution you can implement for your employees. It’ll help employees maintain financial stability and will help you attract and retain a productive workforce. Supplemental health insurance benefits — accident, cancer, critical illness, and hospital indemnity insurance — are among the fastest-growing benefits.
Accident insurance provides benefits to employees for more than 40 different accidental injuries requiring treatment, urgent care, or hospitalization, including common injuries such as burns and fractures, or services during treatment and recovery such as ambulance transportation, physical therapy, and X-rays. Payouts are based on covered treatments, regardless of whether a medical plan also covers treatment costs. Three plan levels are available to meet the needs of employers and employees. Plans will increase benefits for covered children injured while participating in an organized sport.
With accident insurance from Guardian:
- You can choose from four standard schedules of coverage that determine the amounts paid to insured employees, with additional options for flexibility .
- You are able to offer multiple plan options to employees
- There’s a simple four-tier rate structure with 24-hour or off-the-job plan design options
- Wellness riders can be included, supporting a comprehensive list of eligible screenings and preventive procedures, including smoking cessation and weight-loss programs as well as annual physicals
- The Child Organized Sport Benefit pays up to an additional 25* percent of child benefits if a covered dependent child (aged 18 or younger) is injured while participating in an organized sport (child must be insured by the plan on the date the accident occurred)
- Chiropractic visits can be a covered benefit depending on the plan schedule selected
Cancer insurance provides a lump-sum payment for cancer diagnosis, screenings, and treatment. Payments are made to the employee, regardless of medical insurance, and can be used for any purpose. Guardian offers three cancer insurance plan levels that cover a wide range of budgets and employee needs.
- Benefits for procedures and treatments, such as surgery, chemotherapy, and radiation
- Cancer screening benefit available that includes procedures such as mammograms and colonoscopies
- Attained-age, issue-age, or composite rates available
- Conditional guaranteed issue with one health question
- Special underwriting consideration on takeover opportunities
Critical illness insurance complements medical and disability insurance by providing a lump-sum benefit paid directly to a covered employee on the diagnosis of more than 30 different major, chronic, and debilitating illnesses such as stroke, heart attack, cancer, Alzheimer’s disease, and Parkinson’s disease. Plans can be tailored for different sized groups and with varying coverage riders.
- Lump-sum benefits are available up to $50,000, with guaranteed issue amounts available starting at employee groups of at least 10
- Benefit options allow you to select the coverage that best meets your needs
- Pays for the first occurrence of a critical illness while insured with the option to include recurrence benefits
- No lifetime maximum. Benefits are payable on all conditions.
- Children are covered at no additional cost, and no health questions are required
- Cancer benefits can be excluded to ease bundling with a stand-alone cancer insurance plan
Attained-age or issue-age rates are available
Hospital indemnity insurance softens the financial impact of higher medical plan deductibles and other out-of-pocket costs associated with hospital admissions.
- Helps reduce the financial burden of high deductibles and/or co-pays
- Pays indemnity benefits directly to the employee whether or not charges are covered by medical plan
- Highly flexible plan design
- Sickness-only coverage option
Get the voluntary benefits your employees will love
The value that voluntary benefits can offer to your workforce is clear. Guardian can help you decide on the right mix for your business.