Supplemental Insurance & Voluntary Benefits
is the most effective way to reduce health insurance costs for employers and individuals while providing greater protection against loss of income and healthcare debt.
To cover the exposure up to the deductibles, a fill-in-the-gap insurance is needed. By raising deductibles and coinsurance, premiums will be lower. These insurances are relatively cheap in comparison to Major Medical insurance, typically costing on average $300 a year for a policy for an individual and $600 per year for a family.
Supplemental Insurance pays cash directly to individuals, becoming discretionary income. Thus, individuals are able to pay much of, or the entire deductible, and co-insurance.
Ever more important than covering the gap in coverage are the expenses incurred outside the medical costs. The toll of lost wages, travel, lodging, out-of-network charges and alternative treatments mounts, while everyday bills are still going on. A Harvard Medical Study in 2005 revealed these factors cause as many as 30% of medical bankruptcies for people with health insurance. Supplemental insurance provides financial protection and personal security, and helps pay for the extra expenses and ongoing bills.
Voluntary Benefits for Employers
FACT: A good benefits portfolio helps employers attract and retain the best talent. Voluntary benefits are playing a more significant role in the benefit package as other benefits are rising in cost and are customizable for employers and employees to fit specific needs. These benefits provide a cost-effective program with a wide variety of options.
Studies show a discrepancy in how employers and employees view voluntary benefits. Employees consistently value attributes of voluntary benefits more than employers realize.
Employees can pick and choose which products are most important for them. The employees pay for these benefits, often with pre-tax dollars. Employees own the insurance, and the insurance is portable at the same rate. For employers, no hard costs are added, yet this option helps the employer provide a greater benefit package with cost savings through the added use of pre-tax plans.
Some highlights of these plans:
- Improves morale and retention
- Customizable to fit employer and employee needs
- Depending on group size--guaranteed issue products,
i.e., Disability, Critical Illness and Life Insurance.
- No hard costs to employers: employee paid, owned
and portable
- Cost savings through greater utilization of Section
125 pre-tax plans
- More choices for employees
- Simple computerized enrollments
- One-on-one benefits explanationsfor each employee
- Larger selection of benefits to choose from without
adding costs
- Low costs for employees while expanding coverage.
The MetLife Study of the American Dream shows that over
90%
of Americans believe that it is important for companies to continue to offer benefits, even if they must pay most or all of the cost.
At TCB, we offer a wide carrier selection with national enrollment capabilities and are experts in Voluntary Benefits with over $30 million dollars in combined sales experience.
Supplemental for Individuals
TCB Insurance Group offers a full line of Supplemental Insurance products for individuals and families. Accident Plans, Cancer, Critical Illness and Hospital Insurance Plans will help you cover extra expenses and fill in the gaps. Contact us at 615-377-0766 for a quote on the very competitively priced insurance products.
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TCB Insurance Group,
LLC
5115 Maryland Way
Brentwood, TN 37027
615-557-5667
615-370-1401 (fax)
E-mail: TCB@TCBinsurance.net |
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