More than medical, dental, and vision

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How supplemental health plans can offer financial protection for employees.

While most employees appreciate their employer-provided health insurance, many overlook the additional protection offered by supplemental health plans. This can leave them financially vulnerable in the face of unexpected medical costs.

Here's why supplemental plans often go overlooked:

  • Knowledge gap: Supplemental plans come with unfamiliar terms like deductibles, copays, and out-of-pocket maximums. Employees may struggle to understand how these plans work and how they complement their primary health insurance.
  • Life stage confusion: Choosing the right supplemental plan depends on individual needs. A young, healthy employee might prioritize accident and critical illness coverage, while someone nearing retirement might focus on cancer or hospital insurance.
  • Information overload: During enrollment periods, employees are bombarded with choices. With limited time and understanding, many default to familiar options, neglecting the potential benefits of supplemental plans.

This lack of understanding can lead to financial hardship. So, what can be done? Employers can play a crucial role with:

  • Simplified communication: Use clear language and infographics to explain supplemental plans and their benefits.
  • Tailored guidance: Offer resources or workshops that help employees choose the right coverage based on their life stage and health needs.
  • Enrollment assistance: Provide dedicated support during enrollment periods to answer questions and guide employees through their options.

By empowering employees with knowledge, companies can ensure they take full advantage of these valuable benefits, leading to a healthier and more financially secure workforce.

New York Life Group Benefit Solutions products and services are provided by Life Insurance Company of North America, New York Life Group Insurance Company of NY and New York Life Insurance and Annuity Corporation, subsidiaries of New York Life Insurance Company.

Life Insurance Company of North America is not licensed in New York and does not conduct insurance business in New York.