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I'm assuming you are an employer or human resources personnel the way the question is phrased. With that being said, there are multiple advantages to offering supplemental insurance.
Some Employer Advantages:*enhance your benefit package at no direct cost to the company *helps you be competitive in the employment market and keep them *builds loyalty to the organization and increases morale, IF you utilize an agent that extends a great level of service which includes educating them on why there is a need for such insurance like Aflac agents are trained to do *no contribution requirements - policies are affordable (typically less than an hour's wage/wk) and the employee's pay for it 100% on their own all the time. *minimal participation requirements (my company only needs 3 participants no matter the size of the company). However, if an astute agent is given support and access to just explain the need and some advantages in owning this type insurance with no pressure or obligation to buy, there is typically a 60% average participation *lower your payroll tax liability
...just to name a few. If you are asking why there is a need for supplemental insurance then:
3 things tend to happen if someone is dealing with a serious injury or illness in the household:
A. There will be medical treatment, thus medical bills. And I hope you have health insurance in place to address the Dr's and hosp bills although it's not a requirement to have supplemental insurance. Even if you do have health insurance, does it pay 100% of the bills all the time??
B. Potential for loss of income - direct or indirect. Direct meaning it's the employee that is sick or injured and unable to perform his/her job duties. Indirect meaning the spouse/child is the one sick or injured and keeping the employee from coming to perform his job duties. With so many 2 income households, we find that most often both the direct & indirect interruptions are happening if it's a serious illness or injury.
C. So it warrants asking, if there are more bills coming into the household and less income coming in to the household then how are you paying the day to day bills, e.g. mortgage/rent, electric, water, sewer, gas, phone, car, car insurance, credit cards, etc.
Supplemental policies pay cash dollars directly to the policyholder to take care of whatever they deem necessary. There's a whole lot more to it but that's pretty much the cliff note version.
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What companies offer supplemental Medicare health insurance?
There are many agents that offer supplemental Medicare health insurance. They vary state by state. Some are Cobra Health Plans, Humana, Longevity Supplemental, and Netquote.com.
What does Liberty National life insurance offer?
Liberty National life insurance offer not just life insurance, they offer term insurance, whole life insurance. They also offer supplemental health insurance.
Which UK financial institutions offer supplemental dental insurance?
Supplemental dental insurance is required by United Kingdom law to be available through all dental insurance providers. Denplan and other UK providers will all include supplemental insurance as part of their packages.
What is supplemental health insurance?
As the name suggests, supplemental insurance works in combination with other insurance and it's not for everyone. Supplemental health Insurance is an insurance for situations involving a critical condition or illness, there are policies that offer to help pay out-of-pocket expenses for heart attacks, strokes, heart surgeries, cancer and other illnesses. In short supplemental health insurance policies provide you with money to pay for some of the expenses not covered by major medical insurance.
Is supplemental insurance really worth the costs?
"Supplemental inurance provides coverage in areas that most regular insurance policies do not. However, sometimes your regular insurance company will offer optional benefits that you can add onto your policy. What you need to determine is how much your regular insurance will increase and how much you can purchase a supplemental policy for and, obviously, choose the lesser of the two."
What types of supplemental insurance are recommended?
There are many types of supplemental insurance out there. It depends on the type of supplemental insurance you want. Place calls to your local insurance companies and ask around.
Does Prudential Life Insurance offer term life?
Prudential Life Insurance offers several different type of life insurance, including term life insurance. They offer complete term insurance or supplemental term insurance that can be added on top of any other insurance you may have.
What are the advantages of taking out medicare supplemental insurance plans?
Medicare supplemental insurance plans offer coverage for things Medicare may not cover on its own. This extra coverage will allow one to obtain better healthcare at a lower cost.
What is the definition of supplemental insurance?
The definition of supplemental insurance is additional or extra insurance that you can get to help pay for out-of-pocket or services that your regular insurance will not pay for.
How do I find supplemental dental insurance?
You can find supplemental dental insurance. You can find quotes for this insurance at www.lookdentalinsurance.com or www.aflac.com/ or www.thelibertyprogram.com/.
What exactly is supplemental insurance?
Supplemental insurance is insurance that you can purchase in addition to your regular insurance. It can help pay for expenses such as copayments and deductibles not covered by regular insurance.
What is Supplemental Insurance?
Supplemental insurance is an additional insurance which provides coverage in excess of your primary insurance policy. For example, Flood Insurance is a supplemental insurance to your homeowners policy which does not cover damage from floods. Or, you might have an Umbrella Liability policy which provides coverage to a higher dollar limit above your auto policy or business policy.
