Why implement supplemental insurance like Aflac into your business?

Implementing supplemental insurance like Aflac into your business can offer several benefits for both your company and your employees, even if it doesn’t directly cost the business anything in premiums. Here’s why you might consider it:

Benefits for Employees:

  • Financial Protection: Employees gain access to cash benefits that can help cover out-of-pocket medical expenses (deductibles, copays, etc.) and non-medical living expenses when they face unexpected health events like accidents, critical illnesses, or hospital stays. This can provide significant peace of mind.
  • Gap Coverage: Supplemental insurance helps fill the gaps that major medical insurance might leave, offering financial support for specific health-related events.
  • Choice and Customization: Aflac offers a variety of plans (accident, cancer, critical illness, hospital, etc.), allowing employees to choose coverage that best suits their individual needs and risk tolerance.
  • Convenience and Group Rates: Employees can often obtain this coverage at potentially lower group rates through the workplace than they might find on their own. Premiums can also be conveniently deducted from their payroll.

Benefits for the Business:

  • Enhanced Benefits Package: Offering supplemental insurance enhances your overall employee benefits package at little to no direct cost to the company. This can make your business more attractive to current and prospective employees.
  • Improved Employee Morale and Productivity: When employees feel more financially secure and cared for, it can lead to increased job satisfaction, reduced stress, and improved focus and productivity.
  • Attracting and Retaining Talent: In a competitive job market, a strong benefits package is a key factor in attracting top talent and reducing employee turnover. Offering supplemental insurance can give you an edge over competitors. Studies show that a significant percentage of employees value health benefits highly and that it influences their decision to stay with a company.
  • Minimal Administrative Burden: Typically, the employer’s role in offering voluntary benefits like Aflac is primarily to facilitate access through payroll deduction. Aflac often handles enrollment and claims directly with employees, minimizing the administrative burden on the company.
  • No Direct Cost (Usually): The premiums for supplemental insurance are usually paid by the employees, making it a cost-effective way for your business to offer valuable additional benefits.
  • Tax breaks: Business expense deduction, if the business pays towards employee benefits.  Payroll tax savings for pre-tax deductions when offered through a Section 125 plan

In essence, implementing supplemental insurance like Aflac can be a win-win. Your employees gain valuable financial protection, and your business can enhance its benefits package, potentially improving morale, attraction, and retention, often without incurring additional premium costs.

Would you like to explore any of these benefits in more detail? Let’s calendar time to chat!

Keri Garrison

580.363.6604

keri_garrison@us.aflac.com

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