Healthcare expenses are a large budget item for most households in America, with many finding that one unforeseen illness or accident can send their finances into the red: nearly half of Americans have (or have had) medical debt, according to a LendingTree survey.
Employers are also feeling the squeeze, walking a fine balance between providing benefits that attract and retain employees without breaking the bank.
But many employers are missing out on a simple, easy-to-implement, and often no-cost way to help ease employee’s medical expenses: ancillary benefits.
Ancillary benefits (also known as supplemental or voluntary benefits) complement traditional health plans by providing cash for covered incidents that can help pay deductibles, copays, and out-of-pocket costs, and more. These products are designed to offer support in the event of accidental injuries, hospitalizations, and critical illness diagnoses, providing extra cash and peace of mind to employees when they need it most. And, many products can be made available to employees at no cost to the employer, offering a chance to beef up benefits with little impact to the bottom line.
If these no-cost benefits could benefit your employees, contact BCS to learn more!