Many jobs offer health insurance, a retirement plan and paid days off. These are the traditional benefits that workers have come to expect. But more and more employers also are offering additional benefits to help attract and retain workers. These supplemental benefits are often intended to help employees in times of crisis.
What are they
Supplemental benefits, also often called workplace benefits or voluntary benefits, are a suite of benefit offerings that many companies choose to offer employees in addition to more traditional benefits. These benefits are meant to help employees and their families through times of major illness or injury.
Who are they for?
Work benefits can be a good choice for any employee, but they are especially important for certain people. Single parents and single wage earners in a household should take advantage of supplemental insurance. The benefits also make a lot of sense for anyone who supports a child or vulnerable adult. People who have dangerous jobs where the risk of injury and illness is higher than normal also should take advantage of supplemental benefits.
How do they work?
Supplemental benefits are meant to be just that. They offer additional benefits on top of health insurance and a retirement account. Supplemental benefit policies often pay out a lump sum if you are sick or injured and can’t work. They may also help you in retirement long after you have left your job. Just as with any other insurance policy, you must file a claim when you have a covered event, and assuming you meet the criteria, the policy will pay out up to your maximum coverage. although some policies may have a waiting or exclusion period.
There are a number of different workplace benefits available. Some of the most common are accident insurance, critical illness insurance, disability insurance, long-term care insurance and universal life insurance.
The main benefit of having supplemental insurance is the additional coverage it provides if you become temporarily or permanently disabled and can’t work. An additional benefit is that getting such coverage through your employer is cheaper than getting it on your own.