Voluntary Supplemental Insurance- The Basics and Benefits

Health insurance can be offered as an employer-paid benefit or on a voluntary basis. The employees who have a need of additional life insurance can opt for the voluntary plans. It allows you to purchase life insurance coverage through the convenience of payroll deductions.

 ‘A voluntary supplemental insurance plan is a healthcare plan that covers anything above and beyond minimum essential medical coverage.’

The supplemental health plans can provide can provide added medical coverages. Or, the supplemental health insurance can be purchased to paying the costs not covered by the basic health insurance plan such as co-insurance, co-pays, and deductibles.

The employers are offering voluntary supplemental insurance plans as part of a competitive benefits package. But do you know why? The critical illness, accident, disability, and other voluntary plans can help keep the benefits robust, relevant and affordable without adding any kind of a hassle to HR’s busy schedule.