We’ve all heard of health insurance, but it’s not uncommon to hear the term “ancillary benefits” in the same sentence. But while everyone is familiar with health insurance, not everyone is equally familiar with ancillary benefits. So, what exactly are they and should you be offering them to your employees?
First and foremost, while health insurance is just health insurance, ancillary benefits can be made up of a variety of different insurance and benefits offerings made available to your employees. Oftentimes, instead of listing out each and every benefit and insurance offering a company may offer, the term “ancillary” may be used instead.
Potential Ancillary Benefits Offerings
But despite the unfamiliarity of the term, the types of insurance benefit offerings it can refer to are all too common. Offerings such as dental and vision insurance, term life insurance, long-term disability insurance, identity theft protection, pet insurance, among many others are among the most popular ancillary benefit offerings companies and associations can offer their employees.
Dental and Vision Insurance
Providing your employees with dental insurance can benefit you as much as them. According to the Mayo Clinic, regular dental check-ups can improve an individual’s personal health and having dental insurance can help save your employees from additional costly expenses should more serious treatments be needed. As is the case with anything health-related, regular check-ups are the key to catching any potential problems early and avoiding costly procedures later on.
Like dental check-ups, regular eye exams not only diagnose vision problems but can also provide early detection of serious health problems. Vision insurance is frequently offered alongside dental insurance and can be every bit as beneficial for employees to have as poor vision can result in everything from migraines, to blindness, and more.
Life insurance provides crucial financial protection for your family if something were to ever happen to you. An offering like this would help to give your employees peace of mind and let them know that you are looking out for their family’s financial future. It is not uncommon for accidental death & dismemberment (AD&D) insurance to be included as well.
Long-Term Disability Insurance
Long-term disability insurance has been designed to help protect your employee’s financial well-being in the event an accident or illness occurs outside of the workplace. It is estimated that just over one in four of today’s 20-year-olds will become disabled before they retire. Long-term disability insurance helps your employees replace their lost income if they have an accident or illness that prevents them from working. Leading long-term disability insurance provider Guardian, can provide your employees with up to $10,000 in monthly disability coverage.
Identity Theft Protection
In today’s internet age, you can never be too careful when it comes to protecting your identity. According to the 2020 Identity Fraud Study, conducted by Javelin Strategy & Research, $16.9 billion was stolen from consumers in the U.S. in 2019. With cybercriminals showing no sign of slowing down, it falls on individuals to protect their identity with smart banking practices and monitoring services.
Identity theft protection is a great ancillary benefit for employers to offer to their employees and is becoming arguably as important as health insurance to have.
Nothing will show your employees that you value them and their happiness more than by offering pet insurance for their four-legged friends. Just like the health costs for your employees, vet bills can be every bit as expensive. But by offering your employees pet insurance, they will be able to make sure that their pets stay as healthy as possible and be reimbursed for their vet visits via their pet insurance company.