High deductible health plans (HDHP) are becoming increasingly popular among both employers and employees alike. In the last five years, employee enrollment in HDHPs has doubled. As a result, employees are looking to supplement their health insurance with disability insurance as a way to afford medical care when they need it most.
An Overview Of High Deductible Health Plans
Every year, the government determines the minimum deductible and the maximum out-of-pocket expenses for a health plan to qualify as an HDHP. These minimums and maximums vary by coverage. It is important to note that the maximum out-of-pocket cost does not apply to any out-of-network care that is sought. The government has established health savings accounts (HSA’s) which are intended to help cover deductibles, coinsurance, and co-pays. However, annual contributions to an HSA is often limited. With many employers not contributing to employees’ HSAs, individuals are seeking other options to pay for their medical care.
What Coverage Do Your Employees Have?
With a growing number of employees enrolling in HDHPs, the need for disability insurance becomes significant. There is always going to be the possibility of suffering an injury or falling victim to a severe illness. Consider the fact that one out of every three employees runs the risk of needing to be out of the office for over ninety (90) days due to an illness or injury. People with high deductible plans face the unfortunate situation of needing their full income to pay for medical care, but not being able to get to work to receive it. Income protection can mitigate this problem. Providing employees with a supplemental insurance benefit such as disability insurance can really make the lives of your employees better and happier.
Coverage Offered By Employers
Having an employer who offers supplemental insurance programs like disability insurance can really reinvigorate employees. Having options available that lessens the stress placed on them when they are injured or become severely ill, allows employees to want to stay at the company. The more incentives you offer, the better your employees feel about the business in general.
Get Your Supplemental Disability Insurance Policies With The MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. With The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! Also, be sure to like our Facebook page, follow us on Twitter, LinkedIn, and Google+ for all the latest voluntary benefit news!