In our last blog we examined some of the common reasons employers opt not to offer ancillary coverage options to their employees. However, there are many advantages for employers who provide a comprehensive benefits package to employees. In this blog we’ll discuss how offering ancillary benefits can lead to healthier and more productive employees—benefitting the employer’s bottom line.
Improve medical outcomes
Offering dental and vision coverage can make a huge difference for an employer’s bottom line. Why? First, regular dental and vision checkups can ensure healthy teeth and eyes. When vision or dental problems occur, early treatment is the best option to avoid loss of eyesight or other complications.
Furthermore, many dental and eye diseases can indicate or lead to larger medical problems, such as vision problems due to diabetes, or an abscessed tooth that causes deadly bacteria to reach the brain.
The problem is, many employees won’t take the initiative to seek out and purchase dental and vision insurance themselves, but will if the employer offers it. Dental and vision care should be part of an employer’s benefits package and wellness program, to help employees identify and treat problems early. Doing so will lead to healthier, more productive employees, as well as lower long-term costs if problems are resolved early.
Help employees avoid financial hardship
Another important consideration for employers is the financial well-being of their employees. Employees who are stressed about money problems aren’t as engaged or productive at work, so employers benefit when employees have their finances in order.
There are a few ways employers can help support financial wellness for employees. The first is offering life, long-term disability and short-term disability insurance. This is another area where workers may not seek out their own coverage, but will sign up if the employer offers it. Employees are more financially vulnerable than they may realize:
- 25% of employees will be temporarily disabled by the time they retire
- 70% of households live paycheck to paycheck
- 70% of households with kids would suffer financially if primary earner passed away
Providing life and disability coverage options creates a critical safety net for employees. In addition, companies can consider offering financial education workshops, financial counseling services and other ancillary benefits to support employees’ financial needs. Financial wellness programs are becoming more popular, so companies should consider joining the trend.
Facts and statistics like the ones in this blog can be very persuasive to employers, particularly if they don’t understand the value or are reluctant to offer additional benefits to employees. To learn more about educating clients and selling more ancillary products, check out this free ebook.