Any employer should be well familiar with the perks of providing their employees with benefits. Beyond the obvious advantage of protecting the health of your employees and their loved ones, you may find that offering an appealing benefits package can help to attract new workers. What’s more is that competitive benefits can help retain your most highly valued employees. You may have heard the term ‘supplemental benefits’ thrown around. Today, we will define supplemental benefits and give a few examples.
What exactly are supplemental benefits? Here’s what you need to know.
What are Supplemental Benefits?
On the broadest level, we can define benefits as ‘supplemental’ if they cover expenses that major medical insurance does not. In other words, supplemental benefits are everything besides health insurance. These benefits are typically—but not always—paid by your employees. This can include almost everything, from insurance covering other aspects of your employees’ health, to paid time off, to a gym membership.
Dental and Vision
Many people are surprised to learn that dental and vision are not covered in many health insurance plans. If that’s the case, an employer can provide dental and vision insurance as part of their benefits package. Oral and visual health are, after all, essential not only to personal wellbeing but to one’s ability to perform work efficiently.
Accident Insurance
You might think that other insurance policies can cover the cost of an accident. They might, but, depending on the severity of the accident, they also might not. This is where accident insurance comes in. Most health insurance policies will only cover costs that arise within a certain number of days pre- and post-hospitalization. Accident insurance can help to offset any medical costs associated with recovery from the accident, such as disabilities.
Lifestyle Spending Accounts
Lifestyle Spending Accounts, or LSAs, are becoming an increasingly popular benefit. This is one example of a supplemental benefit that is paid for by the employer. Unlike HSAs, however, these are not tax-advantaged. These cover a vast variety of expenses that can help you have a healthier lifestyle. It may cover, for instance, the costs of your gym membership, your athletic clothes, or even sporting equipment.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.