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How Can Voluntary Benefits Safeguard Your Financial Well-Being?

Updated on May 12, 2015
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In today’s workplace, there is just a thin line of difference between health and wealth benefits. Employers, carriers, brokers and employees, everyone is looking for their own benefits being served in the context of healthcare benefits. Where employers look for ways to reduce ever-rising healthcare costs without jeopardizing the risk of losing talent; Carriers seek to minimize the associated risks and want to dive into a larger pool of insurance plan participants. Employees too, side-by-side seek to protect themselves along with their families, from the unforeseen health issues.

To help serve the goals of all three constituents, Voluntary benefits along with effective data-driven tools can prove to be extremely helpful. This will ensure that employers, carriers or employees don’t compromise cost, risk or coverage, respectively, to achieve their individual goals.

Following are the top ways how voluntary benefits can help safeguard financial well being of all three groups;

Health Savings Account (HSA)

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What?

A health savings account (HSA) is provided with a HDHP (High Deductible Health Plan) HDHP. Where a flexible savings account (FSA) mandates the use of funds by the end of plan year, following the “use it or lose it” rule; HSA is kept far from this disadvantage. If the funds are not utilized, they roll over and accumulate year by year. Moreover, along with you, even your employer, in some cases can fund-in some percentage.

Why?

The impact of healthcare deductible can be minimized with the help of HSA. It allows you to make use of the pre-tax dollars so that a fund can be created from which the deductible can be paid. Even in your retirement stages, HSA funds can be used to afford other health related expenses.


Critical Illness And Unaffordable Expenses

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What?

Think of it like a life insurance plan, that can bring peace of mind to you and your family and ensure that you won’t run out of money when in need. According to a study, it has been noted that 62.1 percent of the people go bankrupt due to ever-increasing medical costs.

Why?

Catastrophic illness insurance helps you reduce the financial risks in the event of a major illness, if you have an HDHP (High-Deductible Health Plan) in hand. It even helps cover the out-of pocket expenses that are not covered by medical insurance, like loss of personal income.


Supplemental Disability Policy

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What?

An additional disability policy helps you to fill the financial gap between your regular salary and the insurance cover provided by the employer or state disability policy. This is applicable when you are required to take time off from work due to some medical condition.

Why?

This policy will ensure that you don’t run out of finances even when you are off work recovering from your illness. The supplemental disability policy helps you pay your bills on time while you are waiting for the insurance money to come in your hand as it includes a lot of paperwork and formalities to be fulfilled.


Voluntary Benefits can come handy for employers, employees and insurance carriers due to the financial merits associated with them. By utilizing them properly, people can have a complete peace of mind even in the most terrible conditions. TeemWurk provides a perfect platform that proves to be very effective in terms of managing healthcare benefits. It gives employers and employees, both, a medium to fulfill hectic tasks; employers will be able to provide health benefits without any hassles and employees can enjoy the benefits without any discrepancies in their mind about the plan they have been offered.

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