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One low-cost way that employers are enhancing their benefit packages is by offering worksite benefits. Worksite benefits can help supplement your employees' core health benefits by providing them with additional financial protection in the event of a covered accident, injury, or hospitalization. Benefit payments can help cover out-of-pocket expenses not fully covered by regular health insurance. Worksite benefits include accident insurance, critical illness insurance, and hospital confinement indemnity insurance.
Thinking about implementing worksite benefits? Here are some important questions you may want to ask first.
Some insurance carriers only offer worksite benefits to those organizations with 100 or 200+ employees. If you’re a smaller group, ask the carrier if you’re eligible for their plan.
A participation requirement is the number of employees who must enroll in the coverage for it to be offered. The lower the percentage, the more favorable it is to you.
How long will the rates be secure? Note that rates are usually guaranteed for 2-3 years and are typically stable after that.
Does the plan include a wellness incentive? Most worksite plans offer a wellness benefit, which could reimburse an employee, spouse, and/or dependent children each year for having certain tests and routine exams done.
What other services does the worksite provider provide? (E.g. Flexible Spending Accounts, FMLA Services, Benefit Administration System Administration, or HSA/HRA Services)
For more information about worksite benefits, contact your NIS Representative.