Employees - Flex Benefits

Having employer-sponsored benefits doesn’t total what it used to be. Workers pay 22% more for health insurance provided by an employer than they did in 2018, totaling an average of $8,435 in annual premiums.¹And that’s before deductibles, copays, and coinsurance are required out-of-pocket on top of monthly premium costs. There can be an incredible need for additional coverage to help pay for these out-of-pocket responsibilities if an accident or illness strikes.

A Commonwealth Fund survey²found that workers with employer insurance already have or are concerned about the amount of debt they could accumulate due to medical bills.

• 43% with employer coverage find affording healthcare very or somewhat difficult.
• 54% of individuals with employer coverage are delaying care due to costs.
• 30% of individuals with employer coverage are currently paying off medical debt.

Self-employed individuals who own their own businesses might have health plan benefits that include preventive care, hospitalization coverage and more. But with gaps in coverage due to high deductibles, protecting your business can be critical when the unexpected strikes.

Additional insurance coverage self-employed people should consider include:

• Disability insurance to provide monthly income when you are unable to work due to an injury.
• Accident medical coverage to pay your deductible and any doctor or facility copays if you incur a hospital stay for injury.
• Critical illness insurance to provide deductible coverage or offset lost income when a diagnosis could sideline your financial well-being.

Supplemental insurance coverage can help bridge the gap in coverage between the first dollar you are required to pay and hitting your insurance deductible maximum. With the flexibility to mix and match supplemental coverage from Flex Benefits, you can ensure your finances and health have extra protections for accidents, critical illnesses, and more.

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