Group Health

There are many benefits you can offer through your business, but there’s one winner that rules them all: health insurance. That’s because it helps keep your team healthy and happy, and providing health insurance to employees signals that you care about their well-being.

Many small business owners agree and offer health insurance benefits even when they aren’t required by the Affordable Care Act to provide coverage. Roughly one in four companies with fewer than 50 employees provides health insurance and a promising 22 percent plan to roll it out the next year.

Hospital Indemnity

Hospital indemnity insurance is coverage you can add to your existing health insurance plan. This form of supplemental insurance pays you a predetermined benefit amount per day for each hospital confinement for periods up to a year.

In general, most plans cover:

• Hospital confinement (with or without surgery)
• Intensive Care Unit (ICU) confinement
• Critical Care Unit (CCU) confinement

Some hospital indemnity coverage also includes :

• Outpatient surgery
• Continuous care
• Outpatient X-rays and laboratory procedures
• Outpatient diagnostic imaging procedures
• Ambulances
• Emergency rooms
• Physician office visits

Cancer Insurance

Cancer insurance is a type of supplemental insurance that pays a benefit if you, the policyholder, are diagnosed with cancer. It's not intended to replace group health insurance coverage you have through your employer or an individual health insurance policy you've purchased. But, you can purchase a cancer insurance policy by itself as a stand-alone policy without having any other type of health insurance coverage.

Oftentimes, people find it confusing when they are presented with the opportunity to purchase a cancer policy because they already have health insurance that includes coverage for a cancer diagnosis and treatment. They question whether it makes financial sense to pay for additional cancer coverage that they believe might duplicate benefits. But is that really the case?

Your group insurance or individual major medical policy may pay for procedures and treatments related to a cancer diagnosis. Still, there may very well be other related expenses that aren't covered by your health insurance. They include:

Co-pays, Deductibles
Lost wages
Experimental treatments
Out-of-network providers
Travel costs for treatment
Child care
Costs exceeding your primary plan benefits

For many people, financial bankruptcy becomes a reality not because they didn't have health insurance, but because of the numerous cancer-related expenses not covered by their primary health insurance policy.

Disability Income - Short Term and Long Term

Disability insurance provides benefits to replace lost income when you’re unable to work because of injury, illness, both, or due to pregnancy. To qualify for the benefits, you must meet the policy’s definition of disability.

Disability insurance policy contracts have an elimination period—a specified length of time following the beginning of your disability during which benefits are not payable. The waiting period varies from contract to contract, ranging from a few days to a year or longer. You can choose a waiting period when you buy your policy; a longer elimination period reduces your premium costs.

Accident Insurance

Supplemental accident insurance is designed to help you handle the out-of-pocket expenses that can add up after an accidental injury. Benefit payments are made as lump-sum cash deposits directly to the beneficiary – you can use your benefits however you want. This could include emergency treatment, hospital stays, medical exams, and other related expenses like transportation costs or lodging needs. It can even be used to help pay for some of your living expenses.

Supplemental accident insurance is different from health insurance because it is purchased in addition to, not in place of, ACA-compliant health coverage.

Personal accident coverage works by providing direct cash benefits when the unexpected happens, while you pay a premium, usually monthly. The premium amount generally remains the same during the length of the policy. The cash benefit amount varies based on the level of coverage you have chosen.