4 tips to help you navigate supplemental insurance

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Workplace benefits insurance is a great complement to any core medical offering. They help fill the holes that traditional coverage may leave and can help with many out-of-pocket expenses.

But, how do you know which ones are right for you? In other words, how do you navigate the world of supplemental or workplace insurance coverage?

Here are four tips to help you decide which workplace benefits best fit your needs.

1.    Think about your age and stage

First understanding where you’re at can help you make the right decisions when it comes to selecting workplace benefits.

For instance, you’re less likely to have a heart attack at age 35 than you are at age 65. However, your chances of being diagnosed with critical illness are higher and may put your retirement at risk. These types of concerns are even more important to consider if you’re the primary breadwinner in your household.

Taking a hard look at your unique situation before selecting your benefits can save you money and plenty of stress should something go awry.

Workplace products like Accident, Critical Illness and Short-Disability can all provide the protection you need, but for many workers, selecting all available products just isn’t in the cards financially, which is why we highly recommend examining both your unique situation and the products available through your employer to confirm you’re covered in the event of an illness or accident.

2.    Understand what your medical insurance covers

Knowing what your medical insurance covers is especially crucial.  The Affordable Care Act shifted most of the healthcare responsibilities from the employer to the employee, and there still may be gaps in your coverage.

Sit down and take some time to calculate how much savings you have. Is it enough to cover you if you have an accident? What if you’re diagnosed with an illness or are out of work on disability? Would still be able to afford rent, groceries, utilities? Are you willing to give up things like concert tickets, the latest mobile phone or even time with your loved ones?

Understanding where you are financially can help you pick specific workplace benefit coverage that works for you and protects your pockets. 

Workplace benefits are created to fill the gaps that high deductible plans leave. They use pretax dollars, so the impact on your overall take-home pay is limited. 

In this day and age, where many employees are covered with high-deductible medical plans, supplemental workplace benefits can do wonders to protect income.

3.    Use the right tools

Employers are touting new, innovative, and easy-to-use tools like coverage calculators and needs-assessment wizards.

Be sure to make the most of these tools so that you can feel confident in selecting the appropriate supplemental coverage.

One thing to keep in mind is that not all employers offer a full suite of workplace benefits. In fact, you may not need or want them all even if they do. However, knowing what options are there is a great feeling.

Planning for the unexpected is vital when thinking about workplace benefits. At some point in, you may get injured or sick. But, being prepared can save you financially and allow you to concentrate on getting well. 

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Workplace benefits bring value to employees

Employers are realizing exactly how important benefit choice is for employees and applicants. Supplemental workplace benefit offerings continue to be a popular choice and are growing.

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Plans administered by Wellfleet Group, LLC and underwritten by Commercial Casualty Insurance Co. (changing to Wellfleet Insurance Company, upon regulatory approval) or Atlanta International Insurance Co. (changing to Wellfleet New York Insurance Company, upon regulatory approval).