Chances are, most small business owners and HR professionals are familiar with the common types of insurance options available to employees, such as medical, dental and vision. But other add-on insurance plans called specialty benefits are also available – and can make all the difference to the happiness and security that employees feel. At Blue Cross Blue Shield of Michigan (BCBSM) and Blue Care Network, we offer a variety of plans to help make a company’s traditional insurance benefit packages more robust and comprehensive. To help you navigate the world of specialty benefits, we’ve assembled a quick guide to help both business leaders and employees learn more:
- Accident and hospital recovery coverage can help an employee recover from additional, unplanned expenses following an accident and/or hospital stay. These costs include out-of-pocket medical expenses, as well as housekeeping, child care and transportation costs incurred during the employee’s recovery period.
- Critical illness coverage financially compensates an employee when they face critical illness, and can also compensate them in the event they have a third-party insurance that doesn’t have one of the critical illness options as a covered benefit. The product pays based off the plan chosen and what illnesses are outlined, and works well with high deductible medical plans or simply as extra financial coverage in the event of a critical illness.
- Life insurance can protect the financial future of an employee’s loved ones if something happens to them, helping pay for things like personal debts, medical bills and even funeral expenses.
- Long- and short-term disability coverage covers an employee in case they can’t work because of a medical issue. If the employee cannot earn his or her typical paycheck, the plan replaces some of their income to help with living expenses.
To decide if these benefits could be right for you, take a look at Blue Cross Blue Shield of Michigan’s specialty benefits page. If you need more information or want to get started adding specialty benefits to your business, contact us here. Photo Credit: Pexels