Helping employees prepare for the unexpected has gotten more serious in the past year. With employee interest in voluntary insurance benefits on the rise this year, let’s look at one of the most valuable boosts to a regular health insurance plan: hospital insurance.

Hospital insurance, or hospital indemnity insurance, pays out a cash sum to cover the numerous out-of-pocket costs associated with a hospital stay. Most plans cover hospitalization and ICU intake. Depending on the plan, hospital insurance might also cover ambulance transport, ER visits, and outpatient procedures as well.

It’s a strong choice for today’s climate. Hospitalizations due to the pandemic are on the rise daily, and the high costs of these hospital stays are making headlines. Employees are worried about the financial impact a hospitalization could have on their families. While federal funding and private insurance money are both on the table to cover COVID-19 hospital visits and treatment, numerous out-of-pocket costs, from ambulance rides to flu tests, aren’t part of the coverage and could add up to massive bills.

As employees seek out ways to save money and achieve peace of mind, hospital insurance could be just what the doctor ordered.

Offering the right voluntary benefits and meeting employees’ expectations is a growing part of running a strong business in the twenty-first century. Employees have signaled that perks are important to them: in a Staples survey, 62% of employees said they’d accept a lower salary in exchange for better benefits.

And in 2018, a survey by America’s Health Insurance Plans found 56% of adults with employer-sponsored health insurance said liking their health insurance was a key factor in deciding to stay at their current job. Are you offering the right benefits to keep your employees at your company?

As your company seeks to provide more comprehensive and desirable coverage to employees, the right benefits administration platform can make all of your new benefit offerings easy to access and manage. Visit WBD’s What We Do page to learn more about how easy your benefits admin can be!

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