Picwell Blog

Picwell Insights: Making the Case for Supplemental Benefits

Oct 18, 2022 8:00:00 AM / by Picwell

In this era of financial instability it is more important than ever for your organization to provide a well-crafted benefits package. And this includes more than just health insurance. Supplemental benefits have begun to take center stage during benefits enrollment, and for good reason. In this article, we’ll review exactly what supplemental benefits are and how they can help employees further protect themselves against risk while saving them money in the process.

What Are Supplemental Benefits?

Also known as voluntary (or fringe) benefits, these employee perks supplement your main benefits (i.e., health insurance and retirement savings). Supplemental benefits often provide additional insurance coverage for life, disability, dental, vision, long-term care, critical illness, accident, and pets. Other examples of these benefits include, but aren’t limited to:

  • Identity theft protection
  • Legal plans
  • Student loan reimbursement programs
  • Financial wellness services

How do Supplemental Benefits Help Employees?

Every employee in your organization has unique needs and preferences. The same benefits won’t work for everyone, and you can no longer expect employees to be satisfied with plans that treat them all the same.

Supplemental benefits are effective at filling the gaps left by traditional health insurance plans. They allow employees to create custom benefits plans, further protecting themselves against risk. According to this report from AFLAC, 88% of employees faced unexpected medical costs in 2021 and half of employees expressed that they had high anxiety about paying for medical bills that their insurance does not cover. Supplemental benefits can play an important role in making sure that employees have the coverage they need. In turn, this can benefit both financial and mental health and ensure that your employees have the resources that they need to pay for medical care if and when they need it.

Here’s a scenario to consider: Bob is a single father of two girls, aged 8 and 11. He is currently enrolled in an HDHP but he still worries about costs he might face if he or his daughters have an accident. A great option for Bob is to enroll in an accident insurance plan. This will help cover costs that might fall under the deductible, reducing his overall risk and increasing protection. 

The best part? Most times, your organization’s contributions to these premiums are minimal (if at all) but you’re still helping employees find good deals by negotiating group rates. It’s a win-win!

Guiding Employees to the Right Supplemental Benefits

Now that we know what supplemental benefits are and how they help employees, the next big question is: How can I get employees to pay attention to these benefits and enroll? Luckily, there are tools available that educate and guide employees to the right benefits. These are called benefits decision support tools. 

The best benefits decision support tools use science and data to predict risk and find the best benefits for employees. It should be quick and easy to use, and should clearly show employees which benefits will work best for them. Even more, these tools should provide support not only for medical benefits but also any supplemental benefits your organization offers.

Picwell DX is one of these tools. Using AI and data-driven analytics, Picwell DX takes each employee’s specific needs into account and provides custom benefits recommendations. When evaluating supplemental benefits, Picwell provides employees with all of the information they need, like what each benefit is, how it works, and what it costs. Where relevant, Picwell also provides employees with personalized reasons why they should consider different types of supplemental benefits. This information is provided in various formats including text descriptions and short, informative videos. So, no matter what method of communication your employees prefer, you can rest assured their preferences will be met.

Picwell guides employees to the right supplemental benefits.

Now more than ever, your employees need guidance to choose the best benefits and effectively protect themselves against risk. Luckily, Picwell’s AI-driven solution makes selecting the right supplemental benefits easier than ever before. Ready to see the tool in action? Request a demo today.

Topics: Benefits Decision Support, employee benefits, empower wise choices,, supplemental benefits, voluntary benefits, hdhp, financial wellness


Written by Picwell