Disability leave provides a reliable source of income when absences are longer than a week or two, allowing employees time to recover so they can return to the workplace ready to contribute to the success of the business. Disability insurance is used for medical issues resulting from injuries or illnesses when an employee isn't able to work. In certain circumstances, mental health situations may also be covered. It's essential employers communicate these benefits to their employees, so they know and understand what they have available to them before they potentially need to use this type of protection.

Help your employees financially prepare for the unexpected

I consistently hear from employers and employees that one of their top concerns is the cost of health care. The average overnight hospital stay costs $11,700 regardless of insurance type, so it's not surprising that 60-65% of all bankruptcies are related to medical expenses. Health insurance may help to cover hospital bills in the case of hospitalization due to a sickness or injury. But it may not cover all of the costs associated with a hospital stay, such as deductibles and co-pays, transportation, or lodging. Hospital indemnity insurance can help employees by protecting their financial wellness in this time of need. A lump-sum cash benefit is paid to the insured person to help cover added expenses that may come up in recovery.

Help your employees work toward financial security

The pandemic highlighted the importance of offering income protection benefits – there is more of an appreciation of how valuable these benefits are given the number of individuals who had to miss work due to illness. Providing income protection benefits helps employees achieve financial security — thereby reducing stress, increasing the ability to focus on other priorities and creating a happier, healthier workplace for everyone.

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Addressing gaps in your employee benefits package today

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