How Supplemental Health Plans Deliver Financial Peace Of Mind

Sep 27,2022

Read Time 3 Minutes

In the most recent study conducted by the American Psychological Association, 65% of Americans reported that money was a significant source of stress. High levels of financial stress can lead to serious health issues, including anxiety, depression, headaches and migraines, digestive issues, and high blood pressure. For employers, it’s essential to understand the link between health and finances — and to find effective ways to support employees for a healthy, productive, and stable workforce. 

What’s Causing Health-Related Financial Stress?


With rising medical costs impacting everything from planned visits to the doctor to unexpected trips to the hospital or urgent care, today’s workforce faces significant financial burdens when health events occur. In fact, 1 in 8 Americans owe $10,000 or more in medical debt with 23% expecting it will take at least three years to pay it off, and 18% expect to never pay it off. Offering solutions as part of a well-rounded benefits package to employees can provide financial peace of mind and alleviate stress and related health concerns. Many employers offer group or voluntary supplemental health benefits to help protect employees from these unexpected medical bills.


About half of U.S. adults say they have difficulty affording health care costs, and not all injuries, accidents, surgeries, and serious illnesses can be predicted — resulting in possible delayed care or unavoidable financial burden. By educating employees on the benefits of supplemental health coverage options, employers can provide a level of employee well-being support and safety that minimizes financial-related stress. When accidents or unplanned health or financial events happen, supplemental health plans can help employees feel covered, protected, and confident — which, in turn, can help cultivate a happier, more productive workforce.


Supplemental Health Plans To Consider


For most Americans, covering large costs like the average $30,000 cost of a three-day hospital stay due to an unexpected illness or injury can be difficult to manage. Supplemental health benefits can provide much-needed support for the myriad expenses and challenges associated with a health crisis. The most common supplemental health plans for employees include:

  • Accident. It covers medical services like emergency room visits, surgeries, or follow-up care needed because of an accident.
  • Critical Illness. It covers specific illnesses such as cancer, heart attack, stroke, and neurological disorders.
  • Hospital Indemnity. It provides fixed, per-day benefits for inpatient hospitalization caused or contributed to by an accident or illness.

Depending on the coverage, supplemental benefits from insurers like Empire can also be used to fill gaps and cover basic nonmedical expenses like food and childcare, or medical costs not covered by a health plan.


Mitigating Financial Stress To Improve Overall Well-Being

As much of today’s workforce continues to face economic uncertainty, it’s clear that financial stress and anxiety will play a significant role in Americans’ health and well-being. Providing access to supplemental benefits is just one way employers can help offset some of this stress — so that when accidents, serious illnesses, or hospitalizations unexpectedly happen, employees are protected. What’s more, providing access to supplemental health benefits can lead to better outcomes and lower costs for everyone.