Subscribe to Entrepreneur for $5
Subscribe

Extra Special

Everybody wins with supplemental insurance.

By
This story appears in the April 2004 issue of Entrepreneur. Subscribe »

If your employees haven't yet asked you about offering supplemental insurance policies, it's probably only a matter of time before they do. The good news is, making these policies an optional part of your benefits package can be a win-win situation, says Fred Badyna, an insurance and financial consultant with Ayres Financial Group in Dallas. "It's good for the employee, because they're able to get these products," says Badyna. "And it's good for the employer because it's perceived as a benefit, but it doesn't cost the company anything to provide."

One of the most popular supplemental insurance products is a medical bridge plan, which pays cash directly to the employee if, say, the covered individual is hospitalized or requires an emergency room visit, regardless of what other insurance is in place. Premiums are typically low and paid entirely by the employee; all the company does is provide a payroll deduction. Other supplemental insurance products include life, dental and vision.

Memorial Day Subscription Sale- Unlock this subscriber exclusive article and more for 20% off today.

Access all Entrepreneur content with no ads, unlock discounts, and get exclusive advice only available to our subscribers. Plus, our magazine delivered straight to your door.

Get a year subscription today for 20% off. Just use code SAVE20 at checkout.

Entrepreneur Editors' Picks