Get employees thinking

BEYOND

MEDICAL

INSURANCE

The Importance of Having Non-Medical Insurance

When it comes to insurance, most employees agree medical insurance is a must, combining it with preventative care to avoid large medical bills. But insights from our recent study reveal it's the things that medical insurance doesn't cover that employees are really worried about- like lost wages and other worries that non-medical insurance products are intended to help ease. 

So as their HR Representative, it's your responsibility to help employees understand and appreciate the value of a complete benefits plan.

Top 5 Financial Worries Across All Income Levels

NON-MEDICAL INSURANCE PRODUCTS ADDRESS THESE WORRIES

Mortgage / Rent

Support if
Disabled

Medical
Expenses

Monthly 
Expenses

Money For
Retirement

Medical Insurance and Preventative Care Almost A Given

Many employees aren't doing much beyond health insurance and preventative care to financially protect themselves from the unexpected. Why is that? Most often, they simply don't know what they should do and are unaware of the non-medical insurance products that can ease their financial worries.


HOW 
EMPLOYEES 
ARE AVOIDING HIGH MEDICAL BILLS

Rely on Preventative Care

Maintain Good Insurance Coverage

63%

76%

The Worry About Unexpected Costs

Costs not covered by medical insurance that most concern employees:

65%

71%

56%

Lost Wages

Paying High
Deductibles

Emergency
Room Visits

Employees Are Interested
In Voluntary Insurance

Many employees are already interested in at least one voluntary insurance product. Combine that with the fact that those products directly address their current financial worries, and it's almost a nobrainer for companies to offer this insurance to their employees. The voluntary products with the most interest:

Critical Illness Coverage

Accident Insurance Coverage

Hospital Indemnity Coverage

62%

60%

49%

Employees Don't Just Need Your Help - They Want It

WHO INFLUENCES THEM TO PARTICIPATE

THE EXPERTS THEY LOOK TO

55%

49%

Spouse/Partner*

Employer

•RANKED AS TOP 3 INFLUENCER

HR Benefits Rep

Insurance
Company Rep

Employees Turn To You As Both An Influencer And An Expert

As an HR Manager, you are looked to as both an influencer and an expert when it comes to insurance decisions. Also, it's been proven that employees who turn to an HR Manager for help have a more positive experience than those that look to other sources.'

47%

Find Benefit Materials Most Helpful In Making Non-Medical Decisions

What They Want From Experts

Email is still the tried-and-true way most employees want to receive benefits materials. But in addition to these materials they can go through on their own, there is still desire for one-on-one help from those they consider experts-like you.

PREFERRED METHOD TO RECEIVE EMPLOYEE BENEFITS MATERIALS

PREFERRED ASSISTANCE FROM AN EXPERT

Email

55%

46%

Website Download

40%

Mail

66%

More Detailed Plan Info

Phone Call

36%

34%

1-on-1 In-Person Meetings

WHAT WE CAN LEARN

Employees are worried about the unexpected. And many want to address unexpected expenses with non-medical insurance. They just need the help and guidance of an expert like you to find the right products for them.

WANT MORE INSIGHTS? 

Sign up to receive more insights from The Standard or contact your insurance broker to learn more about the importance of creating a complete non-medical benefits package that best matches the needs of your employees.

© 2019 StanCorp Financial Group, Inc. 

1 Employee Disability Leave Study, The Link Between Disability Management and Employee Productivity, The Standard, May 2018, standard.com/eforms/19911.pdf. Note: The survey excluded employees who had filed a workers’ compensation claim exclusively as a result of their illness or injury or who took maternity leave. 

The Standard is a marketing name for StanCorp Financial Group, Inc. and subsidiaries. Insurance products are offered by Standard Insurance Company of 1100 SW Sixth Avenue, Portland, Oregon, in all states except New York, where insurance products are offered by The Standard Life Insurance Company of New York of 360 Hamilton Avenue, Suite 210, White Plains, New York. Product features and availability vary by state and company, and are solely the responsibility of each subsidiary. Each company is solely responsible for its own financial condition. Standard Insurance Company is licensed to solicit insurance business in all states except New York. The Standard Life Insurance Company of New York is licensed to solicit insurance business in only the state of New York. 

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