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
55%
46%
Website Download
40%
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.
20505
(4/19)