A recent whitepaper from MetLife shares statistics and anecdotes supporting what many of our clients have experienced first-hand — offering voluntary accident and critical illness coverage builds employee loyalty, satisfaction and financial security. These traits improve retention and strengthen workplace bonds, leading to improved company results.
The study’s surveys include data from employees who recently faced an accident or critical illness. In an environment in which high-deductible health plans have exploded from 3.2 million to 15.5 million enrolled over seven years, the hard-dollar gaps have grown considerably. Recent claimants reported a $1,200 out-of-pocket average for accidents, increasing to $4,100 for major incidents. For critical illnesses, costs were higher, averaging $7,000 and jumping to $14,000 for serious situations.
The study suggests that the two products offered together in conjunction with education efforts by carriers or brokers results in the strongest introduction. The full whitepaper may be reviewed at our Resources page.