Insurance brokers can help create a healthier country, one benefit at a time.
A new report from Compare the Market found the US ranks 33rd in the world for healthy aging.
Michael S. Cohen, The DBL Center President and CEO, recently shared his thoughts on this eye-opening study with the new digital publication, Nifty50+, a widely syndicated site that provides news and inspiration for the 50+ crowd. (Although Cohen wants to remind readers he isn’t that close to 50 yet and feels much younger than his age.)
“I hardly feel 40,” he said over dinner at Elaine’s, a trendy Long Island restaurant and bar on the North Shore. “It’s all a matter of taking care of yourself, reducing stress, and working out. My kids are involved in sports and that inspires me to keep active, too.”
Cohen has figured out one formula that may help him stay healthy longer – but many Americans haven’t. That’s one reason the US falls in the bottom half of Compare the Market’s list of countries for healthy aging. But, figuring out why the US fares so poorly for healthy aging isn’t that straightforward.
Healthcare Value Doesn’t Measure Up to Costs
Metrics for the study included factors like life expectancy, cost-of-living, the climate, and a country’s happiness quotient. Not surprisingly, the quality of healthcare also played a large role.
The US spends nearly double what other countries do on healthcare. Costs make up roughly 17% of our Gross Domestic Product (GDP), compared to 9.3%, on average, for other countries. If you’re curious how much we spend per person, OECD data pinpointed costs at nearly $15,000 per person per year. An average of $1,142 of that is typically out-of-pocket, above and beyond their health insurance coverage, according to a survey from Bankrate.
Someone with a chronic or critical illness could expect to spend much more and it varies depending on the illness. For instance, the cost of cancer care could exceed $240 billion by 2030, according to a CDC report.
How Employee Benefits Brokers Can Help Workers Manage Rising Healthcare Costs
Working with top-rated carriers can often help to reduce insurance premiums. But it’s not easy for business owners to manage rising healthcare costs in the US, even if they work with the best brokers. Employee benefits brokers can help business owners and employee benefits managers focus on factors they can change – like providing robust ancillary group benefits at a discount.
Vision and dental benefits provide important preventative care and treatments. Long-term disability and voluntary worksite benefits like hospital coverage reduce financial stress in the event of a critical illness. Less stress typically leads to better health outcomes and may play a role in a faster recovery and return-to-work.
Understand the Role Ancillary Benefits Play in Preventative Health
Medical professionals have found links between major chronic diseases like diabetes and Alzheimer’s and dental health. Gum disease has also been linked to heart disease and respiratory infections. A dental plan that covers preventative care like regular cleanings, as well as emergency care, can help reduce absenteeism and help support long-term health for employees.
Regular eye exams may help predict high cholesterol, Graves’ Disease, autoimmune disorders, and some skin cancers. Taking care of your eyes doesn’t just mean clearer vision and enhanced productivity; it can improve health outcomes in an aging workforce. A generous employee vision plan helps.
Benefits Reduce Stress During Catastrophic Illness or Injury
Long-term disability (LTD) insurance, which often picks up where short-term disability or paid medical leave ends, can help workers make ends meet during a critical illness or serious off-the-job injury. Knowing your bills will be paid and family taken care of can make the difference for patients focused on recovering from an illness or injury. Our plans offer up to 60% of salary, with generous caps for maximum benefits and waiting periods of 90 to 180 days.
Bundle Benefits for Savings
Licensed P&C brokers can help their clients offer robust ancillary benefits packages on a cost-shared or voluntary (employee-funded) basis. In states with required disability or paid family and medical leave, The DBL Center can help you privatize these statutory benefits and roll the cost savings into dental, vision, LTD, or group life / AD&D.
Improving health outcomes for Americans begins with better employee benefit plans that open doors to holistic care.
Understand What Employee Benefits Cover
Through a robust benefits package, Cohen has access to a gym membership, sauna treatments, and cryotherapy, which can help with muscle recovery and reduce inflammation. One key to making the most of employee benefits is understanding what’s offered on a specific plan. Until he began reading the fine print, he had no idea he received stipends for wellness services.
Brokers who can guide their clients through the value of their benefits build trust, making repeat business and consistent commissions easier. After all, as we say at The DBL Center, “It’s not what you earn, it’s what you keep.”
FAQ
What is the difference between ancillary and voluntary benefits?
Ancillary benefits support employee wellness. Premium costs may be fully covered by the employer, shared between the employer and employee, or paid for entirely by the employee. If benefit premium costs are shared or fully funded by the worker, they can be considered voluntary benefits. Employee benefits aren’t mandated by any state or federal laws. Employees can choose to opt in or not.
What are ancillary benefits in insurance?
Ancillary benefits are employee benefits that support employee physical and financial wellness, including dental and vision care, group life / AD&D, LTD and voluntary worksite benefits.
Why should insurance agents sell ancillary benefits?
Ancillary benefits like dental, vision, LTD, and group life/AD&D help business owners provide a more comprehensive, holistic benefits package to support employees. Insurance agents can privatize required benefits like short-term disability (DBL or TDB) or Paid Family and Medical Leave (PFML) and roll the cost savings into ancillary benefits like dental, vision, LTD, and Group Life / AD&D that support the entire workforce.
