Navigation Links
Can Your Employees Survive the Financial Crunch of an Illness?
Date:10/3/2008

STERLING, Va., Oct. 3 /PRNewswire/ -- As the population ages, a big question employers must start asking is: "Can their employees survive the financial crunch of an illness?"

In most cases the answer is no. 95% of Americans live paycheck to paycheck and now need two incomes to provide for their families. What happens when one of the spouses becomes critically ill and unable to work?

The income drops for the person that is sick but the healthy employee/spouse is strained by the emotional and financial issues they must now address.

Employers can help their employees with these issues through a fundamental shift in insurance policies provided. Over the past 50 years employers that have provided what was considered the ultimate package of benefits have provided the following:

Medical Insurance

Group Life Insurance

Shot Term Disability

Long Term Disability

Dental

Vision

401K

An employee that is provided with these types of benefits was considered to be fully insured and covered. But a Harvard bankruptcy study shows that a family that makes $90,000 with 2 incomes will face bankruptcy when one spouse faces a catastrophic illness and the other needs to take time off to attend to that spouse's needs. The income of the family drops from $90,000 to $50,000 within weeks and the family can no longer pay their bills.

The solution is to realign the money spent on insurance to protect the income of the employees through supplemental income insurance.

Using the same dollar amounts employers can realign the insurance package to be re-allocated to the following:

Medical Insurance

Group Life Insurance

Short Term Disability

Long Term Disability

Supplemental Income Protection

401K

Using this model of replacing the Dental and Vision insurance with a Supplemental Income Protection, the employee is now financially ready to face a catastrophic illness.

Employers do not have to spend any extra money to implement these plans as they are employee contribution plans and the employer saves on payroll taxes.

Implementing Supplemental Income Insurance is not only the right move for employers to make; it insures the employees and the business. The benefits will provide not only financial viability but they are a tax benefit to the employer.

Another benefit to the business is that employers not currently offering medical benefits through tax free dollars can implement a 125 Plan and provide all the current benefits in addition to income insurance at no net expense to the employee.

Contact:

Donald Griffith

Business Consultant

Teach and Build Wealth LLC

800-432-0738

donald_griffith@aflac.us.com


'/>"/>
SOURCE Teach and Build Wealth LLC
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. New Cost-Effective Anti-Fatigue Solution from MEGAComfort Now Available for Employees in Biotech and Research Industries
2. Riverside Health System Announces $1 Million Incentive Program For Small Businesses to Offer Insurance Coverage for Employees
3. Health Insurance Premium Costs High for Employers and Employees
4. Girling Health Care Employees and Patients Urged to Call for Instructions
5. Alert Alarm Michigan Seeks Employees With Inside and Outside Sales Experience
6. Marex Group Forms Business Development Department and Promotes Three Strategic Employees
7. Statement by the Service Employees International Union (SEIU) Concerning Allegations About SEIU Local 6434, United Long Term Care Workers Union
8. Virginia Hospital Center Opens Child Care Center for Employees and Community
9. UK Businesses Urged to Help Employees Deal With Stress More Positively
10. Florida Health Insurance Analyst says McCain's Group Health Ideas Bad for Employees
11. FOX Networks Group in Partnership with Portico Learning Solutions Launches Online Employee Health and Safety Orientation Course for Over 3,300 Employees
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/28/2017)... ... 28, 2017 , ... Calibration, qualification, and the appropriate level ... maintaining GMP and USP compliance. In a new webinar from METTLER TOLEDO entitled ... these requirements are explained. The challenge is to determine how to put ...
(Date:3/28/2017)... ... March 28, 2017 , ... Neurotechnology ... two biometric time and attendance tracking products: the new NCheck Cloud Bio Attendance ... Bio Attendance uses biometric face recognition to enable users to check in and ...
(Date:3/28/2017)... ... March 28, 2017 , ... ... the Self-Funding Success website has recently developed and published an informational resource that ... was created based on common inquiries the site’s team of third party administrator ...
(Date:3/28/2017)... ... March 28, 2017 , ... A minimally invasive ... “perfect smile.” The National Association of Dental Laboratories (NADL) is informing dentists about ... aware of when utilizing dental laboratories and technicians that create these veneers. ...
(Date:3/28/2017)... ... 2017 , ... Public relations pros work hard to earn placements and ... While many results are clear, much of PR is hard to quantify. Goal-setting and ... to measurement, firms should always take an all-inclusive approach that takes both traditional and ...
Breaking Medicine News(10 mins):
(Date:3/28/2017)... , March 28, 2017 The ... reach USD 8.0 billion by 2025, according to a ... incidence of infectious diseases and cancer is expected to ... disease diagnosis over the coming years. In addition, higher ... autologous and allogenic stem cell therapy, due to adverse ...
(Date:3/27/2017)... 27, 2017 Summary This ... Eli Lilly and its partnering interests and activities since 2010. ... provides an in-depth insight into the partnering activity of one ... demand company reports are prepared upon purchase to ensure inclusion ... The report will be delivered in PDF format ...
(Date:3/27/2017)... Columbia , March 27, 2017 LightIntegra ... has appointed William "Bill" Dubiel as President and Chief ... also elected to the Board of Directors of LightIntegra. ... the Executive Chairman of LightIntegra. "This ... next President and Chief Executive Officer. We,ve selected a ...
Breaking Medicine Technology: