The Benefits of Benefit Riders
Benefit riders add-on to a plan, providing tailored coverage where needed. In a group plan this can work well with employees who have various needs. The following benefit riders can be added onto any group plan and adjusted as needed. Some common types of benefit riders are:
Dental Benefit Riders
Dental plan benefit riders can be very useful, given that dental plans are not commonly offered. Basic services can be made available via these riders. Disability riders are a must, and augment workers compensation. Should an employee become disabled due to injury or some other cause, they'll need to replace their income.
Good dental care is essential for good health, but dental care is not covered under routine health insurance policies. Offering a dental benefit rider is a great way to show employees your concern for their well being.
Vision Benefit Riders
Eye care is an important part of many consumer's lives. Even if do not require corrective lenses on a daily or occasional basis, routine eye exams are still a part of good self care. Vision benefit riders help employees take care of their eyesight and afford expensive corrective lenses.
Life Benefit Riders
Life benefit riders are helpful in providing supplemental life insurance that can be tacked onto their health insurance coverage, and although they don't typically pay out as much as full life coverage, they don't cost nearly as much in premiums either. This type of life insurance is generally not considered sufficient as a primary life insurance policy, but it does provide additional coverage to help provide for an employee's family.
Maternity Benefit Riders
Whereas life coverage is easy to come by, maternity coverage is not, so a maternity rider should be attached to the coverage for any female employees who desire it. A vision coverage rider is much like the dental rider, in that basic services will be covered. Maternity coverage is often a desirable benefit rider for young couples and and families. Offering maternity insurance as a benefit rider ensures that employees who will not use maternity coverage, do not pay for unnecessary health insurance coverage. This helps keep premiums low and make health insurance more accessible for a greater number of employees.
Disability Benefit Riders
Disability insurance is a great benefit rider to add as a perk for your employee benefits packet. Disability insurance provides employees with a paycheck in the event that are off work due to illness or injury. There are two types of disability insurance: short term and long term. Short term disability insurance is a more desirable perk, while long term disability insurance is often considered a staple in an employee benefit's package.
Benefit riders can help immensely when it comes to tailoring coverage to the diversity of your employees. These optional add on features can help families and individuals obtain just the right amount of insurance coverage to meet their individual needs. Many employers often consult employees prior to selecting a package of benefit riders to help meet the needs of the company. Benefit riders are a great way to sweeten an employment deal for many companies, and selecting the right benefit riders an make a huge difference in the quality of employee satisfaction.