What are ancillary products and why should you promote them?

It’s a competitive job market with unemployment at a low. In this market, it’s hard to attract and retain employees. Including the benefits people expect is important in order to stay competitive. Certainly, health insurance is one of those foundational benefits to provide. Offering related ancillary products—dental, vision, life, and employee assistance programs (see below)—can also help you attract top talent. The benefits create a synergetic relationship by keeping your employees in top shape so they are physically and mentally able to do their best at work.

What is an ancillary product?

An ancillary product is an add-on to a typical health plan, and can include: vision, dental, and life insurance options, filling the gap of what individuals and their families need. Simply offering a simple health plan won’t cut it for most people.

Why offer ancillary products?

1. You’ll attract and retain more employees.
Having solid health, dental, life, and vision insurance might be the deciding factor to accept a job with you and to stick around. Plus, having this insurance will result in happier, healthier employees who miss less work.

2. You’ll lower your medical premiums.
Many providers add incentives to groups when they add ancillary benefits. Some carriers will provide wellness credits and rate relief when ancillary lines, primarily dental, are added.

3. Plans can be paid with pre-taxed dollars.
Employees can increase the value and savings of voluntary insurance products by applying FSA/HSA/HRA to their paychecks and having their payments taken out pre-tax for services like dental exams and dental X-rays.

4. Low cost for employers.
When packaged with traditional healthcare, adding voluntary or ancillary benefits comes at a very low cost for the employer.

VMA offers a robust package of ancillary coverage – dental, vision, life insurance, and an employee assistance program:

Dental Insurance –VMA offers four dental plans to choose from, including 2 DHMO and 2 PPO plans, starting at $12.57 per month for DHMO and $47.01 for PPO per month per employee
Vision Insurance – VMA offers two vision plan options, starting at $6.69 per month per employee, and a wide range of providers.

Life Insurance – VMA offers a plan with up to $100,000 guaranteed issue, with no medical exam. Plus dependent life coverage is available.

Employee Assistance Program – This “benefit provides confidential professional support for your employees and their family. It includes expert advice for work, life, well-being, personal finance, family, and health.

During Open Enrollment (going on now!) is the best time to incorporate ancillary coverage! To find out more and to get a free quote, call 1-800-659-3363.

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