Beyond Health: The Ancillary Benefits Your Association Needs
We’ve all heard of “health insurance”, but it’s not uncommon to hear the term “ancillary benefits” in the same sentence. So, what exactly are they and should you be offering them to your members?
Ancillary benefits can be made up of a variety of different insurance and benefits offerings (such as those listed below), but instead of listing out each and every one, the term “ancillary” may be used instead.
Dental and Vision Insurance
Access to dental insurance can be a popular benefit among members. According to the Mayo Clinic, regular dental check-ups can improve an individual’s personal health, and having dental insurance can help save on additional costly expenses, should more serious treatments be needed. As is the case with anything health related, regular check-ups are the key to catching any potential problems early and avoiding costly procedures later on.
Like dental check-ups, regular eye exams not only diagnose vision problems but can also provide early detection of serious health problems. Vision insurance is frequently offered alongside dental insurance and can be every bit as beneficial for members to have, as poor vision can result in migraines, blindness, and more.
Term Life Insurance
Life insurance provides crucial financial protection for members if something were to ever happen to them. An offering like this would help to give your members peace of mind, and let them know that you are looking out for their family’s financial future. It is not uncommon for Accidental Death & Dismemberment (AD&D) insurance to be included as well.
Long-Term Disability Insurance
Long-Term Disability (LTD) insurance has been designed to help protect a member’s financial well-being in the event that an accident or illness occurs outside of the workplace. It is estimated that more than one in four of today’s 20-year-olds will become disabled before they retire. LTD insurance helps your members replace their lost income if they have an accident or illness that prevents them from working. Leading LTD insurance provider, Guardian, offers many members up to $10,000 in monthly disability coverage.
ID Theft Protection
In today’s internet age, we can never be too careful when it comes to protecting our identities. According to the 2017 Identity Fraud Study, conducted by Javelin Strategy & Research over $16 billion was stolen from 15.4 million consumers in the U.S. in 2016—up 700 million from the previous year. With cyber criminals showing no sign of slowing down, it falls on individuals to protect their identity with smart banking practices and monitoring services. ID Theft Protection is a great ancillary benefit for associations to offer to their members, and is becoming arguably as important as health insurance to have.
Pet Insurance
Nothing will show your members that you value them and their happiness more than by offering pet insurance for their four-legged friends. Just like the health costs for your members, vet bills can be every bit as expensive. But with pet insurance, members will be able to make sure that their pets stay as healthy as possible, while getting reimbursed for their vet visits.
Why Your Association Should Offer Ancillary Benefits
Member retention rates are higher when an association’s benefits program meets a variety of their members’ needs. And since many of these ancillary benefits come with rate and participation concessions, associations that offer them often see significantly higher member satisfaction scores. In short, providing access to ancillary benefits shows members that you’re prioritizing their well being.
Contact us to start your association’s Member Benefits program today.