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Help employees navigate unexpected costs

Every employee works, not just to pay the bills, but to pursue their dreams, from buying a home to paying for education to retiring on schedule. Investing in these kinds of goals helps employees remain engaged, focused and loyal to their employer.

But unexpected medical costs can derail big picture plans, since employer-provided healthcare insurance does not cover everything. While people are traditionally advised to “save more,” most are unable to set aside enough money to pay for even minor emergencies. Consider these facts: 

  • 30 percent of U.S. households faced a significant medical expense in the past two years.1
  • 20 percent of Americans under 65 had trouble paying their medical bills in the past year, even though they had insurance. Of those, 63 percent used up all or most of their savings to pay their medical bills.2
  • Medical expenses are the leading cause of personal bankruptcy in the United States.3

The financial, physical and emotional distress emergencies cause can lead to disengagement, ongoing health issues and, sometimes, life-changing disruptions that directly impact productivity and employee retention. If they don’t take steps to protect themselves, employees put themselves, their familes and their dreams at risk. 

Voluntary benefits can provide essential financial support when it’s needed most. With a high probability of being used, they can serve as a guardrail that keeps employees on track.

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1 “Infographic: Worries about financial situation grow worse among U.S. employees” WillisTowersWatson.com (29 November 2017)

“Mangan, Dan, “Medical Bills are the Biggest Cause of U.S. Bankruptcies: Study,” CNBC.com (24 July 2014)

3 Mangan, “Medical Bills” CNBC.com

4 Taylor Tepper, “Most Americans don’t have enough savings to cover a $1k emergency” Bankrate.com (18 January 2018)

5 “Accidents or Unitentional Injuries,” National Centers for Health Statistics (20 January 2017)

6 “Lifetime Risk of Developing or Dying from Cancer,” American Cancer Society (4 January 2018)

7 “10 Statistics on the Cost of Cancer Treatment in America,” CancerInsurance.com (16 April 2014) 

8 Amadeo, Kimberly, “Medical Bankruptcy and the Economy” thebalance.com