Episode Transcript
[00:00:00] Speaker A: Success isn't given, it's earned. And earning it means becoming the person who deserves it. The bottom line is where we cut through the chaos to simplify success, uncovering the strategies, mindset, and resilience it takes to win. Real stories, expert insights, and practical tools. Because the only way to the top is by putting in the world. This is the bottom line.
Welcome to the Bottom Line, the show where we strip away the fluff and get straight to what really matters for driving success in business and in life. I'm your host, Ryan Herpin, and today we're tackling a topic that confuses even the smartest professionals. Understanding health insurance and making confident decisions about your coverage.
Joining me is someone who brings clarity where most people feel lost, Jared Woodard. He has been with me before, early on and in this journey of being a host.
Jared is the owner of Woodard Assurance Agency, where he helps individuals, families, and business owners navigate health supplemental and life insurance with confidence and real peace of mind. His agency specializes in creating meaningful yet affordable customized coverage that, well, protects people when life hits hardest. And we all know life hits pretty hard. Jared has a heart for educating and empowering his clients and. And today he's here to help our viewers understand the foundations of choosing a plan without, well, being overwhelmed. So let's dive into the reality that so many people face, and that's trying to make smart insurance decisions while feeling confused or pressured. A lot of these decisions are made in a place of chaos, and, you know, we want to begin to simplify what often feels really complicated. So, Jared, welcome to the show. It's such a pleasure to have you here with us today.
[00:01:49] Speaker B: Yeah, thank you.
[00:01:50] Speaker A: Yeah, it's exciting. It's exciting. You know, you were on early, early on. You know, I think you were my first episode, actually.
[00:01:57] Speaker B: Second.
[00:01:57] Speaker A: The second episode.
It's been a while, and there's been so much change in your life and in your business. And same with this show, you know, we've grown quite a bit. We've improved a lot, and I'm excited to have you back on in one of the times where we are booming. So to dive into this, you know, today we're starting with a topic that, you know, every business owner needs to hear, and it's how employee benefits are truly the backbone of competitiveness in today's market. You know, how you treat somebody means a lot more than how much you pay them in a lot of cases. And those benefits, they are insurmountable to the health and longevity of a business because it's a Big differentiator between job and career. So, you know, we see that businesses can level the playing field with these different options and opportunities. So let's set the stage for, you know, what businesses, you know, business owners are facing today and why this matters before we dig into the real kind of insight. Right.
So I want to frame this in a way that a lot of people are going to relate to. Right. You know, a lot of business owners feel the pressure constantly from every angle in this competitive staffing shortage, you know, crazy market we're in, and costs are rising for everything and employee expectations are also rising with everything else. Right.
Yet benefits often become an afterthought. And I find that to be really interesting. Yet one of the biggest factors in hiring, retention and workplace morale are the benefits. Because helps companies people feel like their company cares about them. So the challenge is understanding how to offer real value without breaking the budget. So I'm gonna start with a really big question, something that's gonna dive us right in. Get to that bottom line. As the name of the show would suggest.
What is one thing a small to mid sized business owner can do to improve their business with regard to their employees?
[00:03:54] Speaker B: So over 60% of employees on average will take a job with lower pay just to get to a job that has more benefits. Wow. So it's really crucial. And research has shown that 8 out of 10 employers actually have seen how offering benefits to their employees can help attract and retain those employees over time.
One of the crazy factors that a lot of business owners don't really look at is that on average when you have employee turnover, it's at minimum about 33% of that employee's yearly income to over two times that yearly income to hire and retrain a new employee in the space of where that other employee left.
So offering benefits to your employees is truly a crucial factor for business owners.
One of the greatest things about some of the partners that I work with is, is we can help business owners offer that package. And I stress this, at little to no cost to that business. There are zero cost options that it doesn't affect the business owner's bottom line.
And that's great for your small business owner that's trying to compete with your big box companies. Right.
It's an amazing thing that you can offer your employees and it shows that you care to add on to that.
If an employer was to pay for a $30 policy once a month, it translates to only 17 cents an hour wage increase on that employee. So even if the employer wanted to add something but doesn't think he can do it. When you break down the numbers, it's actually not that expensive and it's really affordable. And there are several options that can.
[00:05:46] Speaker A: Help a business that is extremely affordable. You know, you said something where there's even options where it doesn't affect the bottom line of the business. And honestly, that's a win win for everybody.
[00:05:56] Speaker B: Yes.
[00:05:56] Speaker A: I mean, it shows that you care as a business owner and as an entity and also gives an opportunity your employees to be covered. Right. You know, I can honestly say I've worked with people where they cared more about the benefits they were getting than what they were being paid because their spouse was making majority of the money in the family, but they had the better benefits. So they stayed, they stuck it out, they worked hard day in, day out because they're like, hey, we've got great coverage, we've got great opportunities, they don't.
[00:06:23] Speaker B: Cost us a ton.
[00:06:24] Speaker A: He's like, man, to me, this is all we need. And to hear that is kind of mind blowing to be honest with you, because I know it can be crazy out there. But diving back into this a little bit, many small to mid sized business owners struggle when starting out.
You know, we see this constantly. You and I have been involved in a lot of small businesses. You know, how are they supposed to add employee benefits and still make a profit at the end of the day?
[00:06:51] Speaker B: Well, you know, that's where we go back to, you know, stressing that we can add those benefits at no cost to the company. They can pass that cost on directly to their employees and we can help them, you know, look at what's available, show them the numbers that they actually can afford more than what they think they can.
And you know, one thing I always stress to the employers, if I can get up during that enrollment period and express to your employees that you're paying for a simple $30 policy, the amount of love that your employees are going to feel at that point in time is going to be immense. And it's going to create loyalty, it's going to create honesty and they're going to want to work for you because they understand that you truly care.
So adding that no cost benefits for those startup businesses is a great way to help keep those employees and keep your loyal employees.
[00:07:48] Speaker A: Okay. You know, something that I find really interesting, I have to highlight there is you mentioned employee loyalty and the retention there is vital. Right? And from my understanding, especially working as a consultant, I see that's one thing that can take a business from being A job to a career. It can take the view of the owner of the business for being a boss to a leader, because they're stepping out there, they're sacrificing something for their employees that makes a major difference. And to all the business owners watching this, please consider this.
It's an easy thing to do. It's very cost effective. And if you want to develop some culture and loyalty in the business, there's not many easier ways to do it. Right. It's something that benefits everybody. When you break it down, you see the cost.
Think of it as an investment for longevity and improved efficiency and effectiveness. When you invest in your team, they want to stand for you, fight for you, and go to bat when things get hard.
So, you know, a good question here is what is one major cost that business owners can help alleviate when running a business?
Right. From a, from your perspective, I'm kind of curious, you see how benefits change the game.
What's another one that can help, you know, alleviate some of the stress?
[00:09:08] Speaker B: So, you know, it all ties back to the benefits and offering it because a major cost, like I said, is retaining those employees, creating loyalty.
So research has shown anywhere from 33% on average, an employee, an average income for an employee is about 60,000 a year for a small size business.
[00:09:34] Speaker A: Yeah.
[00:09:35] Speaker B: And if you look at the bare minimum of what it would cost, it's going to be a minimum of 33%, which is roughly around $19,000 to hire and retrain a new employee for that position. If they leave, that's going to cut your cost down immensely.
[00:09:54] Speaker A: Especially if you're dealing with the really professional type roles and responsibilities you're trying to find, engineers, supervisors, leaders, you're looking at extremely exaggerated cost.
So yeah, that's a major expense that can be completely alleviated and changed and taken away by providing benefits that everyone should have in the first place.
It's a small investment.
[00:10:15] Speaker B: So one of the things I was stressed is when I was growing up, I watched my father work for a company, a very large company that would hold holiday parties and they would buy massive amounts of gifts, right. TVs, game consoles, computers. I want to work there. Right. We all did as kids. And I've noticed as my wife works for the, a very similar company in the same kind of field that those parties have gone away.
The appreciation that you see that the employees see on that side, they don't see it as much anymore as they used to back in the early 90s.
And while we all know that times have changed and things have evolved and everything like that.
That's why I always stress buying that one little $30 policy for your employee, just paying for the one. You know, it doesn't have to be all of them. It doesn't have to be. You could pay for half of it. But that simple gesture is going to go a long way.
[00:11:14] Speaker A: You know, it's crazy because you don't sound to me just like insurance guy. You sound to me like someone who specializes in happy employees, in retention of good employees through benefits.
So coming up next, we tackle one of the biggest fears people carry, the rising cost of medical bills. And what Jared shares may change how you think about protecting yourself and your team. So stick around, stay with us, get some coffee, stretch out, whatever it is you gotta do. We'll be right back on the Bottom Line.
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We are still here with Mr. Jared Woodard. And he is honestly not just an insurance expert. He's an expert of a lot of things, whether he'll tell you or not.
And we are going to shift into one of the biggest anxieties people carry, the fear of medical bills that could wipe them out. I've been there. I'm sure a lot of you have been there. I've had medical bills that sat me back in my seat and made me think twice about the coffee I was drinking.
[00:12:49] Speaker B: Even.
[00:12:49] Speaker A: You know, for many families and small businesses, one hospital visit can feel like the end of financial stability.
Today, we're digging into how to protect yourself before crisis hits. So we're looking at response rather than react. Preparation over, well, instantaneous chaos.
So honestly, medical bills are one of the top causes of financial stress and often financial ruin. Altogether, many assume they're covered until a major expense reveals these big gaps they didn't know they had. This segment explores how unexpected costs happen and what people can do to protect themselves.
So we're gonna dive right back in. You've got a brain full of incredible knowledge, insight, and even more so, compassion. Cause one thing that I've had the privilege of knowing you for a little over a Year now? Yeah, probably, almost. Probably two years at this point. One thing that's very consistent with you is your passion for doing this is, is not normal. You care more about the people than you care about the money you'd make from doing this. To me, as a consultant, you're a breath of fresh air. You're different for the industry because you put people first.
And honestly, nowadays that's not very common. So I want to dive into this with a big question.
Why do unexpected medical bills cause so much stress for families and business owners? What about it is just wait, why does it weigh so much on people?
[00:14:21] Speaker B: You know, the average individual honestly will struggle with those bills because we live paycheck to paycheck. I know I did when I did my professional career.
You know, it was 15, 16 and a half years doing public service, and I lived paycheck to paycheck. And while we have this medical coverage and it seems great on paper, in the end, all we don't normally have as an individual, that much money saved up to pay that deductible in case some catastrophic incident happens in our lives.
[00:14:54] Speaker A: That's a good point.
[00:14:55] Speaker B: We don't have it. And so medical bills are so horrible and such a huge scare to us as people because we don't have that financial backing in our bank accounts on average, to help us alleviate those costs.
[00:15:12] Speaker A: You know, you brought up something that's actually pretty personal topic for me even, because, man, growing up, you know, my family, a lot of the time, everyone around us, they were living paycheck to paycheck. I actually met with a gentleman yesterday who specializes in helping people become financially, you know, literate and understand how to really manage the finance. And he gave me a statistic that freaked me out, but makes sense.
He said roughly 78% of the middle class lives paycheck to paycheck.
That is crazy. I've been there, I've lived that way. And to be honest, it's a whole different walk of life. To go from living paycheck to paycheck to not having to worry about when you get paid, not checking your bank account every Friday or whenever it is you get paid.
It's a different feeling. It's a quality of life. And a lot of what you talk about, especially in the benefits world, can seriously impact that, especially when it comes to medical bills, when it comes to incidents, cancer, all sorts of things. Being able to break down that fear aspect of what happens when life hits us with a sucker punch.
Man, to me, peace of mind is worth so much More than, oh my goodness, I would take peace of mind over many, many things, you know, so what kind of coverage really helps protect people from life changing hospital costs?
[00:16:27] Speaker B: So, you know, it's honestly a mixed avenue of coverage.
You've got your major medical. Right, but the problem is with the way the major medical plans are designed, there's going to be gaps left over. So in the insurance world, we call them gaps.
On the person level, it's your bills, your medical bills are going to come in and they're going to have a high, nice little dollar sign next to them, right? So you've really got to come up with a really good plan for yourself. So for me personally, like we have a major medical plan, yes, and it's a decent one, but I also have supplemental plans that go on top of that to cover those gaps. So when something does happen, like I need wisdom teeth removed or I need an emergency surgery because I hurt my knee playing with my kids on the.
[00:17:16] Speaker A: Floor, man, that's real.
[00:17:19] Speaker B: It's very real. And it's not something you expect to happen, but having that multifaceted coverage is what keeps me and my family safe, you know, and on top of that, you throw in the life insurance in case the ultimate worst case scenario happens. My family's covered. I joke constantly that I'm worth more dead to my wife than I am alive. And I mean, it's because I want my family to be safe and secure if something was to happen to me.
[00:17:47] Speaker A: That's a really good point, actually. And you know, before I became a consultant and was running companies and whatnot, I was a certified welding technician. And my job got really dangerous when I was dealing with confined space cryogenics, oil and gas stuff, lng.
And I had to make sure I had a major, major life policy. I really did because, well, long time there, just like you, you know, I feel like I was worth a lot more to my wife dead than alive. But it was the. I felt a lot better. Even though I knew I was paying handsomely for it, which, you know, my option then wasn't very good.
It was peace of mind that if anything happened to me, if something blew up, if I, you know, passed out because of different gases, whatever, my family was covered, they were taken care of. You know, they would have me, but they at least have something to give them time to grieve, to take care of expenses, pay off our house even. But, you know, how can someone tell if they're actually covered well or if.
[00:18:40] Speaker B: They just think they are?
So I think the first step is to really take an honest look at your finances. Right. How much you get paid is a good base start. You know, one of my near and dear friends taught me about the wheel of life.
And in the insurance world, the wheel of life is, you know, where you, where you are in life as far as your expenses go. So you've got, you're starting out, you're buying a home, you're getting married, you're having kids, moving on to, you're opening up your own business, or you're planning for your kids to go to college, or now you're looking at retirement or you want to live comfortably or you want to travel. And so all these aspects play out in your life and your financial needs is, or your financial coverage and your medical coverage depends on where you're at in that, in that scale. So for someone like me, where my kids will soon be going to college versus someone down the street that's got a newborn, the house and a four year old, we're in two different places in life financially, but we both understand where each other one is at and can attest to where they've been. But when it comes to that coverage, you got to take an honest look at what you have, what you make and what you're spending and what your family would need to be covered safely if you weren't there. So, you know, that's where that multifaceted plan comes into place. Right?
So that's the first look is taking an honest look at your finances and your bills. The second one is give somebody like me a call. Please give me a call. I have no problem talking to you, reviewing your plans and making sure you've got coverage and even helping you understand where those gaps are in your coverage. Because the one thing I don't want anybody to do is have to set up a GoFundMe because they've got some crazy disease diagnosis or treatment coming up that they can't afford, or they have unexplained unexpected life event and you see it all the time on social media where their GoFundMe accounts for everything. Because my uncle got diagnosed with cancer, my aunt just passed away and we need to pay for her funeral services or I just have to have major heart surgery or you name it, these catastrophic events that we're not prepared for. And so give somebody like me a call. We will do everything we can to go through the material and look it out. And I say give somebody like me a call because I might not be everybody's cup of tea, but at the same time, I'm going to do everything I can to help that individual out and make sure they don't have a hole in their coverage. Like that's my whole goal in life. I just want to help people. I always have.
[00:21:33] Speaker A: Yeah.
[00:21:34] Speaker B: And it is a passion of mine and it has been since the day I graduated college to be able to just get in there and help people and make sure that people are taken care of.
[00:21:44] Speaker A: You know, with that being said, where can our audience find you? How can they get in contact with you specifically? Because, man, you're you. And I need to talk more about insurance on a personal level. I'm telling you because you do care.
[00:21:56] Speaker B: So the best way to find me is on my website. It's new and improved. It's been designed professionally. It's woodedassurance.com youm'll find on there all several different types of options. Health insurance, supplemental insurance, life insurance. There's a contact page as well where you can email or call me. And the great thing about it is the call me section.
You're not going to get an agent. You're not going to get an answering service. You're going to get me. That is my phone number. Call me. I'm here to help and I'll do what I can. And if that means I have to burn a couple resources in the process, I'll do it. If it means I can help you out, you know, so that's the best way to do it.
If you don't want to call me and you want to do something a little bit more informal because you're not ready to commit to that full blown conversation, send me an email.
[00:22:43] Speaker A: Just get the conversation started.
[00:22:45] Speaker B: Yeah, let's just somewhere.
[00:22:46] Speaker A: I like that.
[00:22:47] Speaker B: And then, you know, you can always follow me on my social media, what it assurance, on Facebook, on Instagram. We're constantly posting, constantly putting information out there. I try to keep it lighthearted. Sometimes you'll see my mascot crash here. He's my accident prone dachshund because where I started out was with supplemental insurance. And so I've created a mascot for my brand just because I know how accidents can happen. It's a very near and dear topic to me and I try to make sure that people understand accidents happen.
But if you're covered, it's not nearly as scary as if you're not covered.
[00:23:23] Speaker A: Now that right there is a major bottom line we can all be happy about because it's true. It truly is. It's better to be covered and prepared than not. So up next, we're talking about employees who don't understand their benefits and how that confusion impacts businesses every day. So stay with us. We'll be right back.
Welcome back to THE BOTTOM line. We're continuing our conversation with Jarrod Woodard. And now we're turning we're really tuning into the workspace, you know, the workplace, you know, where confusion about benefits can lead to frustration, fear, missed opportunities.
And this segment digs into a major misconception that offering health benefits is enough. In reality, employees can't use benefits they don't understand.
So let's look at this from an angle that a lot of, you know, our audience is going to be able to relate.
Many employees are, well, often overwhelmed or unsure about what their benefits actually include. And I've been there, coming from blue collar stuff, welding all the time, it was tough to understand those benefits at a certain point in my life. You know, employers, they may invest thousands in coverage, yet teams still feel unprotected simply because the information is unclear. Today, we explore how education changes everything.
So, Jared, it is such a pleasure to have you with us, man. I'm loving this conversation. This is a lot of fun. It's great doing it in studio instead of over, you know, remotely. And I want to dive right into this because I know this is a really big topic and a lot of people care about this. So why do health benefits get ignored or misunderstood in so many workplaces?
[00:25:05] Speaker B: You know, the biggest problem is that when it comes to the benefits that employees are offered, there's a lot of professional jargon in there that people don't understand, that people like me, we study and we learn it and we get to understand it on a more deeper level. And so the biggest problem, I think is a lack of explanation of the benefits. Where me and my colleagues that we work well together is we really pride ourselves on being able to go in there and explain those benefits on a down to earth level. Like we really try to because we want you to understand those benefits. We really want you to be able to use them to your advantage because the last thing we want to see is somebody hurting. And so, you know, I truly love being able to get in and explain and share what I've learned and hopefully make it an easier process.
[00:25:55] Speaker A: That makes a lot of sense. You know, it actually makes me curious how often do you run into businesses and business owners that actually explain benefits in a way people truly understand?
[00:26:06] Speaker B: It's very seldom that you're going to run into a business that where a business owner is going to be able to explain their benefits. And that's why we always ask is give us a call, let us come in and do it. Regardless of the situation of what's going on, I would rather you call me and have me come in or write an email or send out a flyer that's going to explain the benefits to your employees versus you doing it yourself. Just as you wouldn't want me to come in and run your business, I wouldn't want you to come in and try to explain mine. I'm not trying to take that burden. I don't want you to take that burden off me. That's my burden to bear, and that's the one I've chosen to bear, and it's the one I gladly will come in and help out. Regardless of how many times you need me to come in, whether it be quarterly or whatever, we're going to be there to help your employees understand. And everybody that we enroll is going to get our contact information. They're going to get my business card that's going to have my phone number on it, not somebody else's. Not answering. They're have my phone number and they can call me. And I'm going to do everything I can to make sure they understand.
[00:27:07] Speaker A: You're setting a really high bar and high standard for agents in this field and, well, agencies all together. Because you're the guy running this thing. You're also the guy operating and making sure people are not just taken care of. They are heard, understood, respected, and have the opportunity to ask questions, no matter how complicated or confusing or even simple they are.
That changes things completely. That right there makes people want to trust you and work with you forever. And I recommend it. Jared, I've known him for a while and he's pretty good at what he does, you know. But I do want to ask, you know, what mistakes do companies make when offering health coverage to employees?
[00:27:47] Speaker B: The biggest mistake that we see is employers looking in first, thinking that any plan they offer is gonna be a one size fits all.
Cause again, like we talked about previously, it's not a one size fits all. Where you're at in life and where I'm at in life are two different things. And so where I may run into a 20 something that's actively working out, he's healthy, he doesn't have a whole lot medically wrong with him. So what he needs for medical coverage is gonna be completely different than what I would need or what my mother would need or whatever. So depending on your census of your employees, you Know that one size fits all is not going to cover it. The other thing that we see is employers automatically assuming that offering benefits is going to automatically equal into higher monthly premiums. And that's not the case. We have options where we may not offer full blown major medical for your company because maybe you don't have to have that as a business owner, but you want to be able to offer something. Well, we have options that don't have to affect your bottom line as a business owner and where you keep your profits to you, yourself and your employees.
So we have options where we can help you out and help you build a package that helps your employees, keeps them happy, keeps them healthy.
Those are the biggest mistakes I think we normally see when it comes to small businesses.
The other thing is just with anything you want to continue to shop around, me and my colleagues, we try to make sure that we always have the best deals available. If I don't have something that's not going to work for you, I'm not going to upsell you on something.
And you know, you said I'm setting a high bar, but I'm not trying to set a high bar. I'm honestly just telling you what I'm going to do as an individual.
I'm not here to compete against the next agent. My job is to help the people and that's what I want to do. And that's what makes me be able to go home and sleep at night to be able to help the individual. So I'm not here to set a bar for anything or anyone in any field.
I just honestly want to help people as much as possible because that's what I enjoy doing.
[00:29:57] Speaker A: That's purpose and you find fulfillment through it. And it's very, very clear and abundant with you. It's incredible. And you know, it kind of makes me, you know, now that you've made it to where it's a no brainer for any business. Well, what size business does it make sense for? At what point do you think a business should start considering offering benefits to their employees? Because it's a no brainer in my mind. Just when does it make sense?
[00:30:19] Speaker B: Well, your mom and pop shops, you know, that only have two or three employees, you know, a supplemental benefits package is a really good start. When you start getting up into the double digits of employees, it's time to start looking at additional coverage, you know, and there, and there's several options out there that can be affordable. And if you're not looking to pay a high premium or however it may be for your employees, then you know what, that's okay.
You know, state law requires if it's got 50 or more employees, that you have to have medical coverage for your employees.
But if you're in the double digits, I think it's definitely a time to start considering options.
When you've got that many employees, the more employees you lose, the higher that turnover cost is going to come in. And that's where that money from that 33% that it would take to, you know, hire a new employee and train them is going to start increasing the more employees you lose. And it could be up to each employee costing you almost two years worth of yearly salary for that employee to hire a new one and train them. And the more and more you lose, the higher that cost is going to be.
And so, you know, when you get up there, that's when you really need to start looking at having additional coverage that's going to keep them happy and healthy.
[00:31:36] Speaker A: That makes a lot of sense. That's actually really helpful because that's also clearing up my understanding even a little bit more. So when I'm dealing with clients and things, I can also give them those recommendations because honestly, a majority of the battle I face in businesses is keeping employees engaged, happy, and completely loyal. That changes everything. There's never been a business that on its own makes everyone successful. No, it's the people make the business successful, and they become successful people through the process. Right?
That's the reality of it. So when you offer benefits and you provide those opportunities, those coverages, those safety nets, that peace of mind, people get to put more effort and energy towards the things that actually matter.
Getting things done, getting things accomplished, bending over backwards, going the extra mile when they don't have to, because they know that business cares. Whether, like you said, it's a few employees to 50, there's options, there's opportunities. And I find that to be really important. Could you share us a little bit of a brief story or an example where educating a team changed the way they used their benefits?
[00:32:40] Speaker B: So, you know, what I would say is, in my own personal experience, growing up, starting out, graduating college, getting benefits.
It's a deer in headlights type situation, right?
And you get out there and you explain the benefits and nobody listens.
Because I've been that guy that doesn't listen. Because it doesn't mean anything to me at that point. Because as far as I'm concerned, I'm invincible, I'm young, I didn't have a worry in the world.
And every employee that we ever meet with, we sit down and we explain one simple fact.
Some of the policies you're buying have a wellness package added to them where you're going to get paid to go have that yearly doctor visit, man. So it's free money, right? They're paying you back.
[00:33:29] Speaker A: I don't know if I've ever heard two words go together better than free money.
[00:33:33] Speaker B: Right?
[00:33:34] Speaker A: We're talking about no brainer here, buddy. That's more no brainer.
[00:33:37] Speaker B: And when you've got a company that's willing to cut those checks to you for little to no proof besides a name and a number and a date, it's hard to understand why people don't take more advantage of it. But the reality is people don't take advantage of the benefit because they don't think it applies to them or they don't understand. We have to go back to those employees and we constantly have to re educate. And I've seen other agents do it. The good ones come in and they continually explain to the employees every year, hey, did you file that benefit? Hey, did you file that claim? Look, I understand most insurance companies don't want you to file the claim, but some of them are begging you to file that claim because they would rather you be healthy than.
[00:34:19] Speaker A: Yep.
[00:34:20] Speaker B: And getting that small claim then be unhealthy and having to file a major claim. And so those smaller claims like that are always going to be easier, especially the wellness benefits when literally I've seen it take nothing more than a date and a name and address of where you went to get the checkup and that's it. And then sending you a check.
[00:34:40] Speaker A: So simple.
[00:34:40] Speaker B: Yes.
[00:34:41] Speaker A: And that right there is the key to it. If you keep things, if you make things complicated, people don't participate with it. They stay away from it because it takes time, energy, resources to understand. So simplicity, simplicity, simplicity. Whether it's a business life, doesn't matter what it is that is proven to be effective and efficient. Keep things simple. So to all the business owners out there that are watching this, keep it simple.
You've got people like Jared here that can help keep it simple and allow your employees to really appreciate their benefits even more. And the person providing them so coming up, protection and protecting not just your health, but your income and why this is one of the most overlooked parts of financial security. We'll be right back on the Bottom Line.
Welcome back to the Bottom Line. Don't miss a second of this show or any of your now media TV favorites streaming live or on demand, whenever and Wherever you want. Grab the free Now MediaTV app on Roku or iOS and and enjoy instant access to our lineup of bilingual programming in both English and Spanish. Prefer podcasts? Listen to the Bottom Line Anytime on the Now Media TV website at www.nowmedia.tv covering business, breaking news, lifestyle, culture, and so much more. Now Media TV is available 24 7, so the stories you care about are always within reach.
Here we are in the final segment with Mr. Jared Woodard and we are really widening the conversation.
Medical bills and stress. But what happens when illness keeps you from working, you know, altogether?
Today we're talking about a crucial but often overlooked part of personal protection, income security.
This is where health and financial survival really kind of intersect.
So really what we want to look at is most people think only about medical costs, but the loss of income is what devastates families when illness or injury prevents work. Even good insurance can't replace a paycheck. This segment really addresses a misunderstood gap in protection and how viewers, you know, can safeguard their financial future. We want this to, to help you understand the most critical part of this and that's making sure you're covered in the biggest gap area. So diving right back into this, Jared, you know, this is a crucial conversation. This is one that impacts pretty much everybody. So why is it important to think about protection not just for medical costs, but time away from work?
[00:37:23] Speaker B: So it's important because whether you're working or not, those medical bills are going to still be rolling in, Right? So you have to take into consideration that paycheck. So if you don't have, say, like time saved up at work because of one or two unfortunate events at some point in time in your life to where your, your personal time at work is, is next to nothing, you take off your job might still be there when you get back thanks to fmla, but that paycheck's not going to keep coming in.
[00:37:54] Speaker A: Yep.
[00:37:54] Speaker B: Right. So that's where your health insurance plan most definitely plays a huge part. But those supplemental plans also come in and help back you up. And one of the biggest ones that people overlook is short term disability plans. That simple plan alone is going to cover at least 60% of that paycheck. It might not be everything you're making, but it's going to be enough to put food on the table when you're out of work and hopefully rehabbing at home to get back to work.
So you really want to make sure you have that. And we also have colleagues, me and you, both share it, that offer disability insurance if something was to happen, if you can't perform your job and you end up being completely disabled, that disability insurance comes into play too. So it goes back to what we talked about previously, where you have to have a really nice, well rounded medical coverage package and short term disability and long term disability policies are truly going to pay a crucial part into that.
[00:38:55] Speaker A: You know, it's funny because my wife and I, we've been there where she was out of work. It was after having one of our children. She ended up having to have surgeries after and things. She was out of work for a while and having those plans in place definitely helped us, you know, we would have been fine either way. But man, it took a lot of stress off and made things a lot better. Now it wasn't perfect, but it did help. It really did help. And it alleviates a lot of that stress.
Because truth is, when you don't know where that money is going to come from when you're out, it's not just the stress of recovering and getting better, it's the stress of, okay, I'm missing out on all this financial strength, all this opportunity to provide.
And that right there gets really, really scary. Really, really scary. And a lot of people deal with that. So what options exist for people who want to keep income flowing if they get not just sick, but really sick?
[00:39:47] Speaker B: You know, I probably harp on this a lot, but it's because I've had it impact my life personally.
The supplemental coverages that you can purchase to add on to your major medical benefits is really going to be crucial in your time of need. You've got hospital plans, you've got critical illness plans, you've got accident plans, you've got cancer plans. These are all top notch policies, right? There's one policy in one company that you know, when it comes to a cancer plan, they add kids to it at no cost to the family because they don't want to see the family ever have to go through that. But God forbid, if it was to happen, you've got financial backing behind you from that company, right? And they also double the payouts for those kids. And so it's.
I try to make sure that I have companies that are going to really help the people that I serve, right? That's one of my biggest goals when I started this company was to make sure that I had services that people could really use.
So going back to it, you're gonna have to have that real nice rounded package. Those hospital policies, those critical illness policies, those accident policies, those cancer policies, those Policies are what are going to end up putting money back into your pocket at the end of the day. And so having those types of policies, when those major critical things happen, you know, it's going to save you in the end. It takes that peace of mind factor, puts it into place and the stress takes it out of the picture.
[00:41:20] Speaker A: Yeah, it's not worth not having.
[00:41:21] Speaker B: Honestly, the medical bill is going to keep coming in.
[00:41:24] Speaker A: Yeah, yeah. Uncle Sam doesn't care about what's going on with you. And that's just the reality of it. So, you know, knowing that there's all different dynamics, different options, opportunities, you know, how can people choose coverage that matches their job, lifestyle and risk level? Like me when I was a welder and stuff, my job was risky, my lifestyle was a little bit crazy, but how can people navigate that?
[00:41:49] Speaker B: So, you know, this one's honestly a real short answer.
The more risk, the more coverage you're going to need, right? So you really need to consider having those extra benefits in there. So if you've got a really high risk job, you want to make sure that you've got that low deductible, high payout policy, you want to make sure that you've got that accident policy that's going to pay if something was to happen with this high risk type job, you know, and a lot of those accident policies will cover you on and off the job 24 7.
You know, for your middle risk, you know, level, having that accident, having that cancer, having those wellness benefits added on top of that, it's going to be amazing. And for your low risk ones, that preventative maintenance care, those accident plans, you never know when none of us plan for it, when an accident's gonna happen. So, you know, having that coverage is crucial.
So you really just have to think, you know, the more risk, the more coverage you really need.
[00:42:49] Speaker A: Yeah, it's a really good, really good point. Really, really good point. And I think that can also be overlooked a lot. Honestly, it's. Why would you, you know, if you fail to plan, you plan to fail.
I also think that with preparation, if you don't prepare correctly, I mean, things are still going to be hard, there's still going to be a problem.
So, you know, what's one step someone can take today to protect both their health and their paycheck?
[00:43:17] Speaker B: The step today to take is to sit down and review your coverage and honestly and be honest with yourself about your finances and where you're at and the risk that you have in your life. And if something was to happen to you. Are you going to be prepared? You need to have an honest conversation with yourself as far as your income and your spending. Can you really afford it? Because. Well, I'll be honest with you if I'm being brutally honest. I had that incident. I was living paycheck to paycheck. I had an accident happen. I had to have major knee surgery.
[00:43:49] Speaker A: Oof.
[00:43:50] Speaker B: I had two newborn. Well, not newborns, but two toddlers at home. It's Christmas time. I just wiped out my savings account and you want to talk about scary?
Only thing I wanted to do, I didn't care if I ate food as long as my kids were healthy and eating.
And I wanted to make sure they had a wonderful Christmas. Whether or not they remembered it or not, I don't know. But that was my only concern. That was weight. Making sure that, you know, all that was taken care of. And my accident policy alone saved Christmas.
[00:44:23] Speaker A: Wow. Talk about real world experience.
[00:44:25] Speaker B: Yes. Yes. And that was one of the biggest drives of what drove me to this career after my last career is that meant the world to me.
That was a Hallmark Christmas time movie event. I wanted to cry because that policy saved me and that agent helped me. Now, mind you, there's a lot of work I had to do in the back end about getting those medical records and everything else, but that agent helped me every step of the way. And if she could do that for me, I would love the chance to be able to make sure that I can do that for somebody else.
[00:45:02] Speaker A: That's powerful. That's, that's, you know, that right there hits home, hits home with me and I'm sure hits home with a lot in our audience. You know, this conversation has been absolutely incredible. You know, there's a lot of value in this and honestly, you've got me thinking about a lot of things. Maybe I need to reevaluate some stuff because, yeah, you hit me in the feels there. So where can our audience find you? How can they get in touch with you?
[00:45:20] Speaker B: So, you know, I would say first off, check out my website, woodedassurance.com and it's assurance with an A, A S S U R A N C E Woodard Assurance because. And I chose that name for a reason. Right.
There's several companies out there that have insurance in their name and everything else, but assurance kind of gives you a promise, right? So whatdassurance.com because you're going to have my promise that I'm going to do what I can to help you out. So check out whatdassurance.com. check out my Facebook page. Me and Crash are on Facebook constantly.
Crash gets into all kinds of trouble when he's on my Facebook page and I try to make sure that he's always covered. He's got that accident plan ready and willing. And, and if you go to the homepage of my webpage, at the bottom of it, you can actually meet Crash. He's our lovable little friend who's very accident prone. And Crash is definitely after my dog at home.
I have a little miniature dachshund at home and looks very similar to what Crash does, just without the bandages. Cause I make sure that she's safe and taken care of.
[00:46:23] Speaker A: I tell you what, Crash is cute and very, very easily recognizable.
Very recognizable.
So, you know, first and foremost, thank you for bringing so much confidence, clarity and passion into this conversation that a lot of people really struggle to understand.
And, you know, today we learned that understanding your health insurance is not just about paperwork. It's about protecting your peace of mind, your family, and your financial stability.
From choosing the right plan to preparing for unexpected medical bills, to educating employees to, well, securing the income that keeps life moving, these conversations matter. They help people to control and feel confident and build a stronger foundation for their future. To our viewers, take one small step this week toward understanding or, well, improving your coverage. The bottom line is simple, informed decisions lead to empowered lives. Thank you for watching the Bottom Line. I'm your host, Ryan Herpin, and we will see you next time.
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