As health care costs continue to rise, so has the demand for voluntary benefits. Since many employers find it increasingly difficult to provide employees with a complete benefit package, voluntary benefits have become an ideal solution.
Voluntary benefits are coverages and products made available to employees for elective purchase. These programs have four key characteristics:
Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company. Employees benefit because they have a variety of insurance options available conveniently in one place, and often with lower premiums than individual policies they would have bought themselves.
Because of their cost efficiency and portability, as well as their contribution to an employee’s work–life balance, voluntary benefits are becoming a central component of many companies’ overall benefits strategies.
There are a wide assortment of products offered as voluntary benefits. The rising popularity of voluntary benefits has led to a surge of new and innovative products in recent years. Examples of available products include:
Traditional Voluntary Benefits
Non-traditional Voluntary Benefits
Offering voluntary benefits is a great way to enhance your benefits package, differentiate yourself from competitors and increase employee satisfaction—all with little impact on your budget. But while you may choose to offer numerous types of voluntary benefits that can deliver convenience and value to your employees, many employees do not understand the advantages of the voluntary benefit options they are offered or they may be unclear about how voluntary benefits work.
Educating your employees about the voluntary benefits you provide will yield the greatest value for you and your employees. We can help you demonstrate the value of your voluntary benefit offering with employee meetings and our customized email, video, and web content.
Contact us today to learn more about voluntary benefit options and to obtain access to our educational materials and guides.