Do you want to retain employees and recruit better talent at little to no cost to your business? How? By offering voluntary benefits. Voluntary benefits are like “a la carte” insurance products that can be added to a benefit plan such as life, vision, dental, disability or travel accident insurance. Employees want more customization with their benefit plans so voluntary benefits allow them to add on specific services tailored to their wants and needs.
One of the best things about voluntary benefits is that they are cost-effective. They are typically paid for by the employee and cost less when offered in a group or employer sponsored plan. They also help employers offer a more competitive benefits package— at little or no cost to the business. Here’s everything you need to know about voluntary benefit plans including what it can do for your employees and your business.
Voluntary benefits are supplemental to core health insurance and retirement savings plans and are typically paid by employees through salary-deferred contributions. They can be a cost-efficient way to provide additional coverage to employees, who can purchase these plans through their employer at a lower, group rate.1 There’s also a huge range of voluntary insurance plans out there in the market which means more choices for the unique needs of your team.
Which voluntary benefits should I add to my benefits package?
Life Insurance
Adding life insurance shows that you care not only about your employee, but their family as well. Life insurance pays out a lump sum to help provide financial protection for an employee’s family members in the event of the employee’s death. The great thing about life insurance is that coverage can be updated to reflect changes in life such as getting married, buying a home or having a child. Most plans also offer spouse and child coverage. Your employees will be so thankful for this add on option!
Vision Insurance
It’s easy to neglect your eyes now that they aren’t covered on your typical health insurance plan, but by adding them to your voluntary benefits package your employees can rest assured that they are fully covered. Regular eye exams help maintain healthy vision and are the first line of defense in detecting more serious eye conditions, such as glaucoma, high blood pressure and diabetes. Vision insurance typically helps pay for eye exams, glasses and contact lenses. They may also offer discounts on treatments such as laser eye surgery or eyecare accessories.
Dental Insurance
Make your employees smile by adding dental insurance to your voluntary benefits package. Dental insurance can provide benefits for both routine and specialty dental procedures that are not covered by most health insurance plans. Employees have made it clear how much they value dental coverage. In fact, 61 percent of employees view dental benefits as important, ranking second behind medical coverage when insurance benefits are considered.2
Disability Insurance
Disability insurance gives employee’s peace of mind. Disability insurance replaces a portion of an employee’s income if they become disabled as a result of a covered accident or sickness, to help them continue to make money while they are out of work so they don’t fall behind financially.
Travel Accident Insurance
Keep your employee’s safe no matter where they are with travel accident insurance. Essentially, it acts as life insurance and insurance against accidental death and dismemberment in the case of a travel accident. It typically covers emergency medical and legal fees as well.
How do businesses and employees benefit from voluntary benefits?
When employees or recruits love their benefits, they are more likely to stay with the company and put their best foot forward.
Employees who are offered voluntary benefits feel more confident in the company they work with. They are given the flexibility to pick and choose what benefits they need to suit their personal circumstances and lifestyle. Overall, voluntary benefits are easy to administer for a business and are appealing to your employees.
Have more questions about voluntary benefits? Give us a call or visit our website to learn more.
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