Take a moment to consider your current employee benefits offerings. You already provide medical, dental and vision, but is that enough to stay competitive?
Including voluntary benefits is a great way to enhance your existing benefit portfolio, without breaking the bank. Are there other benefits that would make a difference for your employees and their families?
Voluntary benefits are just that...voluntary. Offering them allows your employees to choose what works for them and their budget.
The voluntary plan offerings vary, but we commonly see companies offering Voluntary Life and Accidental Death and Dismemberment (AD&D), Accident or even Critical Illness/Cancer.
- The Voluntary Life and AD&D plan allows employees to increase their life coverage to suit the financial needs of their beneficiaries in the event of their death.
- Accident and critical illness or cancer plans will provide payments to the employee when they are affected by one of the covered events. The employee can then use the benefit payment to assist with their financial needs which can consist of bills other than medical expenses, such as their mortgage, car payments or even groceries.
Getting Voluntary Benefits
Since voluntary benefits are becoming more publicized and popular, more insurance carriers are offering these type of plans. This means there are a number of options to consider, as not all plans will be the same. Occasionally, you can add voluntary benefits through your existing life and disability insurance carrier. However, there are plenty of companies that specialize in voluntary benefits and they may offer more variety in the plan design. Choosing an insurance carrier all depends on their offerings and what works best for you and your employees.
By offering voluntary benefits to employees, you are able to enhance the benefit program for employees without increasing your premiums. Click the button below to learn more about voluntary benefits and receive a complimentary consultation.