Many employers consider expanding their voluntary benefits to compensate for employees’ increasing health care costs.
As health care costs continue to rise, so has the value of voluntary benefits. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company.
Many employers consider expanding their voluntary benefits to compensate for employees’ increasing health care costs. Employees benefit because they have a variety of insurance and other program options conveniently available in one place.
Advantages of Voluntary Benefits for Employees
Because of their cost efficiency and portability, voluntary benefits are becoming a central component of many companies’ overall benefits strategies, offering high value to employees, all with minimal effort and cost to the company.
Voluntary benefits can be either insurance or non-insurance products presented to employees to pick and choose from for elective purchase.
Employers can offer value to employees with the following:
- Guaranteed Issue
- Reduced group rates
- Convenience of payroll deductions
- Boost to work-life balance (from such programs as educational assistance)
- The ease of having multiple options all in one place
Options can be included so employees may elect to purchase additional coverage and higher limits at their discretion.
While voluntary benefits are a key way to attract and retain employees, it does not create additional work for HR departments as several enrollment options are available to Employers including internet and on site enrollments guided by a licensed Benefits Counselor.