What are Voluntary Benefits?
Voluntary benefits are insurance products that employees may choose to purchase from their employers at rates that are lower than they could get individually. Examples of voluntary benefits are disability, vision, cancer, accident, supplemental health and critical illness insurance. Many employers offer voluntary benefits because they allow companies to provide an increased benefits package at no cost to them. As the U.S. health coverage environment evolves, working Americans increasingly are turning to voluntary employee benefits to supplement core coverage. Voluntary benefits can offer added financial security to employees.
Advantages of Voluntary Benefits
- No Employer Costs - Voluntary benefits are a great way to provide employees with the benefits they need and desire with usually or no cost to the company.
- Benefit Program - Employees or prospective employees have access to a greater array of benefits that they can choose from, based on their needs.
- Employee Retention - Companies with strong employee benefits packages have lower employee turnover and attract more prospects looking for employment.
- Group Rates - By utilizing the purchasing power of your group, the employees get access to benefits at low group rates.
- Favorable Underwriting - Disability coverage and life insurance are extremely difficult to find on an individual basis if the insured has a less than favorable medical history. These products have simplified underwriting requirements or in many cases are guaranteed issue (no health questions!).
- Your Employees – Can use cash benefit s to help cover out-of-pocket expenses such as rent, child care, and other costs not covered by major medical. It pays employees directly, regardless of any other insurance you may or may not have.
Our knowledge of the marketplace, flexible policy designs and quality customer service allow you to create an employee benefits package that helps make your company more competitive.