As health care costs continue to rise, so has the value of employee benefits packages such as voluntary benefits. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company. 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 packages 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:
• 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
TYPES OF VOLUNTARY BENEFITS
A few traditional voluntary benefit offerings include dental, vision, disability, critical illness, life and accident insurance. Non-traditional voluntary benefits may include group legal plans, pet insurance, financial planning, employee discount programs, educational and adoption assistance, and identity theft insurance.
THE VALUE OF VOLUNTARY BENEFITS FOR YOU
Your company can benefit in many ways from offering voluntary benefits. A good set of voluntary benefits can:
• Cost you little or nothing to offer
• Provide great value through cost efficiency and convenience to your employees
• Aid recruitment efforts because certain benefits, such as dental and disability, are highly valued
• Help build loyalty and retention, reducing employee turnover and associated costs
A SINGLE BROKER
Working with a single broker, such as Kapnick, to coordinate your various benefits policies, especially when you decide to offer a variety of voluntary benefits, is a good idea. When all your benefits are presented together, you can avoid coverage gaps or positions of being over-insured and take advantage of having an advocate who knows your business thoroughly who can help guide you through the process of choosing the best voluntary benefits for your employee group. At Kapnick, we can also provide you with comprehensive materials to help educate your employees on the voluntary benefits you offer.
Hear first hand from our expert Ian, about the value of voluntary benefit options for your employees.
Unsure where to start? Kapnick can help make it simple, and walk you through designing a voluntary benefit plan that serves the needs of your employee population without adversely impacting your bottom line.