Now more than ever, it’s becoming critical for employers to offer voluntary benefits as a way to enrich their current benefits portfolio and to maximize their strategy of attracting and retaining employees.
Also known as supplemental benefits, voluntary products provide a financial safety net for unexpected medical expenses in the event an employee becomes sick or injured, regardless of their major medical insurance.
As health care costs continue to rise, employees are looking for alternative ways to fill in the coverage gaps of the more traditional health plans. Results from the Employee Benefits Research Institute’s 2015 Health and Voluntary Workplace Benefits Survey revealed that employees value voluntary benefits and feel that it’s important for their employer to offer choices in the benefit plans offered.
Voluntary benefits are a cost-effective way to offer more personalized coverage to employees at little or no impact on your bottom line. Employers have the option to contribute a portion of the premium or to simply make the products available to employees through payroll deductions.
Additionally, studies have shown that voluntary insurance products can help boost employee satisfaction and loyalty. According to the 2015 Aflac WorkForces Report, employees with access to voluntary programs are more likely to be extremely or very satisfied with their jobs and have more positive perceptions of their employers.
Today, millennials make up the largest proportion of the U.S. labor force and it’s expected that they’ll be half the workforce by 2020 and 75% of the workforce in 10 years. With this said, it’s important that the voluntary benefits products you choose to offer also appeal to a younger workforce.
Conventional voluntary products include life and disability insurance, dental and vision insurance, accident insurance, critical-illness insurance, cancer insurance, and long-term care insurance. New and emerging voluntary products targeted at millennials include identity theft protection, student loan repayment programs, and pet insurance.
For more information on voluntary benefits, contact McGrath Insurance Group at 508-347-6850 or email our employee benefits department at firstname.lastname@example.org.
*This article is written for informational purposes only and should not be construed as providing legal advice.