Voluntary Benefits and Their Advantages
Voluntary benefits are valuable for filling the gaps of regular insurance and meeting the needs of your employees. Every company wants to offer a good benefits package to attract and retain quality employees. However, maintaining an affordable benefits budget and making all your employees happy can be difficult.
Voluntary benefits can be a good fit for just about every business owner because employers can offer insurance benefits that employees want without any additional expenses to their overhead. Employees can choose the insurance benefits that best fit their needs and pay for them directly from their paychecks. Employers can contribute to these voluntary benefit programs but it is solely up to the discretion of the employer.
Voluntary Benefits That Your Employees Want and Need
1. Critical Illness/Cancer
At least one in three adults will be diagnosed with a critical illness or cancer this year. Critical Illness policies help pay many of the out-of-pocket expenses that people incur while undergoing treatment or therapy. The out-of-pocket can be between $5,000 and $10,000 and because many health care policies have higher deductibles nowadays, only a portion of these costs if any, are covered.
2. Accident Insurance
“Accidents happen,” so they say and if your employees are injured or hurt, at work or at home, they can receive cash for a covered accident. Reimbursement starts almost immediately and can help pay for unexpected expenses such as emergency room visits, X-rays or even hospital stays.
3) Medi-Gap Insurance
Medical gap plans are exactly what they sound like – insurance coverage that covers gaps in traditional health plans with high deductibles. Traditional gap plans pay reimbursement to cover a deductible and is integrated 100 percent with the employee’s medical plan.
4. Disability Insurance
When an employee gets sick or injured they can’t go to work. They use up their sick days and when those are exhausted, they have no income. Disability insurance covers part of their income so they can pay their bills and get back on the road to recovery. Disability insurance is one of the most overlooked products in the work place and can be offered to your employees for only a couple dollars a day.
5. Life Insurance
Everyone knows they need life insurance, but many don’t have it. According to a recent LIMRA study (Life Insurance and Market Research Association); more than 87 million Americans do not own life insurance. The most common reason your employees don’t own life insurance is because they aren’t offered the opportunity. Life insurance benefits can give your employees peace of mind knowing their loved ones are taken care of financially should they die.
6. Dental and Vision
In the past, employers have paid for dental and vision along with major medical plans, but as employers continue to struggle to manage their medical costs increases, dental and vision are becoming voluntary benefits.
Voluntary Dental can cover routine cleanings to root canals. Voluntary Vision plans can cover annual eye exams to full prescription glasses.
More info? Want a custom quote for your business? Call: 914-633-1717