As health care costs continue to increase, it is difficult for employers to provide their employees with a complete benefit package. To offset costs, employers can make available voluntary benefits.
What are voluntary benefits?
These are supplemental insurance plans that some employees will desire — without additional cost to the company. Employees benefit because they get variety of insurance options, often with lower premiums than individual policies.
These elective benefits have four characteristics:
- 100 percent employee-paid
- Offered through an employer
- Solicited and enrolled through a carrier or enrollment firm
- Paid through automatic payroll deductions
Why should an employer offer voluntary benefits?
Because of their cost efficiency and portability, as well as their contribution to an employee’s work/life balance, voluntary benefits are becoming an essential part of many companies’ benefit offerings.
What are some examples?
Supplemental group insurance examples include: