Accidents or serious illnesses can strike anyone at any time. As an employer, you offer your employees insurance as part of their benefits package to help them in times of crisis. But did you know that you could be doing more to protect your employees during medical crises? It’s true—you could be offering them supplemental insurance.
Voluntary benefits have become popular among both employers and employees, and it’s not hard to see why. These benefits offer employees increased choice and flexibility to get the coverage they want and need, and they allow employers to offer a better benefits package with little to no additional cost. They simply make good business sense—and here’s why.
Whether you’re an employer or an employee, you know that a great benefits package is a huge advantage for you. Employers who offer their employees more benefits and coverage have an advantage in hiring and retaining the most talented employees. Employees, on the other hand, want benefits to help them pay for costly medical treatments, protect them from catastrophic loss, plan for retirement, and more. But meeting everyone’s expectations and doing so within a budget can be difficult. Employers are concerned about containing the skyrocketing costs of health plans, for example, while employees want better and more flexible coverage for themselves and their families. If you’re hoping to balance the needs of the employee with those of the employer, you should look no further than group and voluntary benefits.
Benefits are a hot topic with employees and employers alike. Employees want the best possible package to ensure their needs are met, while employers seek to offer the most extensive or comprehensive package possible to attract the most talented people in their industry—and to retain those talented individuals they’ve already recruited. But as most business owners know, the ever-increasing costs of health and dental insurance leave less and less room for other employer-paid benefits. How can you offer your employees a better benefits package without breaking the bank? Voluntary benefits and the companies that offer them are showing the way. Keep in mind that the free benefits listed below are only available to a company’s employees when the sponsoring insurance company offers voluntary benefits at that company.
When you think of benefits, you likely think of a traditional arrangement where an employer extends benefits coverage to all of the company’s employees; these are called Group Benefits, and some of the most common are life insurance, short term disability and Long Term Disability. More and more, though, companies are looking to alternative arrangements where the company pays nothing out of pocket in order to manage the high costs associated with benefits. One of the most popular options is what’s known as Voluntary Benefits, which are offered to employees at lower costs than they would normally pay. Again, there is no cost to the company offering these benefits, except for the administrative time to set up payroll deductions and hold employee enrollment meetings.
After salaries, benefits represent the largest expenditure most businesses face. That’s why, as an employer, it’s important that you know about the advantages of group benefits and voluntary benefits—and how they can help your business.