Voluntary benefits are becoming more and more of a vital component of employee benefit packages. Since employee benefits make up a large portion of compensation costs, businesses are utilizing voluntary benefits as part of the total employee benefits package. Voluntary benefits offer flexibility and a wide range of options that can be customized to meet the employee’s specific needs. Voluntary benefits are advantageous for both the employees and the employer.
Consider these 5 reasons to offer voluntary benefits as part of your compensation package.
Little or No Cost
Voluntary benefits come at little to no cost as the employees pay for these benefits themselves. Regardless of what they have to pay for them, they will still be offered at lower group rates. It is also important to note that they will be guaranteed qualification regardless of health.
Supplement High-deductible Health Coverage
Employers may choose to offer optional health benefits such as critical illness and hospital indemnity plans. These perks will likely take care of expenses from hospitalization or a major health incident and will close the gap in the high-deductible medical coverage.
Attract and Retain Valuable Employees
Since we are in a time of high unemployment, there is plenty of competition to hire and retain top talent. Voluntary benefits make a benefits package much more enticing for current and potential employees. It will give workers options that allow you to keep current employees happy and attract new ones. The choices and options allow employees to customize their benefits package to meet their personal coverage goals.
Provide Income Protection
Some employees may not be able to afford or qualify for individual coverage. Disability, life, and long-term care protection may not be in the cards for some individuals as the cost for individual policies are typically significantly higher. Also, it is common for some employees to have preexisting health conditions preventing them from qualifying for individual plans. Group voluntary benefits are generally a guaranteed issue and are offered at a lower group premium. Not only would your employees gain access to many more options to best suit their needs, but they will also have peace of mind knowing they are protected. Feeling that their employer offers benefits that protect their financial wellbeing will improve morale.
Gives Employees Options
One of the biggest perks of voluntary benefits is that they are, in fact, fully optional, so employees can opt for the benefits that they truly want, rather than having an employer choose for them. This autonomy in their overall benefits plan and deciding what combination of benefits will best suit their lifestyle and family needs adds value to working for your company. While filling in the gaps in a standard employee benefits plan, voluntary benefits include but are not limited to:
- Term life insurance
- Dental insurance
- Cancer insurance
- Critical illness insurance
- Short and long-term disability insurance
- Accident insurance
An agent can assist you in your presentation of voluntary benefits and how you will secure your organization’s plans. Augusta voluntary benefits are available to offer your employees what they are looking for. Why wait to develop the ideal benefits package for your company?
About SB One Insurance Agency
At SB One Insurance Agency, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.