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Overview
It can be difficult to offer a competitive benefits plan that is appealing to each member of your diverse workforce. Voluntary benefits can enhance your benefits program by providing a wider range of choices in life and health insurance. As healthcare costs continue to soar, it makes sense to add voluntary options to your core plan, especially when these benefits do not incur additional costs for your organization.
Your employees can pay for voluntary benefits conveniently through payroll deduction. Since voluntary benefits programs are employer sponsored, participating employees won't be taxed on the premium amount. And, because there is no federal, state, or FICA tax paid on premiums when offered under a Section 125 cafeteria plan, adding voluntary benefits can result in tax savings for your organization.
Choice: It’s what everyone wants.
Optional Group Life: A cost-effective way to help you provide supplemental protection that's personalized and affordable. With the labor force aged 45-64 growing faster than the labor force of any other age group, this is great for baby boomers.
Dependent Group Life: This low cost life insurance coverage for spouses and children can be adjusted to meet individual and family needs. Dependent Group Life differs from Optional Life in that it is essentially an add-on program to the basic Group Life program. It does not require employee premiums.
Long-term Care Insurance (LTCI): Help employees protect their assets and retirement savings. For many plans, the employer pays for a base level of protection while the employees pay for an additional "buy-up" plan of greater protection.
Long-Term and Short-Term Disability: Provide peace of mind by helping protect your employees' income, standard of living, and families with Group Disability Insurance. Have a plan in place to ease the financial discomfort caused by an illness or accident.
Accidental Death & Dismemberment (AD&D): Most premature deaths are due to accidents. AD&D coverage, costing literally a few pennies on the dollar, can supplement group life insurance.
Dental/Vision: Due to the increasing cost of health insurance, many employers are scaling back their contributions toward previously subsidized benefits, such as dental and vision coverage. Voluntary dental coverage has been shown to represent one of the most valued options an employer can provide, with a participation rate averaging well over 50%. Employees also value stand-alone voluntary vision plans. These plans cover exams and provide eyewear discounts.
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