Flexibility continues to remain perk number one when it comes to what’s most important for employees. Employees, however, are continually searching for other perks, too. Specifically, many are looking toward voluntary benefits which are essentially secondary or supplementary benefits.
Voluntary benefits can help your employees cover any health or medical-related costs. Typically, these expenses are accrued in addition to one’s medical bills. They can cover anything from pharmaceuticals to medical supplies that are needed. Voluntary benefits can be covered one of two ways:
With these plans, the employer will pay 0-49% of the premiums, so typically, employees pay 100% of their coverage costs.
With these plans, the employer will pay 50-100% of the premiums and deduct the cost from their employees’ paychecks in the same way they do for health insurance premiums or retirement plans.
Some employers may offer both types of voluntary coverage, so employees can choose the best plan for them.
Types of voluntary benefits
Voluntary benefits cover many expenses, so the types of ancillary insurance you can offer your employees are virtually limitless. Here are some of the most common benefits on the market today:
- Life Insurance
- Vision, Dental, and Hearing
- Health Savings Account (HSA)
- Health Reimbursement Arrangement (HRA)
- Critical Illness & Accident Insurance
- Disability Insurance
- Childcare Benefits
Why employers should offer voluntary benefits
There are many reasons why employers should provide voluntary insurance, including easing employees’ financial stress. Organizations that offer these additional benefits can certainly be more competitive in the current job market. Moreover, employees’ productivity will improve as voluntary benefits allow them to get the care they may not have already had including certain preventive care benefits. Other benefits can include simply providing peace of mind to employees and supporting your employees’ financial wellness.
Voluntary benefits bring value to employers as they help fill gaps in their benefits package. A platform to help employees understand and choose a health plan, as well as suggest which voluntary benefits are most important for them to consider is Decision Doc x Sherpa Score.
Learn more today: https://myhealthmath.com/decision-doc-x-sherpascore/