Employers no longer consider voluntary benefits as simply add-ons but rather as a means to address a variety of employee needs, offer choices and allow employees to personalize their rewards. Voluntary benefits are supplemental to core health insurance and retirement savings plans and are typically employee-paid through salary-deferred contributions. They can be a cost-efficient way to provide additional coverage to employees, who can purchase these plans through their employer at a lower group rate.
So, are they really worth offering? Let’s take a closer look at what voluntary benefits can do for a business and its employees.
Options on the Rise
Attractive benefits can make the difference between whether a prospective employee accepts a job offer or not, and also greatly impacts morale. Employees continue to appreciate these options and it’s clear that workers are increasingly interested in building financial security in areas beyond health care. Through a wide array of voluntary benefit options, employers can offer a more comprehensive benefits package to cover practically every aspect of their employees’ lives.
The Benefits (of Benefits!)
Your business can get cheaper rates for these benefits than your employees would individually, making voluntary benefits a bargain for employees who want the coverage. Generally, employees are also gaining access to different types of coverage that they might not have otherwise been aware of. Since employees pay all or most of the cost, it’s very inexpensive to offer these benefits. That makes voluntary benefits a win-win for employers and employees. A broker will be able to help you determine what voluntary benefits package will work best for your business and your employees.
Depending on the type of voluntary benefit, employee contributions may be treated as pre- or post-tax. For some benefits, it’s possible to have employees’ contributions deducted from payroll pre-tax. Voluntary benefits have become popular among employers and employees to enrich Group plans and fill gaps that exist in Health insurance and other plans.
These benefits are designed to meet the diverse needs of employees in today’s workforce without adding costs to employers. You are able to offer your employees a menu of benefits from which they’re able to choose only those they want and, unlike traditional group benefits, voluntary programs require no employer contributions. Voluntary benefits are a great way for you to manage costs and offer a highly competitive benefits package to your employees. You can easily boost morale and keep employees satisfied with their benefits without adding to your bottom line. There are various voluntary benefits available. At the Rubin Group, our offerings include:
- Accident Death & Dismemberment
- Group Life
- Long Term Care
About The Rubin Group
Based in New York, The Rubin Group provides insurance in most of the 50 states. Our full-service insurance brokerage provides insurance and risk management services to individuals in all income brackets and businesses of all sizes and types. We understand that every client has unique coverage requirements, and we are passionate about providing the ideal individualized coverage for each customer. Each member of our team takes the time to truly understand your situation, the particular risks you anticipate – and the very real risks you’ve not yet contemplated. For all of your insurance needs, contact us at The Rubin Group!