Voluntary benefits, also known as worksite benefits, are an effective way to attract and retain the top employees with little to no effect on your bottom-line. These benefits are a great way to fill the void of coverage that traditional benefits don’t cover. What most employees and employers don’t realize is the effect that voluntary benefits offer to both parties.
Why should you offer voluntary benefits to your employees?
Voluntary benefits are an effective way to attract and retain the top employees, with little to no effect on your bottom line. These benefits (also known as worksite benefits) are a great way to fill the void of coverage that traditional benefits don’t cover.
What most employees and employers don’t realize is the effect that voluntary benefits offer to both parties.
It saves everyone money
Well-designed voluntary benefit programs can protect employee’s financial stability. Voluntary benefits are coverage options offered through an employer but paid for (either partially or solely) by the employees through payroll deferral. It allows employees the option to choose from a variety of plans that fit their lifestyle best. Most employers offer group plans with group rates that give employees better rates compared to their own.
Sometimes voluntary benefits will come with a guarantee issue, which means coverage is not dependent on health status.
For employers, the cost of implementing a voluntary benefit coverage option for your employers is minuscule compared to the benefit they receive. When your employees receive benefits that align with their needs, they will be more productive and engaged, which creates more income for you.
It provides them with the care they need
Voluntary benefits go beyond traditional benefits to bring your employees additional care when they need it most. At SBMA, we offer various voluntary/ worksite benefits:
- Accident: Accident insurance helps you pay for the medical and out-of-pocket costs that you may incur after an accidental injury.
- Term Life Insurance: Term life insurance is an affordable way to provide financial protection for your loved ones during working years.
- Critical Illness: Critical illness coverage adds a safety net for under-insured persons.
- Hospital Indemnity: Hospital indemnity benefits can offset high deductibles and out-of-pocket expenses so that a hospital stay does not become a financial crisis.
It gives your employees a meaningful choice in their healthcare
When employees are given the choice in their benefits, they are more likely to be engaged and excited about work. When employees are satisfied with their benefits, they will have less to worry about while at work. Employees are more likely to be satisfied with their employee benefits if they have a choice in creating a plan that fits their unique needs.
Not only will you benefit from their higher productivity, but they will also feel cared for and safe with your company.
Why do your employees request voluntary benefits?
Employees request voluntary benefit plans for various reasons. Because it give employees the ability to customize their care, and it’s in their control is extremely attractive to employees. Here are a few more reasons:
- Low-cost medical coverage
- Pre-taxed premiums
- Payroll deducted
- Quick claims turnaround
Start offering your employees voluntary benefits today! Reach out to one of our trusted brokers, or reach out to us directly here.
Learn more about the differences between voluntary and individual benefits, here.
