Have you considered adding voluntary benefits to your benefit plan? Voluntary benefits are additional insurance coverage offerings including vision, dental, and disability insurance. Some of the most common reasons for disability leave are cancer, childbirth, heart attacks, strokes, and nervous/bone/muscle system disorders. Voluntary insurance is a great option for many employers to offer their employees to prepare for these unexpected events at no additional cost. The employer can simply ask if any of their employees are interested in receiving voluntary benefits and then deduct the cost of the benefit from the employees pre-taxed paycheck.
The Social Security Administration estimates that 1 in 4 of today’s 20 year olds will be disabled before they reach 67. Voluntary insurance could help offset the financial burden for these individuals during that time. In addition, it will provide coverage in the event that you have to leave work for an unexpected illness, injury, or pregnancy for an undetermined time frame. Many individuals do not plan to be out of work unexpectedly for long periods of time due to disability or illness so voluntary benefits will help you financially prepare for these circumstances by enabling you to receive income while you are out of work. Overall, voluntary benefits are something many employers and individuals should consider so that they can prepare for the unexpected.
Here is some additional information regarding the importance of disability insurance.