Do you want to retain employees and recruit better talent at little to no cost to your business? How? By offering voluntary benefits. Voluntary benefits are like “a la carte” insurance products that can be added to a benefit plan such as life, vision, dental, disability or travel accident insurance. Employees want more customization with their benefit plans so voluntary benefits allow them to add on specific services tailored to their wants and needs. One of the best things about voluntary benefits is that they are cost-effective. They are typically paid for by the employee and cost less when offered in a group or employer
From cable subscription services to grocery deliveries, the demand for customization has never been higher. However, the need for customization extends beyond everyday consumption and into the workplace. With the ever changing healthcare industry, individuals want the option to tailor their benefit plans to fit their needs — and that’s exactly where voluntary benefits can play an important role. What Are Voluntary Benefits? Voluntary benefits are elected insurance products employees can add to their benefit packages. They are typically paid completely or mostly by the employees through payroll deferral and often include: life insurance, vision, dental, disability, cancer and critical illness insurance, and accident insurance.