Voluntary Benefits
Voluntary benefits have become an essential part of any employee benefits package. Voluntary benefits contribute to a robust and competitive benefits program to attract and retain talent without adding to your benefit costs. And voluntary benefits generate goodwill towards the company which can translate into increased employee loyalty and productivity.
Voluntary benefits include life, dental and vision insurance, short-term and long-term disability insurance, critical illness and accident insurance, and legal plans. Voluntary benefits are paid for by the employee through a payroll deduction at group rates lower than they could get on their own. And simplified underwriting and the convenience of payroll deductibility make voluntary benefits an attractive and affordable solution.
Voluntary benefits help employers too. Studies have shown that financial stress is a leading cause of absenteeism and lost productivity. Voluntary benefits are designed to offset the financial impact of infrequent but serious life events such as an unexpected diagnosis, a life change, or an accident.
Designing and implementing an effective voluntary benefits program can be challenging and depend on a number of factors including the demographics of your employees. Contact us to learn how to design and implement a voluntary benefits program that will meet the unique needs of your employees.