Voluntary benefits are products offered at a less expensive rate through group plans from an employer.
Packages offered by employers through voluntary benefits providers are cheaper than what employees can get on their own. Employees can add them to their core benefits, and the employer pays the administration costs.
Advantages for Employers
Employees pay all or most of the price, making it inexpensive for employers to offer. Companies can offer voluntary benefits to employees regardless of the business’s size.
There are many different kinds of voluntary benefits, including:
- Vision insurance helps pay for exams and glasses.
- Accident plans offset medical expenses resulting from an accident injury.
- Critical illness coverage provides a benefit for someone diagnosed with a critical illness.
- Hospital indemnity insurance helps cover out-of-pocket expenses related to a hospital stay.
Dental insurance provides benefits for routine dental treatment and other procedures.
This coverage provides financial counseling on topics like credit card debt, taxes, investments, and budgeting.
- Identity theft protection monitors and alerts the individual of any fraudulent use of their details. It also covers the cost of repairing a compromised credit history.
- Life insurance pays a lump-sum to an employee’s family member in the event of their death.
Voluntary benefit providers can help employers offer great incentives for employees to join their company and stay with them.