Voluntary Benefits 101
But did you know that strong benefits can help you achieve both? Voluntary insurance is a simple, affordable way to help your employees protect their financial security in the event of a serious accident or illness.
Traditional health insurance pays doctors and hospitals, while voluntary insurance pays benefits directly to employees,* no matter what other insurance they have in place.
If they’re sick or hurt, it can be used in any way they see fit – whether that’s for leftover medical expenses and other bills threatening their financial security. It’s their money to use their way.
Voluntary insurance: more relevant now than ever before
Changes to the health care landscape – including health care reform and rising medical costs – make voluntary insurance more viable than ever. For employees, it is a practical way to help protect their financial security. For employers, it’s a smart strategy for controlling expenses while helping employees remain financially secure. What’s more, the peace of mind voluntary insurance helps provide can go a long way toward improving employee contentment, morale, productivity and retention.1
How is voluntary insurance bought and sold?
Dental insurance can be purchased through the public health care marketplace. Other voluntary options, such as accident, disability, hospitalization and other choices, are available through private exchanges, insurance agents and brokers.
The good news is that most voluntary insurance premiums are paid by employees who opt to enroll, so they can be offered by employers with little or no direct effect on their bottom lines.
Even if employees choose to apply for insurance benefits through the Small Business Health Option Program (SHOP) or the individual exchange, making additional voluntary coverage available at work can help your organization offer more comprehensive benefits packages – driving employee satisfaction and contentment.
To sum up, voluntary insurance:
Strengthens employers’ overall benefits packages.
Helps provide employees with financial peace of mind with cash benefits to pay out-of-pocket medical expenses and other bills.
Improves employees’ focus, productivity and job satisfaction by helping reduce financial stress and anxiety.
So What Kind Of Coverage is Available?
There are many types of voluntary insurance, and employees can customize their plans to meet their unique needs and financial circumstances. If they’re sick or injured, benefits can be used in any way they see fit. We'll be covering all the different options over the next few issues, so stay tuned!
If you want information before then, please click the link below or call me at (318) 834-4395.