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Voluntary Benefits
Currently, voluntary benefits are one of the hottest employee benefits trends. It's no wonder: when it comes to retaining valued employees and containing costs, voluntary benefits offer great advantages.
Defined as benefits in which the employee pays all of the cost, voluntary benefits provide employees with many cost-effective options for benefits and insurance coverage they might not otherwise be able to afford. Properly designed, they draw on many of the tax benefits of employer-sponsored benefits – add group rates to the equation, and the pricing is often extremely attractive. Additional non-financial features like guaranteed coverage and payroll deduction can make these benefits even more valuable to employees and their families.
Optional insurance coverages and supplemental coverages are the best known examples of voluntary benefits, and the most commonly utilized. But many other innovative voluntary benefits are starting to gain popularity – such as information and counseling services (for example, legal counseling), and convenience or "concierge" services, most typically day care for children.
An estimated 90%+ of US employers currently provide at least one voluntary employee benefit. Roughly 80% of these employers report that their employees are receptive, even quite positive about such offerings. Independent surveys of employees indicate that they perceive value in voluntary benefits, particularly when the benefits are introduced and implemented with communications that stress their value, practical benefits and cost savings.
Not surprisingly, many firms are rolling out additional voluntary benefits. Typically, the benefit options in the works include retirement planning/financial planning, auto and homeowners insurance coverage, prepaid legal services, vision care, concierge services and pet insurance.
The Benefit Companies have worked with many of our clients to design and implement sensible and creative voluntary benefits programs, which make sense for their employees and their culture. We'd welcome an opportunity to help you figure out how to tap into this latest employee benefits trend! Call us at (262) 207-1999 to learn more.
