Voluntary Benefits
Voluntary benefits are insurance and non insurance products that employees may choose to purchase themselves at lower rates than they could get on their own.
Insurance Products
A few examples of insurance voluntary benefits are dental, vision, life, disability, supplemental health and cancer insurance.
Non Insurance Products
Non insurance products are employee shopping discounts, health products and services, wellness, fitness & financial education, child care referral, etc. Many employers offer voluntary benefits because they allow companies to provide a more robust benefits package at no cost to them.
How Voluntary Benefits Work
For an example of how voluntary benefits work we’ll need our good friends Demitirus and Dana. Tonight, they’re going to a restaurant for dinner. Demitrius and Dana’s entrées include soup and salad with the price of their meals. In this case, their meal is like their company’s health plan – they get what they want along with a few added extras. Hopefully, their food tastes better than their health plan.
Tonight Demitrius and Dana want more than the basic entrée, soup and salad. They’d also like to order some appetizers, a bottle of wine and dessert. These extras are kind of like voluntary benefits – Demitrius and Dana get more than the basic offering, but only pay for what they order.
Why Voluntary Benefits
Employees have eagerly embraced the voluntary benefits, concept, such as dental, vision and employee discount programs. Benefits an employee can choose to purchase them selves. According to LIMRA over 165,000 employers now offer voluntary benefits to their employees.
ü Minimal administration for HR and or companies
ü Nearly 1/3 of employees surveyed by MET life say they are interested in having their employer provide wider array of voluntary benefits they can choose to purchase themselves
ü Two out of five employers view voluntary benefits as a cost effective way to both meet the diverse needs of employees
ü 42% to enhance the attractiveness of the companies overall benefits offerings
ü Employers screen providers to find the best products and services for their employees
Companies and organizations of all sizes have begun to implement discount programs for their employees and members. During this economic downturn it has become important to help employees keep as much as their hard earned money as possible.
Small business owners are utilizing these programs, to compete with larger companies. This is a great way to beef up their benefits packages. Employee discounts can vary from automobiles to special events ticket discounts.
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