Your employees’ households include every variety of size and make up. From singles to single parents; families that are “nuclear” to “extended”; and even homes where furry companions are beloved members of the family – with this amazing diversity comes a wide range of insurance and financial security needs. Each family needs the ability to customize insurance to their own requirements and budget. Voluntary benefits offer your employees the opportunity to create a portfolio to meet their specific requirements.
What concerns could affect their situation?
- Upcoming college or trade education costs
- Out-of-pocket medical costs, even with medical, dental and vision insurance
- Ineligibility for employer-sponsored benefits
- Accidental injury to a family member
- Identity theft of a family member
- Future long term or home health care
- Legal expenses
- Potential loss of family income due to disability or death of wage earners
- Serious illnesses and resulting expenses beyond medical care
- Costly veterinary emergencies of family pets
- Assistance with emergencies while traveling or studying abroad
“Voluntary coverage options enhance the positive perception of your employee benefits by your workforce.”
Voluntary and supplemental insurance premiums are predictable and low in cost to buffer family budgets against large, unexpected expenses. Most voluntary plans are also portable, so they can keep their coverage after they leave employment.
Voluntary programs provide some great benefits for you as an employer, too! The expanded coverage options will enhance the positive perception of your employee benefits by your workforce. These plans let you offer affordable insurance to those employees who don’t qualify for employer-paid benefits. Many of the companies providing voluntary plans also provide enrollment assistance and employee communications tools, including one-on-one meetings. You can even make dependent eligibility verification part of the enrollment process.
With ongoing fiscal pressures on schools and increasing health care costs, voluntary programs are an opportunity to offer your employees more. Making voluntary insurance available as an employer group can give your employees advantages of guaranteed acceptance and coverage amounts they may not be able to obtain on their own. It’s a great way to recognize that your employees and their loved ones are unique and to give them the power to protect themselves cost-effectively.