By JOSEPH FILICE
Business owners today are faced with rising healthcare costs and slimmer bottom lines. Many companies have looked to voluntary benefits to help ease the cost of healthcare while still offering a robust employee benefits package. Voluntary benefits have proven to lower company expenses on healthcare costs, provide the employees with multiple coverage options at different price ranges and helps make the company competitive in the market.
Voluntary benefits range from life, dental, vision, telehealth, accident, cancer, critical illness, medical insurance and much more. These benefits are offered to the employees through payroll deduction and the employee either covers a percent of the cost (contributory coverage) or it is 100 percent voluntary and the employee covers 100% of the associated costs. Voluntary benefits can be offered on their own with groups with less than 50 fulltime employees or can tailor to the major medical insurance if medical insurance is offered through the business. Through offering voluntary benefits the business owner is still able to offer a robust employee benefits package while adding no additional cost to the company’s bottom line.
The value of voluntary benefits extends beyond the savings found by the business owner, but also through the employee. When a voluntary benefits package is offered the employees have the opportunity to choose what coverages would benefit themselves and their dependents best based on the employees’ own personal needs. Employees can then choose the price range that they feel most comfortable with. This capability to customize their own benefits selection takes them out of the traditional one size fits all mold. Voluntary benefits allow the employee freedom of choice when it comes to coverages offered and price ranges desired tailored to their own personal demographics and needs.
Voluntary benefits allow companies to stay competitive in the market-place and with their local competitors. Employee benefits are one of the main factors (outside of compensation) employees decide to take a job or stay at a job. The more robust your employee benefits package is the more attractive your company is for a current employee or prospective new hire. Having a robust employee benefits package helps companies attract and retain their best talent. Most companies today that offer employee benefits advertise this proudly on their website.
As you can clearly see, voluntary benefits offer value to both the business owner and the employees. Through offering voluntary benefits a company can offer an extensive employee benefits package with no additional added cost to the company’s bottom line while allowing the company to stay competitive in the market-place by attracting and retaining the best talent. Employees love voluntary benefits because they allow the employee to tailor their benefit selection to their personal needs and cost. To learn more about voluntary benefits and how your business can offer them contact your local employee benefits broker today.
Joseph C. Filice M.B.A. is the owner of Avalon Insurance Services, LLC located in Avalon Park Florida. Joseph has been in the insurance industry for more than 13 years and is a proud member of the National Association of Health Underwriters (NAHU). Email him at firstname.lastname@example.org.