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Group Voluntary Benefits

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Group Voluntary Benefits Provided By Our Agency

Voluntary benefits allow employers to offer more extensive coverage without added costs, which helps them save on taxes and draw in talent.

Cost of the policy
Attracting and keeping top talent
Communicating the benefits
Confidence Coverage
Flexibility Coverage

Cost of the policy

Risk Factors

Sometimes, the benefits you are offering might not include the one which employee needs. So, he/she can get an additional employee-paid benefit if required.

Solution

Employers can offer voluntary benefits at no direct cost (i.e. 100% employee-paid), leaving them with just the cost of administration.

Attracting and keeping top talent

Risk Factors

Employers, especially small businesses where key members of staff can be crucial to the success of the company, are looking for effective ways to retain their staff and recruit the best talent.

Solution

Voluntary benefit plans help smaller businesses compete with larger competitors by enabling the provision of a variety of benefits to help them stand out in the war for talent. They can also be a useful tool in employee retention: a benefits package that an employee has chosen and that’s tailored to their changing needs is difficult to give up.

Communicating the benefits

Risk Factors

There’s no point offering benefits if your employees don’t know about them. Communicating employee benefits can be tricky and time consuming.

Solution

With voluntary benefits, some carriers will gladly help with communicating the benefit offerings to employees, either by using tried and trusted support tools, visiting the business for group meetings, or even meeting one-on-one with each employee to help review their own personal needs and best matches for benefits.

Confidence Coverage

Risk Factors

With a vast array of voluntary benefits on the market and a number of companies willing and eager to sell them, people are understandably worried about making the right choice.

Solution

With their plans being offered at the workplace, employees know that their employer has vetted the carrier and considered the available benefits. Voluntary insurance also pays financial benefits regardless of any other insurance coverage employees have in place including policies available through government health care exchanges.

Flexibility Coverage

Risk Factors

If you don’t provide voluntary benefits, the employee might have to satisfy with the policy taken by the you without any employee customizations.

Solution

The wide range of options available allows employees to choose those voluntary benefits that suit their personal circumstances and lifestyle, whether they’re 20 or 55. Many voluntary benefits are also portable, meaning that if an employee should need to switch jobs, they can continue to keep the coverage as long as they pay the premiums, making a voluntary plan easy to administer and appealing.

What is Group Voluntary Benefits?

Sometimes called supplemental insurance or employee-paid benefits, voluntary benefits are offered by the employer through the workplace where employees can choose to buy them in addition to the core employee benefits they may get as part of a benefits package.

Payment options are typically flexible. To suit their budget, companies can choose whether voluntary employee benefits are:
  • Fully employee-funded
  • Part-funded by both employee and employer

What options does Group Voluntary benefits include?

Dental, Vision, Short-Term Disability Insurance Long-Term Disability Insurance, Accident Insurance, Critical Illness/Cancer, Hospital, Indemnity, Telehealth, Long-Term Care, and Worksite Wellness are some of the benefits that can be covered under Group Voluntary Benefits.

Advantages of Group Voluntary benefits

Many voluntary benefits can be added to an employer’s offering at little to no cost to them because a lot of employees today are willing to pay for the coverage themselves through salary-deferred contributions. Employers who offer in-demand supplemental benefits see:
  • An increase in workforce productivity
  • An increase in the talent pool available to them when they are looking to fill open positions
  • A decrease in the amount of employee churn over time

Did you know that 92 percent of U.S. employers believe voluntary benefits and service will be important to their employee value proposition over the next three to five years?
While deciding on the voluntary benefits it is important you map the coverages to different needs your employees have. Talk to us and we can help you design the right Group Voluntary Benefits plan.

Already have Group Voluntary Benefits? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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