Retirement plan sponsors are the first, and most important, line of defense in providing employees with well-managed retirement savings plans.
Employee Health & Wellness
|
2 min read
When it comes to employee benefits, it's unlikely that your employees would say, "less is more." However, with the rising cost of employee health insurance and other costs involved in recruiting and retaining staff, most organizations don't have funds to add and cover extra benefits.
With voluntary employee benefits, you can offer your employees a number of extra benefits at no cost to your business. Here's how it works:
- Your business agrees to offer voluntary benefit plans to employees.
- You work in collaboration with your employee benefits consultant to choose insurance companies that offer plans you think would appeal to your employees.
- Employees pay for their chosen benefits through payroll deduction, set up through your business and your benefits consultant.
- Employees work directly with your benefits consultant and the insurance company to administer the plans and submit claims.
Voluntary group benefits allow employees to enroll in valuable benefit and insurance plans such as:
- Critical illness or cancer plans
- Accident plans
- Hospital indemnity plans
- Dental insurance
- Vision insurance
- Life insurance
- Disability insurance
- Auto insurance
- Homeowners or renters insurance
In addition to perceived additional benefits through the company, these programs offer employees a number of attractive features including:
Cost Savings
Employees who purchase plans through your employee benefits consultant receive a discounted group rate on purchases.
Convenience
Employees can pay through payroll deduction. Depending on plans purchased, employees may be able to pay with pre-tax funds, flexible spending accounts, or health savings accounts.
Peace of Mind
Employees with high-deductible plans or other gaps in coverage can choose benefits that resolve the shortcomings and provide extra cash at critical times.
Time Savings
Employees often feel that, since their employer has researched the carrier and benefits consultant already, they are spared the effort of vetting providers and comparing prices.
Preventive Care Benefits
Plans such as vision and dental provide employees and their families with preventive care benefits, helping to ensure health for the long term.
Given that 61% of employees say they would accept a job with a lower salary but more competitive benefits package, adding a voluntary benefits program could help your organization become more competitive in a tight labor market. Voluntary benefits are a flexible and cost-effective solution to help you build a more robust benefits package—without breaking the bank!
Let Us Know What You Thought about this Post.
Put your Comment Below.