Our blog series “Adding Value Through Voluntary” is a supplement to our free webinar on August 4 at 10:30 am. You can register by clicking here.
As health care costs continue to rise, so has the demand for voluntary benefits. Since many employers find it increasingly difficult to provide a complete benefit package, voluntary benefits have become an ideal solution. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company. Employees benefit because they have a variety of insurance options available conveniently in one place, and often with lower premiums than individual policies they would have bought themselves.
The term voluntary benefits can sometimes be confusing to an employee. Instead of using the term voluntary, AUI encourages their employer clients to use the term supplemental benefits.
Supplemental benefits are coverage and products made available to employees for elective purchase. These programs have four key characteristics:
- 100 percent employer paid
- offered through an employer
- solicited and enrolled through a carrier or enrollment firm
- paid through automatic payroll deductions
Because of their cost efficiency and portability, as well as their contribution to an employee’s work-life balance, voluntary benefits are becoming a central component of many companies’ overall benefits strategies.
The possibilities for supplemental benefits are endless, but a few of the more common supplemental benefits are:
- life insurance
- vision insurance
- dental insurance
- identity theft protection
- prepaid legal services
- disability income insurance
AUI can provide a comprehensive list of products and help your company determine which products would best fit your employees. Since there is no additional cost the the employer supplemental benefits are also a great way to add value to your overall employee compensation without having to increase your bottom line.
If you would like more information, please contact AUI for a free evaluation.