Voluntary Benefits

One way for an employer to expand its company's employee benefits without increasing costs is to add voluntary benefits.

Reasons to add voluntary benefits are:

• In order for employers to compete for talented employees, they must offer exceptional benefit plans.
• The costs of employee benefits are rising.
• Many employers believe they cannot improve their current befits plan due to the costs.

Employer advantages of voluntary benefit plans are:

• Payroll tax savings if paid through a Section 125 Plan.
• Low costs and simple administration of these types of plans.
• Participation in employee paid plans is totally voluntary.
• Increased benefits can improve employee morale that plays a vital role in a company's productivity.
• Employees care about the benefits as much as the employer.
• Protects a company's most valuable asset - its employees.

Employee advantages of voluntary benefit plans are:

• Payroll tax savings if paid through a Section 125 Plan.
• Competitively priced coverage.
• Coverage complements existing insurance program.
• Coverage in employee paid plans is portable.
• Coverage may be available to the employee, spouse and children on a group or voluntary basis.

Some of the voluntary benefit plans that can be offered on a group or individual voluntary basis are:

• Life Insurance
• Accident Insurance
• Cancer Insurance
• Critical Illness Insurance
• Short-term and Long-term Disability Insurance

Carriers: