Voluntary Benefits

WHAT ARE VOLUNTARY BENEFITS?
Voluntary benefits are offered through an employer to his/her employees yet do not require the employer to contribute towards them.  These benefits are optional for the employees.  The employee is responsible for the monthly premium. 

WHY WOULD AN EMPLOYER OFFER THESE TYPES OF BENEFITS?
Many times employers are forced to choose between having one benefit or another.  Offering a voluntary benefit product would allow the employee to select benefits that are important to their specific situation.  For example, if an employee has children involved in sports they may have a particular concern about emergency room coverage.  The employee can then choose a voluntary benefit that is designed for  and centers around accidents.  Another example would be coverage for the diagnosis of cancer.  Younger employees may not be concerned about being stricken with cancer, yet often we see how it can surprise them.  Many older employees may have already experienced it themselves or in their families.
Often employers find themselves in a situation where a significant part of their staff is not taking any benefit at all due to cost.  The following voluntary benefits are quite affordable as they are far less than any medical plan. Benefits such as these  allow you to offer a much more attractive benefit package to the employee.  You will be surprised at the number of employees who show interest. 

WHAT ARE SOME OF THE VOLUNTARY BENEFITS THAT CAN BE OFFERED TO YOUR EMPLOYEES?
Group Accident Plans:  Accident benefits pay a flat sum in the event of an accident.  This type of benefit helps pay for emergency and urgent care expenses that are normally subject to an annual insurance deductable.  This is the perfect benefit that should be selected by families with children in sports as well as accident prone adults.
Group Cancer Plans:  A cancer benefit pays out with a diagnosis of cancer.  It is relatively inexpensive and will help cover the costs of medical expenses that are incurred throughout the process.
Group Dental Plans:  Employees can choose a plan that gives them affordable coverage with no waiting periods or annual maximums.  These plans start as low as $12.75 a month. 
Group Short Term Disability:  In most situations if an employee is injured or unable to work they must first exhaust their “sick time” allowance.  With a STD plan in place the same employee  would receive weekly benefits.  These benefits can have a duration of 13 or 26 weeks.
Group Life Insurance:  Life insurance purchased on a group basis is quite affordable.  An advantage of this type of coverage is that it is guaranteed issue meaning individuals with ongoing medical problems will be covered up to a specified guaranteed amount. 
**Participation requirements may vary depending on benefit selection.  Some insurers require that a minimum of two employees enroll while others may require a minimum of five employees.