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Voluntary Benefits Key for A Total Rewards Package

Voluntary Benefits are a valuable component of every employee benefits package. Few employees have the time and access to qualified financial advisors and resources to design a proper financial plan to ensure their solvency. Group Voluntary Benefits provide a platform for employees to access various products at discounts with preferred underwriting and ease of access.  

Advantages of Voluntary Benefits

There are several key advantages that come with offering voluntary benefits as part of your employee compensation package.

  • There’s little to no cost to the company. As businesses deal with pressures that come from rising health care costs, voluntary benefits can be a big help. You can take advantage of discounted group rates, and spread the cost among the pool that opts in.
  • Voluntary benefits can reduce taxes. Offering voluntary benefits can reduce corporate taxes by cutting FICA tax contributions.
  • Assist with employee retention and recruitment. A recent study shows that 77% percent of employees say they value benefits (like voluntary benefits) tailored to their circumstances.
  • Customized options make for happy employees. The current workforce is looking for customization and flexibility; the benefit needs of the Baby Boomer, for example, are vastly different than that of a Generation Xer.
  • Voluntary benefits can fill in for gaps in core benefits. Providing voluntary benefits can provide options to employees if you have to make major changes or cuts in core benefits. With changes in health insurance and rising costs, companies may have to scale back coverage or change to higher-deductible plans. Voluntary insurance can help employees find ways to bridge coverage gaps or provide specialized coverage.
  • Provide peace of mind to employees. Life or Disability insurance can be out of reach for many employees on their own, but when they’re able to buy into it through an employer, it can give them peace of mind in the event of an unexpected death or the inability to work because of injury or illness. Offering these types of policies with a Voluntary Benefits package can show employees that you want to help them make good decisions about their financial futures.

Voluntary Benefits You Can Offer

Arroyo can help you provide a portfolio of Voluntary Benefits, including Dental, Vision, Accident, Disability, Life and Long Term Care insurance. Some employees might like to also bolster their Group Health protection through the purchase of a voluntary, supplemental policy for critical cancer illness or accident & sickness. Such policies pay lump-sum cash benefits that can be used for non-medical bills upon diagnosis of a qualifying illness or event.

 

Our benefits staff will review the wide range of options available to provide the flexibility required to meet the needs of your company.