Voluntary Benefits, Explained!

Voluntary Benefits, Explained!

Voluntary Benefits, Explained!

As an employer, you should spend some serious time considering how you and your employees can benefit from voluntary benefits. Voluntary benefits are insurance products that are purchased by an employee through their employer. These benefits can be obtained for a fraction of the cost when compared to benefits purchased solely by the employee. Multiple forms of coverage are available including life, disability, dental, vision, critical illness, cancer, and supplemental health insurance.

Voluntary benefits are advantageous to employees because they allow the option of purchasing only as much coverage as one needs. Your employees will no longer have to fork out money for insurance coverage that does not apply to their lifestyle. The money will simply be deducted out of the employee’s paycheck whenever they choose to purchase a specific coverage. Most voluntary benefits are portable, meaning that the employee will still be covered after they stop working!

If you offer voluntary benefits to your employees, they will have greater motivation to be loyal to your business. They will have the means to address their health needs, and will feel like you are taking care of them as an employer. Every benefit will come at no cost to you. Additionally, voluntary benefits make it so that your payroll taxes will be lower! Due to the fact that the benefits are taken straight out of the employee’s paycheck, your administration staff will save time, and you will save money.

If you are interested in increasing your employee loyalty, and becoming a better employer, please contact an agent at Employee Benefit Plans, Inc. to discuss your voluntary benefits options! Located in Greenwood Village, we offer a full range of insurance services including group medical, life, AD&D, dental, short & long term disability and long term care. We will guide you as you outline your insurance needs, and then deliver a perfectly customized insurance product!