Voluntary Benefits

What are voluntary benefits?

Voluntary benefits are employee benefits paid for (either fully or partially) by the employee through payroll deduction. Voluntary benefits packages are a great, low-cost way for employers to provide a greater package of benefits at a discounted group rate, which the employee can elect to receive.

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Types of Voluntary Benefits

The most common voluntary benefits are insurance plans which complement healthcare offerings and provide financial security for employees when sick or injured. These voluntary benefits often include:

  • Dental insurance
  • Vision Insurance
  • Disability insurance
  • Life insurance
  • Accident insurance
  • Cancer insurance
  • Critical illness insurance
  • Hospital indemnity insurance

How Voluntary Benefits Work

Voluntary benefits are great for businesses of all sizes. Voluntary group insurance rates are often much more affordable, have low participation requirements, and tend to offer guaranteed issue on some insurance products.

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There are 3 primary ways voluntary benefits are offered:

Traditional voluntary plans

Traditional voluntary plans are 100% paid for by employees. This allows employees to select the benefits that best suit their unique needs and budgets. These plans are also often offered at a reduced group rate.

Voluntary buy-up plans

In a voluntary buy-up plan, the employer pays for base-level coverage. Employees are given the option to pay for additional coverage.

Multi-coverage packages

Multi-coverage packages are bundles of insurance products for employees to choose from. These packages offer the convenience of choice and reduced rates.

Give The People What They Want - Voluntary Benefits