Voluntary benefits are customarily employee-paid benefits. As such, they not only offer the added benefit of increasing loyalty by enhancing an employer's benefits package and providing much-needed protection, they do so at no cost to the employer. So, when it comes to managing costs, there are a number of popular benefits advisors are introducing to their clients:

Health benefits – Plans like accident insurance for common injuries, hospital insurance that fills coverage gaps and critical illness insurance for out-of-pocket expenses from a specified illness.
Life insurance – Permanent life solutions provide financial security for families, and some policies also include long-term care benefits to help address the need for living care.
Income protection – Many employers have had to scale back their company-paid disability program(s), but they can still offer an option for employees to add to that protection with individual disability insurance.
Lifestyle benefits – Corporate discounts or purchasing programs can help reduce the impact of inflation on employees.

Growing importance of voluntary benefits means growing importance of education

Processing all of these benefit options and nuances can be challenging for a lot of employees. While employers and their advisors can spend a great deal of time and energy building an exceptional benefits program that balances everyone's needs, if employees don't know or understand what's being offered, the plan is not going to achieve favorable results (i.e., increased participation and utilization).

Instant Insights /

How voluntary benefits have gone from important to critical

More From HR Executive

Related Stories

Recommended For You