Not all voluntary benefits are related to physical and emotional wellness. The role of benefits is expanding to include financial wellbeing and the wellbeing of loved ones not traditionally covered by insurance. Some voluntary benefits include:

Critical illness insurance: This benefit is designed to protect individuals from severe financial consequences in the event of a catastrophic illness requiring an extended hospital stay or other significant interventions.
Financial education and wellbeing: Numerous vendors offer benefits that provide financial education and/or financial planning services. These benefits can equip employees with peace of mind when it comes to their financial situation.
Pet insurance: The number of insured pets in the U.S. and Canada grew from 3.4 million to 4.4 million between 2020 and 2021. As a result of this demand, the pet insurance industry is growing quickly. As a bonus, offering an option for pet insurance can contribute to an organization being considered an employer of choice among highly-qualified candidates.

Help your people maximize the value of their benefits for business success

With so much economic uncertainty, some organizations can't help but make cuts to their benefits in the coming year. But that doesn't need to stop leaders from using benefits as a tool that keeps costs in line while ensuring the wellbeing of their employees.

Instant Insights /

How to hype the value of benefits plans

More From HR Executive

Related Stories

Recommended For You