More employers are looking for ways to retain their employees. One way is to expand benefits with things like voluntary benefits.
According to Hartford’s study on the Future of Benefits, many employees have started to opt-in to additional and voluntary coverage. This uptick in voluntary benefits signals that many employees highly value this coverage. If you’re looking for a way to offer your team more benefits so you can retain your top employees, voluntary benefits might be a good thing to consider.
What are Voluntary Benefits?
Voluntary benefits offer more coverage above and beyond the base medical coverage. These plans allow employees to choose additional benefits that align with their personal needs to get the extra coverage they need. Their voluntary benefits will kick in to cover additional costs beyond medical expenses, saving your employee out-of-pocket costs. The employees are paid directly.
Types of Voluntary Benefits Coverage
Not all voluntary benefits are the same. Because this type of insurance is meant to fill gaps, the type of voluntary benefits you can offer your team members varies. Here are some of the most common types offered by employers in Camdenton.
Accident Insurance
Accident insurance covers unexpected injury or illness after an accident. This voluntary benefits plan covers accidents from emergency room visits to broken bones and even catastrophic events, such as accidental death or dismemberment.
Cancer Insurance
Perhaps nothing is as scary as getting a cancer diagnosis. If your employees have a long lineage of cancer in their families, they may want supplemental coverage to protect against the high healthcare costs of treating cancer.
These supplemental coverages often include extra diagnostic testing, travel expense coverage, and experimental treatment options. In addition, employees can get out ahead with added annual preventative screening options.
Dental Insurance
Dental care can be costly. For example, one of these plans can cover everything from regular exams and cavity fillings to braces and implants. Having dental insurance to help cover these high and often unexpected costs can help employees get the care needed in a timely manner without having to invest an entire paycheck on treatment.
Life Insurance
There’s tremendous peace of mind knowing that your loved ones will be cared for financially if you pass away. Offering life insurance can be a huge benefit to your team.
Group life insurance, which is a type of life insurance that can cover all of your employees, is an excellent way to offer a supplement to any other life insurance your team members may already have. This coverage tends to be less than what an employee would pay for life insurance on their own.
Short-Term Disability Insurance
Sometimes, an illness or injury can take longer to heal than what your employee has in their allotted sick days off. Rather than requiring your employee to return to work before they’re physically ready, they can leverage short-term disability insurance to cover their missed paycheck. This insurance kicks in regardless of when, where, or how they get injured — at work or otherwise.
Long-Term Disability Insurance
Long-term disability insurance is available to an employee with an injury that prevents them from working for long periods. This coverage kicks in to help them continue earning at least some of their income after an injury so that they can pay for their essential bills when they’re unable to work.
Vision Insurance
Supplemental vision insurance is important for any employee with a vision impairment or with a family member who has a vision impairment. This type of coverage will help them get the eyeglasses, contact lenses, and medical care needed to maintain their eye health.
McGrath Insurance Group Can Help You With Voluntary Benefits
Voluntary benefits are a great place to start if you want to expand your employee coverage offerings. Contact us at McGrath Insurance Group and let’s talk about which options are right for you and your business.
