The demand for employers to utilize employee benefits is growing
Voluntary and supplemental benefits have been especially popular in the last few years as the healthcare costs and employers continue to shift more and more of the cost burden on employees themselves. The benefits that were once financed entirely and utterly by employers are now sometimes voluntary like dental and vision insurance. As a result, a growing amount of employers are also replacing low deductible health plans with high deductible health care plans. Due to this, there is now a coverage gap amongst employees looking to make sure they can cover any potential unexpected medical costs that may occur. Offering voluntary benefits to employees can turn out to be a win-win situation for all.
The Perks Of Voluntary Benefits
Certain employee benefits have law requirement. Employers who fail to provide these basics are susceptible to be hit with severe and costly fines. However, these benefits are mandatory. But, voluntary benefits are different. Employers do not have to offer them. But they can help employers stand out in the competitive landscape. Voluntary benefits are usually paid in full by the policyholder and employers are neither expected nor ever required to cover any portion of the premium themselves. Also, what constitutes a voluntary benefit is usually up for debate.
How Voluntary Benefits Help Employees
For the most part, voluntary benefits are prevalent among employees. In fact, not only do they help broaden and flesh out traditional healthcare benefits. Typically, voluntary benefits have the option of being offered at sometimes reduced group rates that otherwise are not available on the individual market. Furthermore, many voluntary benefits are usually automatically deducted from the employee’s paycheck, and some are even available where there is a pre-tax deduction.
Bottom Line
Voluntary benefits are incredibly beneficial from both an employer and employee perspective. Being adamant about retaining and getting the best talent relies on providing a competitive benefits package to employees which would include a voluntary benefits package.
Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page, and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!