Why Voluntary Benefits? Are you looking for ways to enhance your employee benefits package while also controlling costs?
Business owners and key executives are finding a comprehensive voluntary benefits program can enhance benefits. Such programs allow employers to supplement their employee’s core benefits. Voluntary benefits give employees the freedom to choose only the benefits they want and can afford. Voluntary benefits have no cost to employers, but grant employees access to a variety of insurance offerings, typically with more favorable underwriting requirements and rates than if they purchase on their own.
Critical Illness/Cancer: “At least one in three adults will be diagnosed with a critical illness or cancer 11 The lump sum payment can be used for household expenses or other ancillary expenses- it does not need to be used solely for medical expenses.
Accident: Supplemental plans to major medical plans, will become more prevalent as deductibles and out of pocket expenses are increased even further due to the implementation of Health Care reform.
Hospital Indemnity/And Other Gap Plans: Medical bridge plans contain specific schedules of benefits for a variety of medical services, such as hospital confinement, outpatient services, MRI and CT scans. These plans can be used to reduce the out-of-pocket expenses for employees in high deductible plans.
Group life, AD&D: According to a recent LIMRA survey, 56% of US Households didn’t have an individual life policy, and 30% lacked any coverage, not even through employer’s group health plans.
Disability: The Social Security Administration estimates 1out of every 4 Americans entering the workforce will become disabled before they retire. Disability statistics reveal most disabilities are caused by illness- more than one out of four are triggered by muscle and bone disorders such as back problems, joint pain, and arthritis.
- Short Term Disability- can protect from income loss for up to 26 weeks
- Long Term Disability- can protect from income loss after 26 weeks and onwards depending upon the policy period
Dental: The second most requested benefit after Medical. Group plans can be relatively inexpensive ranging from $10-$35/mo for employee only.
Vision: Provides for annual check-ups and discounts of 30%-60% on frames, lenses, contacts etc. Group coverage is inexpensive less than $10/month.
Identity Theft: Changes in a credit report trigger an alert, assistance in researching the theft and correcting the actual credit reports. May also include legal benefits.
Employee Purchase Plans: Employees can buy products they need on a 12 month purchase plan through automatic payroll deductions with no late fees or ballooning interest making budgeting easy. Employees can acquire a variety of household items; computers, appliances, furniture etc.
Telemedicine: Provides a network of board certified physicians available 24/7, available by phone or secure e-mail, who can diagnose and treat non-emergency, routine medical conditions- prescribing medication when appropriate. There is no co-pay, and the service can reduce routine visits to the Emergency Room.
Pharmacy Savings Card: A free card which offers the lowest prices in the store for all prescriptions. Savings of 10%-85%, with an average savings of 53%. Accepted in over 60,000 pharmacies including Big Box stores such as Target, Walmart etc.