As healthcare costs continue to rise, so has the demand for voluntary benefits. Since many employers find it increasingly difficult to provide employees with a complete benefits package, voluntary benefits have become an ideal solution.
Voluntary benefits allow employers to offer employee benefits that are attractive to employees without added cost to the company. Employees have a variety of insurance options available conveniently in one place, and often with lower premiums than individual policies.
Voluntary benefits are coverages and products made available to employees for elective purchase. These programs have four key characteristics:
Because of their cost efficiency and portability, as well as their contribution to an employee's work–life balance, voluntary employee benefits are becoming a central component of many companies' overall benefits strategies.