Voluntary Benefits
- WHY Voluntary Benefits?
- The CRITICAL THREE in Voluntary Benefits for your Employees
- Are you Offering a Group Voluntary CRITICAL ILLNESS to your Employees?
- FIVE great REASONS for you to start Offering Voluntary Benefits to your Employees!
- EVALUATE Your Voluntary Benefit Offering
WHY Voluntary Benefits
Rising medical insurance rates, higher deductibles, and changes in benefit designs are prompting employers to place greater emphasis on their total compensation package "beyond the paycheck." To remain competitive, more and more employers are offering voluntary benefits to complement their current health plan.
Voluntary benefits are a cost-effective opportunity for the Employer to demonstrate commitment to employees and their families. Employees appreciate using voluntary benefits to offset their financial risk. Because voluntary benefits are funded by employees, the employer is able to provide a suite of additional benefits with minimal impact to the overall benefits' budget.
When you choose Worksite Enrollment Services, we will work with you to develop a voluntary benefits program for your organization. You can be assured our services allow you to offer a comprehensive menu of voluntary benefits without unduly encumbering your administrative staff. When offering voluntary benefits with Worksite Enrollment Services, you may choose from our full suite of enrollment services with little or no cost to the company.
The CRITICAL THREE in Voluntary Benefits for your Employees
Every Employer can have a 'complete benefits package'. Allowing employees to obtain additional benefits even when it is at the employees' cost, adds to the Employer's overall benefits package. The Critical Three voluntary benefits that should be part of every Employer's offering include Disability, Critical Illness, and Life Insurance. These are made available to the employee by convenient payroll deductions.
- Disability
- Critical Illness
- Life Insurance
Are you Offering a Group Voluntary CRITICAL ILLNESS to your Employees?
You should consider offering Critical Illness to your employees if you can you answer YES to any of the following questions:
- Do you have a high deductible plan?
- Have you made recent plan design changes that have impacted the employees' level of coverage?
- Are there significant 'gaps' in your Benefits' Plan Design that would leave your employees having to pay thousands of dollars out-of-pocket?
- Would a catastrophic medical occurrence like heart attack, stroke, or cancer leave your employee with thousands of dollars in medical bills?
- Do you believe most of your employees have a 'nest egg' set aside to cover the out-of-pocket costs of a major medical emergency?
FIVE great REASONS for you to start Offering Voluntary Benefits to your Employees!
- Employees like and appreciate having additional choices, and are willing to pay for them!
- Employees are more comfortable with insurance products to fund the gaps in medical plans rather than depend on savings or other resources.
- Employees like having voluntary benefits offered at their workplace and like the added convenience of payroll deduction.
- Employees like being able to take the voluntary benefits with them when they retire or change jobs.
- EMPLOYERS get the FICA TAX SAVINGS from those voluntary plans employees elect to Pre-Tax! That adds to the 'bottom line' without having to spend a dime!
EVALUATE Your Voluntary Benefit Offering
Do you currently offer Voluntary Benefits to your employees? Is this offering an integral part of your benefit offerings? Is there a structured process in plan design, implementation, and enrollment with your voluntary benefits? Are you satisfied with the level of service, claim payments, bill reconciliation, and cost structure of your current carrier?
Do any of the following questions make you wonder about your Voluntary Plan offerings?
- Does the cost of the voluntary plans seem more than an employee should be paying?
- Do your employees understand the voluntary plans?
- Do your employees really know how much they are paying for their voluntary plans?
- Does it seem like there are too many options and maybe even an overlap in the voluntary plans?
- Do all of your employees qualify for these plans? In other words, are your plans offered on a Guaranteed Issue?
We can help formalize a voluntary benefit offering by incorporating a plan design into your overall core enrollment process. Help us assist you in evaluating your current benefit structure and corporate goals by first submitting a request below!
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