Voluntary benefits are plans offered by employers such as life insurance, disability insurance, critical-illness insurance, accident insurance, hospital indemnity coverage, and more, that provide employees with extensive coverage that traditional benefits may not. Health voluntary benefits are essential to ensuring the health and safety of employees every day, and provide a variety of advantages for both employees and employers.
Types of Voluntary Benefits
There are a variety of voluntary benefits that employers can offer to employees to provide them with a more meaningful choice for healthcare. Here are some types of benefits to consider as an employer:
Accidents don’t often happen but when they do, it is important to consider accident insurance as a voluntary benefit to protect your employees financially in the case of an accidental injury. Accident insurance can cover medical expenses related to off-site injuries, and can act as an additional coverage to traditional medical coverage for further financial assistance.
Accident insurance can cover injuries such as broken bones, fractures, burns, concussions, scrapes and cuts, eye injuries, knee injuries, paralysis, comas, and more. Some accidental insurance plans also include accidental death and dismemberment coverage, which can provide an additional form of coverage on top of the standard accidental insurance benefit. Accident insurance can be offered by employers as a voluntary benefit at a reduced premium rate that can be paid through payroll deductions.
When it comes to critical illnesses, medical insurance is essential. However, with a cancer diagnosis, there are many medical costs that are not covered by traditional healthcare plans. Being diagnosed with cancer can already have a saddening impact on ill individuals and their families alike, and so having cancer insurance benefits can cover worrisome costs of treatment and provide relief for the lives of all those who are impacted. Cancer insurance benefits can cover costs such as deductibles and copayments.
There are two types of cancer insurance policies that can be offered as a benefit to employees: one option provides employees with a lump-sum payment upon cancer diagnosis, while the other option provides employees with a smaller sum at the time of diagnosis and then covers benefits based on the needs of the employee during their treatment, such as hospital confinement fees, diagnosis testing, medication, patient and family transportation, nursing facility or hospice care, private nursing costs, and more.
Hospital Indemnity Coverage
Hospital indemnity insurance is a supplemental insurance plan that can cover the costs of a hospital stay for an employee. It’s no debate that a hospital stay can be significantly expensive, and hospital indemnity benefits can help relieve the costs associated with a hospice stay. Hospital indemnity insurance plans can cover costs such as inpatient hospital costs, intensive care unit admissions, and critical care unit stays. Hospital indemnity plans can even go as far as to cover the costs of surgery, continuous care expensive, maternity visits, ailments, hospital transportation.
Why Are Voluntary Benefits Important?
Voluntary benefits are an effective way to provide extra coverage that traditional insurance benefits may not offer. Further, there are a variety of reasons as to why voluntary benefits are important to consider, both as an employer and for employees:
- Voluntary benefits allow employers to retain top and high-quality employees, especially because they will provide further coverage than traditional insurance plans.
- Voluntary benefits provide employees with peace of mind, allowing them to feel that they will be able to receive the care that they need at any time.
- Voluntary benefits can provide for financial stability for both employers and employees, reducing healthcare costs for employees and allowing employers to offer high-quality coverage options at little or no cost.
- Voluntary benefits can provide employees with a wide variety of coverage options, all tailored to fit the individual’s lifestyles. Whether that’s accident insurance, critical illness insurance, hospital indemnity benefits, or other, they can be personalized to fit an employee’s needs.
- Voluntary benefits, when accurately provided to fit their needs, can help employees be more productive, determined, motivated, and steadfast in their work.
A Guide To Evaluating Necessities For Voluntary Benefits
When offering voluntary benefits packages, it is important to consider a variety of factors to ensure that what is being offered is what your employees need and are looking for. These factors may include:
- Considering the objectives of the benefits being offered.
- Identifying employer demographics for high-quality insurance plans.
- Considering and identifying employee demographics.
- Considering the needs of employees through consistent evaluations and reviews of current insurance plans, if applicable.
- Consistently evaluating the effectiveness of insurance plans by conducting periodic reviews and maintenance.
- Understanding current legal requirements involved with voluntary benefit plans.
- Ensuring clear communication and transparency in regards to the benefits being offered to employees.
- Ensuring that established voluntary benefits plans are continuously meeting the needs and lifestyles of employees, as well allowing them to develop and meet their goals in the workplace.
Knowing Your Benefits With Alltrust Insurance
It’s no debate that voluntary benefits can be increasingly significant to protecting the lives and health of employees, whether that’s through accident insurance benefits, cancer insurance plans, or hospital indemnity coverage plans.
Voluntary benefits can mean the difference between an engaged and productive employee and an unproductive and undervalued employee. Providing high quality voluntary benefits plans can ensure the retainment of high-quality employees and provide for a happier and healthier work culture for all. As an employer, offering your employees voluntary benefits is essential to the success of your business.
At Alltrust Insurance, we can assist your business by helping to educate your employees on the importance of voluntary benefits, and help you understand and evaluate varying benefit options that can be offered to your employees. Whether you are looking to provide a specific voluntary benefit plan or a mix of differing benefit plans to your employees, Alltrust Insurance is here to help! For more information on voluntary benefit plans, contact us today.