What are voluntary benefits?
Voluntary benefits are those that employees can choose to enroll in, but are not required to do so. These can include things like dental and vision insurance, life insurance, and disability insurance. Employees typically pay for voluntary benefits through payroll deductions. Voluntary benefits can be a great way for employees to get additional coverage that they might not otherwise have access to, and they can often be obtained at a lower cost than if the employee were to purchase the same coverage on their own.
Who pays for voluntary benefits?
As an employer, you can choose to offer fully employee-funded voluntary benefits or benefits that are jointly funded by both the employee and the employer. You also do not need a large company to offer voluntary benefits. Some plans require businesses to only have a minimum of 5 employees to qualify.
Voluntary Benefit Options
Accident Insurance
Accident insurance provides financial protection in the event of an accident. It can help cover medical expenses, lost wages, and other costs associated with an accident.
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Cancer Insurance
Cancer insurance helps to cover the costs of cancer treatment. It can help to pay for things like doctor visits, hospital stays, and medications. It can also help to cover the costs of lost income due to your cancer treatment.
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Critical Illness Insurance
Critical illness insurance can be a valuable addition to your health insurance coverage. It can help you cover the costs of a serious illness.
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Dental Insurance
Dental insurance can help pay for things like dental check-ups, fillings, crowns, and braces. Ask about dental plans with dental perks for every member!
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Disability Insurance
Disability insurance provides financial assistance to those who are unable to work due to an injury or illness. It can help cover lost wages, medical expenses, and other costs associated with an individual’s disability.
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Hospital Insurance
Hospital indemnity insurance helps to cover the costs of hospital stays. It can help to cover the cost of your deductible, as well as other expenses that may not be covered by your regular health insurance.
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Identity Theft Insurance
Identity theft insurance can help you recover from the financial losses and damages that can occur if your identity is stolen, and can also help you with the costs of restoring your identity.
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Legal Insurance
Legal insurance helps protect you from the high costs of legal fees and other legal expenses. It can provide coverage for things like courtroom costs, lawyer’s fees, and settlements or judgments.
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Life Insurance
Life insurance can be an important part of your financial planning, as it can provide peace of mind and financial security for your loved ones in the event of your death.
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Pet Insurance
Pet insurance is a type of insurance that helps pet owners pay for veterinary bills if their pet becomes ill or injured.
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Vision Insurance
Vision insurance helps people pay for the cost of eye care. Vision insurance can help people cover the cost of eyeglasses, contact lenses, and eye exams.
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