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What are voluntary benefits?

WEX Inc.

Voluntary benefits give employees the opportunity to further customize their benefits package to meet their personal needs. And they serve as an excellent cost-effective recruitment and retention tool for employers as they look for ways to improve their benefits offerings.

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Making Your Voluntary Benefits Program a Success

InterWest Insurance Services

Both employers and employees have much to gain from a solid voluntary benefits program. For employers, offering a range of voluntary insurance products can help increase employee satisfaction – along with loyalty and morale – and make the business more competitive in attracting and retaining the best talent.

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Hospital Indemnity Insurance a Key Voluntary Benefit

InterWest Insurance Services

The worker can use this cash benefit for any purpose, including: Deductibles. But if you have an 80-20 plan, your worker is still responsible for her deductible (averaging over $1,600), plus 20% of that cost, or over $6,000. Employees pay part or all of the premiums via payroll deduction. Coinsurance. Transportation.

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Besides Health Insurance and 401(k)s, These Are the Benefits Employees Value Most

InterWest Insurance Services

But for the first time, the annual study by employee benefits provider Unum found that the younger generations are not on the same page with their older peers when it comes to what they value most in their benefits package. These are the top 15 non-insurance benefits for U.S. Student loan repayment benefits.

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Flexible Benefit Plans Give Employees More Options

InterWest Insurance Services

One way you can give your staff more choice in the employee benefits they receive is to offer them a cafeteria plan, which allows them to put together a benefits package that works best for them. Employers fund these flexible benefit plans with funds that are deducted from their employees’ salaries on a pre-tax basis.

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5 Tools for Creating the Near Perfect Open Enrollment Process

CorpStrat

Be sure to clearly explain the deductions that employees will make from their paychecks. Offer Voluntary Benefits. More than ever, employers need to build a robust package that includes things like voluntary benefit programs. Be sure you build a comprehensive overview of your entire benefits package.

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What is supplemental life insurance and how can it improve your employee benefits package?

Higginbotham

The Convenience of Payroll Deductions When supplemental life insurance is available through work, employees often pay for coverage using payroll deductions. Instead of having another bill to pay each month, they simply sign up to have the supplemental employee life insurance premiums deducted from their paychecks. Learn more.