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Voluntary benefits: A guide for your first-time enrollees

WEX Inc.

In the final blog post of our three-part series to educate first-time participants, we explore all the unknown voluntary benefits terms and bring clarity of information to first-time participants. Check out our other first-timer series blog posts on health plans and employee benefits. They can genuinely improve your quality of life.

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Dental and Vision Benefits Are Inexpensive, and a Big Hit with Workers

InterWest Insurance Services

Employers nationwide are looking for ways to attract and retain talent and differentiate themselves from competing employers, and many are looking to the two most popular voluntary benefits: employee dental and vision plans. For many years, dental and vision plans were employer-paid. Background. Appeal to workers. Appeal to employers.

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Voluntary benefits: A guide for your first-time enrollees

WEX Inc.

In the final blog post of our three-part series to educate first-time participants, we explore all the unknown voluntary benefits terms and bring clarity of information to first-time participants. Check out our other first-timer series blog posts on health plans and employee benefits. What are some examples of voluntary benefits?

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What are voluntary benefits?

WEX Inc.

Examples of voluntary benefits are: Supplemental life insurance Critical illness Pet insurance Voluntary benefits are additional perks that an employer can offer at a discounted group rate, with the employee either fully or partially paying for the benefits through a payroll deduction. Go to our webpage.

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Voluntary Benefits Improve Employee Satisfaction and Retention

InterWest Insurance Services

cancer insurance) Pet insurance. Roll them out a few at a time, starting with life insurance, dental/vision and/or disability insurance. Match benefits to your employees’ life stages. Where the employer did not offer voluntary benefits, the satisfaction rating fell to 32%.

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Voluntary Benefits Demand Surges as Employees Seek to Defray Costs

InterWest Insurance Services

According to the report, in 2023: Group term life insurance premiums increased 10% from the 2022 level. Group universal life and whole life were up 9%. Critical illness insurance premiums were up 7%. Hospital indemnity premiums were 6% higher.

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Study Pegs Group Benefits Return on Investment at 47%

InterWest Insurance Services

The takeaway While the study focused on health coverage, and to some part wellness programs, employers that go beyond just health insurance by creating and offering a balanced benefit program, have the greatest ROI. Before the COVID-19 pandemic, most businesses considered health benefits little more than a cost to be managed.

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