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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. Why are some examples of voluntary benefits?

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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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Four High Deductible Health Plan Mistakes to Avoid

InterWest Insurance Services

With more than half of all private sector employees enrolled in high-deductible health plans , it’s important that employers have in place certain protocols to ensure that they are a success. Some of this information can be gathered by doing an anonymous survey of your staff. Then their insurance would cover everything at 100%.

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Standard Chartered Bank and Lidl GB shortlisted for Best voluntary benefits

Employee Benefits

Standard Chartered Bank and supermarket chain Lidl GB have been shortlisted for Best voluntary benefits at the Employee Benefits Awards 2024. View the shortlist For more information and to book your table. Follow the action on X via @EmployeeBenefit and join in the conversation using #EBAwards24.

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3 in 4 Workers Would Accept Lower-Pay for Better Benefits: Survey

InterWest Insurance Services

The main driver in workers prioritizing benefits is the rapidly rising cost of group health insurance premiums and out-of-pocket costs, according to the study by Voya Financial. The takeaway As open enrollment approaches, consider holding information sessions to help your staff understand the true value the benefits you offer can provide.

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Offer HDHP and HSAs? Follow this 4-step Voluntary Benefits Checkup

Corporate Synergies

Which voluntary benefit options are right for your employees? This 4-step voluntary benefits checkup will help you decide. As the cost of medical plans rises, employers are offering high-deductible health plans (HDHPs) and health savings accounts (HSAs) as part of their employee benefit plans. As Seen In.

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Helping Your Employees Get the Most out of Their Health Plans

InterWest Insurance Services

Additionally, 30% of employees say they need more information surrounding their benefits. Benefits experts caution that human resources personnel should not go too far into the weeds in terms of being technical. Instead, provide bite-sized chunks of information that can help them whittle down their choice to a few plans.