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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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Voluntary Benefits Demand Surges as Employees Seek to Defray Costs

InterWest Insurance Services

Sales of voluntary group benefits grew at a record pace in 2023 as more employers expand their offerings and demand continues booming as employees seek out benefits that can defray costs, according to new research. Premiums collected for employer-sponsored voluntary benefits jumped 6.7% Accident insurance rose 4%.

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Enhance Your Benefits Package for Pennies: The Power of Voluntary Benefits

CorpStrat

As open enrollment season approaches, most companies are looking to enhance their benefits packages without breaking the bank. Voluntary benefits offer an excellent solution, providing added value to employees, at little to no cost for employers. Ask your CorpStrat representative about voluntary benefits for your team.

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Hospital Indemnity Insurance a Key Voluntary Benefit

InterWest Insurance Services

even for people with health insurance. Hospital indemnity coverage is generally offered as part of a voluntary benefits package, and often at little or no cost to the employer. Coordination with group health insurance. Note: Hospital indemnity insurance is a supplemental insurance product.

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Smallest Firms See Largest Health Insurance Hikes

InterWest Insurance Services

A new report has found that small businesses that purchase their group health insurance online or through payroll vendors saw the largest premium hikes in 2022, significantly higher than those that went through brokers.

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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. 51% said that high health care costs were having a major or significant impact on their ability to save for retirement.

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

InterWest Insurance Services

Besides health insurance and a 401(k) plan, other benefits that employees value highly are generous paid time off and flexible or remote work, according to a new survey. “A multi-generational workforce is a huge benefit for companies,” said Liz Ahmed, executive vice president of People and Communications at Unum.

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