What are Voluntary Worksite Benefits?
One of the best ways to attract and retain quality employees is to offer a competitive, comprehensive benefits package. Voluntary worksite benefits, also known as supplemental insurance, are a cost-effective solution to help employees offset out-of-pocket medical expenses. These benefits are employee-paid and can help your employees fill the gaps created by high-deductibles and rising co-pays, providing the financial security they need and deserve. Employees’ premiums can be payroll deducted and administration is simple.
As employers look for new ways to leverage limited benefit dollars, voluntary worksite benefits provide an excellent opportunity to enrich a traditional benefits program.
Why Do Employees Request Voluntary Worksite Benefits?
Below are some of the reasons employees want access to voluntary benefits:
• Low-cost coverage
• Ease of payroll deduction
• Quick claims turnaround
What Do Voluntary Worksite Benefits Cover?
Whether a business chooses to share the cost of a voluntary worksite benefits program with its employees or asks them to assume the whole cost, the ability to offer these benefits at a reduced price is still an attractive offer for employees. Some of the expenses that may fall under a voluntary worksite benefits program include life insurance, car insurance, homeowner’s insurance, disability income and more.
Listed below are the most common types of voluntary benefits offered in the workplace:
- Accident Insurance – Accident insurance helps offset the unexpected medical expenses that result from a covered accidental injury.
- Critical Illness Insurance – Critical illness with cancer insurance supplements primary medical coverage by providing a lump-sum benefit for an employee diagnosed with a covered critical disease.
- Hospital Indemnity Insurance – Hospital indemnity insurance provides a lump-sum benefit to help with out-of-pocket costs related to a hospital stay.
- Short-Term/Long-Term Disability Insurance – Disability insurance replaces a portion of an employee’s income if they become disabled due to a covered accident or sickness.
- Life Insurance – Life insurance pays out a lump sum to help provide financial protection for an employee’s family members in the event of the employee’s death.
- Identity Theft Protection – ID theft protection includes monitoring public records and alerting the employee to any fraudulent use of their details. It also covers the cost of repairing credit history. However, it does not cover the financial loss that results from identity theft.
Get Voluntary Worksite Benefits for Your Employees Today
If you’re an employer who is interested in providing voluntary worksite benefits to your employees, give InsureOne a call today at (800) 836-2240 and a friendly, knowledgeable agent will answer your questions. InsureOne does the comparison shopping for you to make sure you get affordable and reliable coverage for your employees. Contact us today to start your coverage.