In a time of turmoil in the insurance industry, one area remains untouched by the affordable care act, Workplace Voluntary benefits. Employers can offer to them attract and keep a quality workforce, and we see this as a new opportunity to help employers differentiate their benefit package with coverage for:
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- Accident
- Short-term and long-term disability
- Term Lift
- Critical Illness/Cancer
- Dental
- Vision
The video below from Humana illustrates how voluntary benefits allow employees to pick and choose the benefits which are best for them and their families.
Other great reasons of offering Workplace Voluntary Benefits (WVB) are:
- It does not cost a business owner anything to make WVB available. The policies are completely voluntary and paid for 100% by the employees.
- WVB policies are affordable, with plans to fit most budgets.
- Most WVB policies can be offered on a pre-tax basis, potentially providing tax savings to the employer and employees.
How does WVB help my employees?
- If your employee gets hurt or sick and can’t work, what money do they have coming in? These policies provide cash benefits directly to your employees, unless otherwise assigned, in their greatest time of need. If your employee has a covered injury or illness, these policies pay cash benefits they can use to help with out-of-pocket medical expenses of everyday living expenses such as mortgage or rent payments, groceries, or utilities.
- The benefits could help cover some of the lost wages if your employee has to take time off work to take care of a covered family member if they get sick or hurt.