What are voluntary benefits?
Voluntary benefits are supplementary insurance plans or benefit programs that can be added to your core benefits package provided by your employer.
What are the traditional voluntary benefits?
Traditional voluntary insurance benefits can be comprised of any of the following:
- Short-term and/or Long-term Disability
- Long-term Care
- Critical Illness
What are non-traditional voluntary benefits?
Non-traditional voluntary insurance benefits and programs can include any of the following:
- Legal Assistance
- Pet Insurance
- Financial Planning
- Employee Discount Program
- Home and Auto Insurance
- Education Assistance
- Identity Theft
- Adoption and/or Fertility Assistance
Who pays for voluntary benefits?
Voluntary benefit payment options are flexible. However, it is up to the employer to consider their budget and decide whether each voluntary benefit option is fully or partially-funded. Partially-funded programs or plans would be paid by both the employer and the employee.
Is there employer or business benefits from adding voluntary benefit options for employees?
Yes, actually! Depending on the voluntary benefit options available for your business, the programs or plans may be offered at little or no cost to the business. These voluntary benefits programs are also a great way to attract new talent for your recruiting team, or even helpful in retaining your top-level talent.
Can small to medium-sized businesses obtain voluntary benefits for their employees, or is this something typically reserved for large enterprises only?
Voluntary benefits are available for businesses of any size. Some benefit programs or plans may only be available regionally, but there are many options available for every industry and any number of employees.
Do temporary or contract employees qualify for voluntary benefits?
Temporary or contract employees are generally not able to apply for voluntary benefits. While there is not a slotted enrollment period for voluntary benefits, it is best to check with each vendor to ensure you are within enrollment guidelines.
When and how can I start offering voluntary benefits for my employees?
With the variety of programs and plans available, you could be able to start offering voluntary benefits today! Contact Human Capital to see what your business qualifies for and learn more about the different voluntary benefits available to your employees.