Benefits such as short- and long-term disability, life insurance, nursing home or in-home care, critical illness, and gap insurance are traditionally available to employees on a voluntary basis. Over time, benefits such as these began to grow in popularity, and progressive employers should seriously consider making such benefits standard offerings. They can be referred to as ancillary, enhanced, or supplemental benefits.
Employers should seriously consider making voluntary benefits available to their employees. Voluntary benefits provide financial security for employees and their families. Traditional insurance covers services such as doctor visits and prescription drug costs. It is up to employees to pay for deductibles as well as those expenses not covered by primary insurance. Voluntary benefits offer added security to employees (or their dependents) who suffer from a serious illness or injury.
Voluntary benefits are also advantageous to employers. They can be a leveraging tool in securing top talent—especially when the unemployment numbers are extremely low. Adding voluntary benefits to benefits offerings can attract and retain top-notch employees. In addition, current employees will feel more valued, resulting in improved morale and higher productivity. (read more)