Business

Looking out for your employees and your business

Group health insurance will cover the employer, employees, and the dependents of the employees. This type of health insurance can be a great choice for business owners because it will help recruit and retain the best workers, and the employees will have medical coverage if or when they need it. If an employee has a history of medical issues, they cannot be turned down, like with an individual plan.

Voluntary Benefits

As the U.S. health coverage environment evolves, working Americans are increasingly turning to voluntary employee benefits to supplement their core coverage. Voluntary benefits can offer added financial security to employees, with no direct costs incurred by employers. We can help employees get access to enhanced coverages by helping them find the right voluntary benefits products and services.

  1. Voluntary disability insurance provides benefits above and beyond basic health insurance. It offers eligible employees income protection insurance in the form of benefits that partially replace income lost as a result of a disabling non-occupational accident or illness. In the event an employee is unable to bring home a paycheck, voluntary disability insurance coverage can help fill the gap. Payments may be used for any purpose, including ongoing bills such as rent, mortgages, educational expenses, food, and car payments.
  2. Voluntary life insurance plans allow employers to provide, at no cost to them, life insurance to eligible employees at rates that reflect group economies of scale. Some products offer “life and lifestyle” insurance in one policy, which can be accessed when health, life, and death circumstances occur. Considered life insurance, such products allow employees to receive a benefit while living.
  3. Voluntary Long-Term Care insurance is for the 34 million Americans age 55 and over, their 76 million adult children (baby boomers), and younger folks who are concerned and want to take action now to preserve their assets, their nest egg, and their insurability.

How Voluntary Programs are different

Voluntary employee benefit plans differ from traditional group plans in several ways:

1. Contributions

Voluntary programs do not require employer contributions (like traditional group benefits). These programs are paid 100% by the employee through the convenience of payroll deductions. Event though employer contributions are not required, some employers can choose to subsidize a portion of the premiums and the employees can pay their premiums on a pre-tax basis (Section 125 plan). This means tax saving for employees and employers.

2. Enrollment Percentage

Traditional group benefits usually require 75% of employee participation. On the other hand, voluntary programs only require 20% of eligible employees to enroll, making it more accessible to workers.

3. Designed to Optimize Benefits

Properly designed voluntary plans take adverse selection into account through plan design and pooled risk. Offering your employees a voluntary insurance plan allows those who need medical attention, such as those who can’t wait to sign up for a new voluntary dental plan, to get the attention they need.

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