How to Add Value to Your Employee Benefits
In today's economy, it is becoming more difficult for employers to offer Cadillac health, dental and vision benefits to employees.
So, how can employers continue to make themselves attractive to the labor market without breaking the bank when it comes to employer-sponsored benefit plans?
They can consider voluntary benefits.
Voluntary benefits are paid in full by the employee on a pre-tax basis and can include supplemental plans such as accident, cancer and critical illness coverage, as well as disability insurance, life insurance, long-term care insurance, and dental and vision benefits.
Employers that offer these benefits voluntarily can provide better quality coverage at a more affordable rate for their employees than what they may be able to obtain on their own. Also, some carriers now offer voluntary dental and vision benefits to as few as two group participants.
Voluntary Accident, Cancer and Critical Illness Plans
Accident, cancer and critical illness plans are an excellent way to supplement high deductibles. These plans can help cover out-of-pocket medical expenses, as well as other unexpected costs associated with the loss of income due to temporary disability.
Carriers, such as Aflac and Humana’s Financial Protection Plans, offer a variety of competitively priced supplemental cancer and critical illness plans. Associations, such as Wholesale Benefits Association, also offer affordable accident benefits to both groups and individuals.
Employees who are offered these products on a voluntary basis will appreciate the added value to their benefit packages, at no cost to their employers.
Voluntary Group Discount Dental Plans
Many employers are willing to pay for health insurance benefits in part, or in full. However, they may not have the cash flow to sponsor the cost of additional benefits, such as dental or vision coverage.
DentalPlans.com offers a solution to this problem with group discount dental plans. These voluntary discount dental plans for employees are easy to implement and manage. Employees are able to choose from more than 30 plans to meet their individual needs. Employees can also be added individually or as a group. Employers can choose to deduct low monthly fees from paychecks, or, employees can cover the cost themselves.
If you are an employer who wants to — save money, give your employees valuable savings on dental and vision care, protect employees from high deductibles, out-of-pocket expenses and other adversities, and attract and retain reliable employees — consider adding voluntary benefits to your group benefits package.
"Agent Advice” is a feature guest post from Lynne Erickson of Erickson Financial Services, Inc., (www.efsbenefits.com). Lynne has been assisting individuals and families with the purchase of personal health, dental and vision coverage for more than 10 years. Her primary objective is to help her clients procure suitable health benefits that offer the best value for the price. Lynne is a member of the National Association of Health Underwriters (NAHU).