It should come as no surprise that voluntary benefits can help everyone who works for your company. Voluntary benefits cover a wide range of needs. Besides, it’s always a good idea to show your employees that their well-being matters to you more than the bottom line. Read on as we present a deep dive into what the term “voluntary benefits” actually means and what they can do for you.
Various Examples of These Benefits
Life insurance and dental insurance are two of the most common benefits that fall under this umbrella. Likewise, you will often find vision insurance, disability income, car insurance, long-term care coverage, and medical supplement plans classified as part of this compensation package. More ambitious (and generous) plans can even include homeowner’s insurance, identity theft protection, travel insurance, and medical insurance for pets as well!
Pre-Tax Deduction Benefits
Now let’s take a few minutes to discuss pre-tax deductions. Your employees can elect to have some of the benefit costs extracted from their paycheck even before taxes are figured into their take-home pay. Some other benefits, however, are typically deducted post-tax. Reducing net costs and avoiding payroll taxes are two attractive reasons why many businesses are willing to extend an expansive set of benefits. However, this often carries the proviso that the employees themselves contribute to sharing the financial constraints. Such benefits include 401(k) contributions, adoption assistance programs, dependent care assistance programs, and employer-sponsored accident and health plans. Moreover, health savings accounts (HSA) contributions and the two types of disability coverages count as pre-tax deductions.
A Quick Guide to Funding the Benefits
Funding is a crucial component of any comprehensive benefits plan, and voluntary benefits bundles are no exception. Employers can choose between plans that rely on full-employee-contributions or one in which the employer and the employees split the difference. It’s worth noting that your company doesn’t need to be a large corporation to offer voluntary benefits, either. A small group of 2-5 employees is often enough, while in other cases, there are no minimum requirements whatsoever. If you want the full spectrum of benefits options, speaking to an experienced insurance provider partner is the best way to go. Brokers bridge the gap between senior executives and the rest of your team. You can’t afford to leave anyone behind, so don’t let that happen!
A Customer Testimonial
We are delighted to tell you about yet another pleased customer. Tracy Dryden, who works for the Hiaco Company, needed help with her insurance claim. Here is what she said: “I recently lost my husband and was having a difficult time getting his claim processed. My husband’s employer put me in touch with Will Fedo. It has taken several months to work through the process, and every time I contacted Will, he responded immediately. He provided guidance with all of the forms and answered all of my questions. My claim was denied twice due to an issue of his date of death being incorrect, and Will worked diligently to get my claim reviewed and ultimately paid out. Without the help from Will, I would’ve [wouldn’t] have been able to get this competed [completed]. Thank you!!” High five, Will!
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!