Voluntary benefits have been increasingly popular in the past couple of years as healthcare costs rise and employers are continuing to shift more o the cost burden onto employees themselves. In fact, benefits that were once completely or partially financed by the employer, like dental and vision are now, sometimes voluntary. As a result, a growing number of employers have begun replacing low deductible health plans with high deductible health plans while offering a significant amount of voluntary benefits to their employees. Here are a few things that every employer needs to know about voluntary benefits and how they impact their employees.
The Difference Between Required And Voluntary Benefits
There are certain employee benefits that are required by law, besides the fact that employers who fail to provide them can be hit with serious and costly penalties. However, there is nothing that says employers must provide voluntary benefits to their employees. But, that doesn’t mean that employees aren’t looking for voluntary benefits from their employers. Voluntary benefits are usually paid fully by the policyholder, and employers, then are neither expected nor required to cover any actual portion of the premium involved. As a result, what constitutes a “voluntary benefit” is frequently a hot topic of debate- some claim that it’s a benefit paid entirely by the employee, while others in the industry say that it can include benefits that are partially subsidized by the employer.
How These Voluntary Benefits Actually Help Your Employees
Voluntary benefits are increasingly popular among employees, and for good reason. In fact, not only do voluntary benefits broaden and flesh out traditional healthcare benefits, but they also are usually offered at significantly reduced group rates otherwise not available on the individual market.
Get Your Voluntary and Supplemental 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 the needs of all your employees. With over 17 years of experience, The MWE Partnerships 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, then contact us today! Also, be sure to like our Facebook page, follow us on Twitter, LinkedIn, and Google+ for all the latest voluntary benefit news!