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Your Complete Guide to Voluntary Benefits as an Employer

Voluntary benefits, also called supplemental insurance or employee-paid benefits, are offered to employees as a payroll deduction to complement and fill in any gaps in core benefits to create a more robust benefits package at no cost to the employer.  Voluntary products only require a minimum enrollment of three enrolled employees. Offering voluntary products provides a financial safety net for the employee to protect themselves in the event of a costly injury or illness with time missed from work. The qualified team at Unity Insurance outlines the basics of voluntary benefits and addresses how they can benefit both employees and employers in the workplace.

What Types of Voluntary Products Are Available?

Disability, Accident, Critical Illness, Hospital confinement, Term and Whole Life insurance is available to choose from. Please contact Tracey Hamilton at Unity insurance to learn more about voluntary benefits for your business, click here.

How Do Both Businesses & Employees Benefit From Voluntary Benefits?

Many employers do not realize that offering voluntary benefits is not only beneficial for their employees, but for their business as well. Some of the major benefits for employees provided by offering voluntary insurance plans can include confidence and flexibility. Not only can employees rest assured knowing that they are receiving insurance coverage directly from their workplace with the trust and care of their employer behind it, but also feel confident knowing a wide range of options are available to suit their particular needs. Offering voluntary products helps to attract and retain employees as well as lower the employer’s payroll taxes.

Voluntary insurance plans can also bring several benefits to employers or their businesses themselves. Not only can employers offer voluntary benefits at little to no cost, but employees can stray away from rising healthcare costs by choosing less expensive coverage options. Voluntary insurance plans also grant smaller businesses the opportunity to compete with larger companies by helping them stand out when searching for top talent in employees. Not only can the provision of voluntary benefits help recruit top talent, but they can also help businesses retain those employees, as a benefits package specifically tailored to an employee’s needs may be difficult to give up.

Addressing Frequently Asked Questions Regarding Voluntary Benefits

It is a common misconception that employers on a smaller scale are unable to provide voluntary benefits packages for their employees, and many of these companies have never even had a conversation about providing employee benefits. There are many commonly asked questions concerning voluntary benefits that the team at Unity Insurance can help clear up. To get all of your questions regarding voluntary insurance plans answered, contact the Unity Insurance team, but here are a few frequently asked questions regarding voluntary benefits that are good to know ahead of time.

  • Who can get voluntary benefits?

    There is generally a required minimum amount of three enrolled.  Part-time employees working at least 17 hours a week are eligible for the benefits. Family members, such as spouses and eligible dependent children, may also be covered by the plans or have their own plan under some products.

  • How much administration is incurred and how much do voluntary benefits cost?

    Voluntary benefits will range in costs depending on the particular product offered, the age of the applicant, etc. There is no direct cost to the employer for offering voluntary products.

  • How do voluntary benefits relate to health care benefits?

    Health insurance is not a part of voluntary benefits, but voluntary benefits can be offered even if health insurance is not. Additionally, most voluntary insurance plans are considered “expected benefits” under the Affordable Care Act and should not be impacted.

  • How can I, as an employer, offer voluntary benefits?

    Even though there are several ways to get voluntary benefits, the optimal way is to speak with an insurance agent. It is also extremely important to work with an insurance provider who can work with you to find the best fit plan for your business and employee needs.

Consult with an Insurance Agent at Unity Insurance

Our team of experienced and qualified professionals has the expertise and guidance to help you implement a voluntary product offering that can be customized to meet the needs of your employees. Consulting with an insurance agent from a team as knowledgeable and efficient as Unity Insurance can provide you and your employees with the confidence and ease to know that you are receiving the best voluntary coverage possible. To consult with a member of our team, contact us today.