The rising cost of healthcare along with newly imposed fees and taxes resulting from the Affordable Care Act have driven health insurance premiums higher and higher each year. While many employers want to provide their employees with a comprehensive benefits program, they too often are unable to afford the cost of doing so.
At Invincia, we routinely see this scenario play out and have a number of viable solutions for you. One solution is incorporate voluntary benefits into the overall benefits program offered to employees.
Advantages of offering Voluntary Benefits include
- No cost to the employer – The benefits are paid by your employees through either pre-tax or post-tax payroll deductions.
- Highly desired benefits can be offered – Dental, vision, life, disability, accident, critical illness and cancer plans are commonly requested by employees, all of which can be offered on a voluntary basis.
- Employee retention/attraction – Voluntary benefits help bolster your employee benefits package that is a critical component of attracting and keeping talented employees.
- Group rates – By providing plans on a group basis, employees get access to benefits at a low group rates.
- Favorable Underwriting – Disability coverage and life insurance are difficult to find on an individual basis if the insured has a less-than-favorable medical history. Voluntary products have simplified underwriting requirements, and in many cases, no underwriting requirements.
If you are interested in adding Voluntary Benefits to your overall benefits program, or simply learning more, please contact a member of the Invincia Employee Benefits Team here.