The Evolving Role Of Voluntary Benefits Article

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The Evolving Role Of Voluntary Benefits  The last few years have brought unprecedented financial pressures to employers. As that pressure increased, so did the speculation that ancillary benefits would fall by the wayside. It seemed like an easy way for employers, especially those who own small- and medium-sized businesses, to keep benefit costs in line with dwindling cash flow. But that didn’t happen. In fact, we’re seeing quite the opposite. Many realize they have other options besides eliminating benefits. Some employers are adding voluntary to expand their benefit programs. Others are restructuring and using voluntary benefits to help keep their employee benefit investment relatively flat. How are employers using voluntary in their benefit packages? For a long time, voluntary benefits were seen as add-on, nice-to-have benefits. Obviously that’s no longer the case. Employers want to expand their benefit offerings and are using voluntary benefits to do so. And, employees are more concerned about and actively taking responsibility for protecting their financial security. Voluntary benefits are now satisfying a core portion of a companies’ benefit package. Here are a few examples: Adding voluntary to complement existing employer-paid benefits. An employer can add voluntary term life to the employer-paid life, long-term and short-term disability insurance they already have in place. This addition will allow the employer to expand their benefit package without extra cost and give employees an opportunity to buy additional life coverage for themselves and their dependents.
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