Smart Benefits: Voluntary Benefits Up with Employers and Employees
Monday, February 02, 2015
Thirty-five percent of US employers offered voluntary insurance as part of their overall benefits package last year, up 9 percent from 2012, according to a recent study by Aflac. And while this growth may be due in part to evolving health benefits in the wake of the ACA, it’s also likely because of the changing employment landscape.
A new study from LIMRA, an insurance and financial services trade association, found that 7 in 10 employers offer voluntary benefits to improve employee morale and attract new talent. And as the job market becomes more competitive, voluntary benefits can be a differentiator.
The Aflac study revealed that employees who are enrolled in voluntary insurance are 18 percent more likely to be extremely or very satisfied with their jobs and are 19 percent less likely to be extremely or very likely to look for another job in the next 12 months.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTBut as the demand for voluntary benefits grow, what types of plans do employees want? In addition to insurance products like accident, critical illness and hospital confinement benefits to fill gaps in coverage and provide extra protection against exposure to medical expenses, new voluntary products are becoming increasingly popular with workers to meet their changing lifestyles and financial needs, including:
- Employee assistance programs
- Consumer goods purchasing programs
- Discount programs
- Financial counseling
- Roadside assistance
- ID theft protection
- Tuition assistance
- Legal services
- Pet insurance
Employers can gain by offering comprehensive voluntary options. The key is to consider the best products for the workforce and personalize benefit plans accordingly.
Rob Calise is a founding partner of Cornerstone Group, where he helps clients control the costs of employee benefits by focusing on consumer driven strategies and on how to best utilize the tax savings tools the government provides. Rob serves as Chairman of the Board of United Benefit Advisors, and is a board member of the Blue Cross & Blue Shield of RI Broker Advisory Board, United HealthCare of New England Broker Advisory Board and Rhode Island Business Healthcare Advisors Council. He is also a member of the National Association of Health Underwriters (NAHU), American Health Insurance Association (AHIA) and the Employers Council on Flexible Compensation (ECFC), as well as various human resource associations. Rob is a graduate of Bryant University with a BS in Finance.
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