Group Coverage

As health care costs continue to rise, so has the demand for voluntary benefits. Since many employers find it increasingly difficult to provide employees with a complete benefit package, voluntary benefits have become an ideal solution. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company. Employees benefit because they have a variety of insurance options available conveniently in one place, and often with lower premiums than individual policies they would have bought themselves.

What are voluntary benefits?
Voluntary benefits are coverages and products made available to employees for elective purchase. These programs have four key characteristics:

• • 100% employee-paid


• • Offered through an employer


• • Solicited and enrolled through a carrier or enrollment firm


• • Paid through automatic payroll deductions


• Because of their cost efficiency and portability, as well as their contribution to an employee’s work–life balance, voluntary benefits are becoming a central component of many companies’ overall benefits strategies.

What are some common voluntary benefits?

• • Permanent life insurance


• • Disability income insurance


• • Accidental death and dismemberment (AD&D)


• • Supplemental health insurance


• • Long–term care insurance


• • Retiree medical insurance


• • Prepaid legal services


• • Pet health insurance


• • Identity theft insurance