What are some differences between voluntary and other benefit types?
Voluntary benefits are a favorable way for employers to connect the gap between the benefits they currently provide and the benefits their employees mostly want. However, many things need to be clarified to prevent companies from getting started. So, what are some differences between voluntary and other benefit types?
Employees Choose to Invest
Voluntary benefits include different insurance policy types that the employer(s) offers an employee at a discounted rate. Unlike many conventional benefits, the employee pays these benefits entirely or partially through payroll deductions. In addition, voluntary coverage differs because it is considered something rather than traditional benefits, such as retirement and health insurance. Unlike those benefits, offering your team voluntary benefits only costs you something if you want to invest money.
Fortunately, Malden Solutions offers various voluntary insurance offerings. This includes accident and critical indemnity insurance. We also provide voluntary life insurance packages, allowing employees to choose which packages they want or whether to decline coverage entirely.
Voluntary Benefits Go Beyond the Basics
Conventional benefits are relatively general because they cover broad retirement savings and health insurance options. When you explore voluntary benefits, you may get specific. For instance, your employees might also buy accident or critical illness insurance besides their health insurance policy. These policies can give them different, additional protection in case of an accident or illness.
Moreover, many small companies need help to balance the playing field between themselves and more significant businesses that can spend substantially on traditional benefits. In addition, voluntary benefits are one way to help you attract and retain high-level employees who have higher benefit expectations. So, it’s much easier to compete when you can present your benefits options to potential candidates.
They Can Be a Win-Win Solution
As mentioned, voluntary benefits don’t present a cost to the employer. Even though employees often appreciate the gesture of you choosing to help cover a part of the cost, they don’t expect that regarding voluntary benefits. Since they have almost no disadvantage for the employer, voluntary benefits may be a win-win solution for any workplace.
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.