Voluntary Benefits - both "traditional" and "non-traditional" - are valuable new alternatives enabling employees to meet life needs no longer met by core employee benefits plans.
Today's growing menu of Voluntary Benefits bridges important coverage gaps in core health and wellness, retirement security and financial protection benefits. These gaps widened as the economy stalled and further reductions in employer support for core benefits can be predicted in the face of expected health care cost increases.
On the health side, critical and specific illness Voluntary Benefits are frequently the entry point for the introduction of Voluntary Benefits and we expect this trend to grow as employers turn to consumer driven health plan designs and other health care cost savings measures.
Voluntary Benefits include life and disability insurance, health, dental, vision and long term care plans. They also include legal services and identity theft protection, auto and home coverage, pet insurance, product purchase and discount programs, and more.
Voluntary Benefits have emerged as a driver for innovative web based administrative, enrollment and communication technologies and processes. New systems introduced to facilitate Voluntary Benefits enrollment and payroll based contributions can also serve to support the employer's core benefits plans and create a favorable experience for employees.
With employers reducing support for core benefits, Voluntary Benefits are key to enhancing the way employees perceive their employers. A comprehensive offering of Voluntary Benefits helps attract new employees, retain critical talent and promote employee engagement. Employees can choose the benefits which address their financial and family concerns, resulting in reduced stress and less distraction on the job.
The new generations in the workplace appreciate employers who provide access to a selection of Voluntary Benefits, moving away from the benefits-as-entitlement mindset of their parents.
Recent surveys by leading product vendors such as AFLAC, Colonial Life and MetLife have identified key Voluntary Benefits trends, including the dramatic need to reach out to many more employers to educate them on Voluntary Benefits and the advantages of Voluntary Benefits for both employers and their employees.
We addressed many of these same issues in a Briefing Paper we wrote to help brokers and product providers promote Voluntary Benefits. Though designed for those who market Voluntary Benefits, everyone interested in today's Voluntary Benefits should find it of interest. Click here to read our Briefing Paper.
And read Donna's comments on Voluntary Benefits quoted in a recent feature article in Benefits Selling magazine. Read the article here.
