Voluntary benefits are an incredibly popular way for employers to bridge the gap between the benefits that they currently offer and the benefits that their employees are most interested in. However, many different misconceptions about them prevent businesses from getting started. What are some differences between voluntary and other types of benefits?
Employees Choose to Invest
Voluntary benefits include numerous different types of insurance policies that the employer offers an employee at a discounted rate. Unlike many traditional benefits, these benefits are paid either entirely or partially by the employee themselves through payroll deductions. Voluntary benefits are different because they are considered to be something on top of more traditional benefits, like health insurance and retirement. Unlike those types of benefits, offering your employees voluntary benefits does not cost you anything unless you would like to chip in.
They Go Beyond the Basics
Traditional benefits are fairly general, as they cover broad health insurance options and retirement saving options. When you explore voluntary benefits, you can get incredibly specific. For example, on top of your employee’s health insurance policy, they may also purchase accident or critical illness insurance. These policies can provide them with different, additional protection in the event that an accident or illness occurs.
They Keep You Competitive
Many small businesses find it challenging to level the playing field between themselves and more prominent companies that can spend a great deal on traditional benefits. Voluntary benefits are one way to help you attract and retain high-level employees that have higher benefit expectations. It is much easier to compete when you can proudly present your benefits options to prospective candidates.
They Don’t Cost You
As we mentioned above, voluntary benefits do not present a cost to the employer. If you choose to help cover a portion of the cost, employees often appreciate it, but that is not the expectation when it comes to voluntary benefits. Because they have virtually no downside for the employer, voluntary benefits can be a win-win solution for any workplace.
Malden Solutions Can Be Your Maryland Health Insurance Broker for Voluntary Benefits
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.