Voluntary Benefits 101: What They Are and Why Your Business Should Offer Them

malden solutions voluntary benefits

Learn more about voluntary benefits and how they appeal to employees and employers alike.

As an employer, you want to provide your employees with the benefits that they desire. Unfortunately, the financial burden of doing so can be high. Now more than ever, employers are spending a tremendous amount of money to give employees benefits, but employees often find the benefits packages they are offered to be lacking. Voluntary benefits are one way to provide employees with what they want while spending what your business can afford. What should every company know about voluntary insurance? 

What Are Voluntary Benefits? 

Voluntary benefits differ from those you might typically think about in the workplace. You might also know them as supplemental benefits or voluntary insurance. Instead of just healthcare, they can cover a broad spectrum of other things, including accident insurance, critical illness insurance, hospital indemnity insurance, identity theft insurance, short-term and long-term disability insurance, and long-term care insurance. All of these policies can make it easier for your employees to cover the out-of-pocket expenses that traditional insurance policies do not cover. 

Who Pays for Voluntary Benefits? 

Voluntary benefits are highly customizable, which is a win for both employers and employees. Depending on what policies you would like to offer your workers, you can choose between voluntary benefits that are 100% paid by your employees or that are partially paid for by you and partially paid for by your employees. Because voluntary benefits are so versatile, they are a compelling solution for many types of companies. 

What Are the Benefits of Voluntary Benefits? 

Employers continue to choose voluntary benefits packages because they offer many benefits. Some of these benefits include:

  • Employers can offer more robust benefits packages, as they are not the sole party responsible for funding them.
  • Employees can control the cost of their health spending.
  • Employers are more easily able to attract skilled talent looking for diverse benefits.
  • Employees can take advantage of only the policies that they are interested in
  • Employees can fill in gaps in their existing insurance coverage.
  • Employees can choose the policies they are interested in without needing to independently seek out an insurance company. 

At Malden Solutions, we make it easy to give your employees the voluntary benefits they seek. 

We 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.

This entry was posted on Friday, May 19th, 2023 at 11:44 am. Both comments and pings are currently closed.